Sam Zell, a Chicago real estate magnate who earned a multibillion-dollar fortune and a reputation as 'the grave dancer' for his ability to revive moribund properties has died due to complications from a recent illness. He was 81.
Sam Zell, a Chicago real estate magnate who earned a multibillion-dollar fortune and a reputation as"the grave dancer" for his ability to revive moribund properties has died due to complications from a recent illness. He was 81.
A month later, he made another deal that ultimately tarnished his image: the acquisition of the ailing Tribune Co. for $13 billion. The media giant filed for bankruptcy the following year. by signing up you agree to our terms of service Zell was born in Highland Park on Sept. 28, 1941, four months after his immigrant parents arrived in the United States. They fled Poland before the Nazi invasion.
After working briefly at a Chicago law firm, he teamed with his Ann Arbor fraternity brother Robert Lurie and they began acquiring distressed properties from developers who were bogged down by high interest rates. That practice continued through the recession of the mid-1970s, with great success. After the savings and loan crisis of the 1980s, Zell went on a buying spree of real estate properties. He also encouraged institutional investors to pool their money for commercial real estate in the early '90s when it was on the outs.
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