Karl-Heinz Kipp (born 1924) is the German billionaire founder of the Massa chain of German department stores and, having since sold the business whilst keeping the property, has a large property portfolio. In 2015 Forbes estimated his net wealth at $5.1 billion.
Career
He began his career in 1948 selling clothes and opened his first Massa department store in 1965. The Massa stores were introduced on the German stock market in 1986. In 1987 Kipp sold his remaining shares but he kept the real estate of the stores, which he rents to retailer Metro AG.
Kipp owns real estate in the US, notably several high-end properties in Manhattan including 950 Third Avenue. In addition, he has five Swiss hotels and resorts in his “Tschuggen Hotel Group”, including the Hotel Eden Roc in Ascona, the Carlton Hotel in St Moritz and the Tschuggen Grand Hotel in Arosa.
Personal life
Kipp and his wife, Hannelore live in Arosa, Switzerland.
His son, former Florida resident Ernst-Ludwig Kipp, died in 2003, leaving behind his seven children. His daughter Ursula married Dr Wilfried Bechtolsheimer and together they have three sons, Felix (a singer with the rock group Hey Negrita), Goetz, and Till, and a daughter, Laura (an Olympic dressage rider).
Karl-Heinz Kipp Net Worth: Karl-Heinz Kipp is a German property owner who has a net worth of $5.2 billion. Born in 1924, he made his fortune by founding a massive chain of department stores Massa. His career began in 1948 with selling clothes, and his first Massa department store was opened in 1965. Playing smart, Kipp sold the Massa shares in 1987, but kept the property of the stores, which he now rents to the retailer Metro. From selling clothes, Kipp spins his interest in real estate. He possessed several real estate assets in the US, including high-end properties in Manhattan and 950 Third Avenue which he later divested. Now, Kipp owns few luxury hotels in Switzerland and resorts jointed in Tschuggen Hotel Group. Together with his wife, Hannelore, they spend their days in his Swiss five-star luxury hotel Tschugeen Grand in Arosa, but also they occasionally pay a visit to the Hotel Eden Roc in Ascona and the Carlton Hotel in St Moritz.
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