Donald L. Bren (born May 11, 1932) is an American businessman who is Chairman and sole owner of the Irvine Company, a US real estate investment company. Bren is a self-made billionaire. Bren’s net worth is estimated at $15.2 billion, making him number 66 on the 2017 Forbes 400 list.
Early life and education
Bren is the son of Marion (Newbert) and Milton Bren. His father Milton was a naval officer, talent agent, and successful movie producer while his mother Marion was a prominent civic leader. His mother was of partial Irish descent while his father was of Jewish descent. His parents divorced in 1948. Bren’s father remarried in 1948 to Academy Award-winning actress Claire Trevor. His mother remarried in 1953 to steel business man Earle M. Jorgensen.
Bren graduated from the University of Washington where he received a bachelor’s degree in business administration and economics. He tried out for the 1956 Olympic ski team but did not qualify following an injury. After college he served as an officer in the United States Marine Corps.
Business career
Bren built his first house in Newport Beach with a $10,000 loan, in 1958. He began his business career in 1958 when he founded the Bren Company, which built homes in Orange County, California. In 1963, he and two others started the Mission Viejo Company (MVC) and purchased 10,000 acres to plan and develop the city of Mission Viejo, California. Bren was President of MVC from 1963 to 1967. International Paper bought Bren Co. for $34 million in 1970, and then sold it back to Bren for $22 million in 1972 following the recession. Bren took the proceeds and in 1977 joined a group of investors to purchase the 146-year-old Irvine Company. Bren was the largest shareholder of the resulting consortium, owning 34.3% of the company and received the title of Vice-chair of the board. By 1983, he was the majority owner of the firm and was elected chairman of the board. By 1996, he had bought out all outstanding shares to become the sole owner.
By 2005, OC Weekly wrote that Bren “wields more power than Howard Hughes ever did, probably as much as any man in America over a concentrated region—determining not only how people live and shop but who governs them.”[19] In 2006 the Los Angeles Times wrote “[s]imply put, Orange County looks like Orange County…because of the influence of [Donald Bren].” In an interview in 2011, Bren summarized his real estate investment strategy: “What I learned was that when you hold property over the long term, you’re able to create better values and you have something tangible to show for it.” Forbes, in its 2015 edition of, “The 400 Richest Americans”, ranked Bren as the wealthiest real estate developer in the US and 30th “Richest American” with an estimated net worth of $15.2 billion.
It is believed that the Irvine Company owns more than 115,000,000 ft.² of real estate – the majority of which is located in Southern California. Several hotels, marinas, golf courses, 60,000 apartments, more than 40 shopping centres and 500 office buildings make up the property portfolio.
Source:wikipedia