Dan Gilbert | |
---|---|
Born | Daniel Gilbert January 17, 1962 |
Alma mater | Michigan State University (BA) Wayne State University (JD) |
Occupation(s) | Co-founder and chairman, Rocket Mortgage Majority owner, Cleveland Cavaliers [1] |
Spouse | Jennifer Gilbert |
Children | 5 |
Relatives | Gary Gilbert (brother) |
Awards | 2016 NBA Champion 2016 Calder Cup Champion |
Website | CAVS.COM |
Daniel Gilbert (born January 17, 1962) is an American billionaire, businessman, and philanthropist. He is the co-founder and majority owner of Rocket Mortgage, founder of Rock Ventures, and owner of the National Basketball Association's Cleveland Cavaliers. Gilbert owns several sports franchises, including the American Hockey League's Cleveland Monsters, and the NBA G League's Cleveland Charge. He operates the Rocket Mortgage FieldHouse in Cleveland, Ohio, home to the Cavaliers and Monsters. As of January 2023, Forbes estimated his net worth at US$18.3 billion. [2]
Gilbert was born to a Jewish [3] [4] family in Detroit, Michigan. [5] He grew up in Southfield, Michigan, where he attended Southfield-Lathrup High School. [6] He earned his bachelor's degree from Michigan State University and a Juris Doctor from Wayne State University Law School, and he is a member of the State Bar of Michigan. [7] While in college he earned a real estate agent's license, [8] and while in law school, he worked part-time at his parents' Century 21 Real Estate agency. [9]
Gilbert founded Rock Financial in 1985 with Ron Berman, Lindsay Gross and his younger brother Gary Gilbert. [10] In the late 1990s, the company launched its internet strategy, becoming an early online direct mortgage lender. In the fourth quarter of 2017, the company became the largest retail mortgage lender by volume in the United States. [11]
In 2000, software maker Intuit Inc. purchased Rock Financial and renamed the national web operation Quicken Loans. [12] In 2002, Gilbert and a group of private investors purchased Quicken Loans and its affiliated national title company, Title Source, Inc., from Intuit. [13] As of 2021, Gilbert was the chairman of Quicken Loans, Inc. [14]
In 2007, Gilbert and the city of Detroit announced an agreement to move the company's headquarters to downtown Detroit. [15] All 3,600 Michigan-based employees moved into Detroit's urban core by the end of 2010. [16]
In August 2020, Quicken Loans went public under the name Rocket Companies and made its debut on the New York Stock Exchange under the ticker symbol "RKT". [17] As of 2020, Gilbert remained the majority owner, controlling 79% of the company's shares. [17]
In 2005, Dan Gilbert bought the Cleveland Cavaliers for $375 million, which was then a record price for an NBA team. [18] Since then, he has overseen significant improvements to the team's facilities and helped bring in top players like LeBron James.
In 2006, Gilbert also purchased the Cleveland Monsters, a professional ice hockey team in the American Hockey League. The team is affiliated with the NHL's Columbus Blue Jackets.
Gilbert has been an active and vocal owner, often speaking out on social media and in public about his teams and the NBA. He has also been involved in efforts to bring major sporting events to Cleveland, including the NBA All-Star Game and the NFL Draft.
Gilbert's ownership of the Cavaliers has been marked by both success and controversy. The team won its first NBA championship in 2016, but also went through a tumultuous period after LeBron James left in 2018. Additionally, Gilbert has faced criticism for his treatment of former head coach David Blatt and for his aggressive pursuit of tax incentives and public funding for his various business ventures in Cleveland. [19] [20]
Overall, however, Dan Gilbert's ownership of the Cleveland Cavaliers and the Cleveland Monsters has been a significant part of his business and investment portfolio, and he remains a prominent figure in both the NBA and the city of Cleveland.
Gilbert is a founding partner in the private equity group Rockbridge Growth Equity LLC (RBE). [21] The partnership invests in growing businesses in the financial services, Internet technology, consumer-direct marketing, and the sports and entertainment industries.
RBE has significant investments in Gas Station TV, [22] Robb Report, [23] and RapidAdvance, [24] among other ventures.
Gilbert is also an investor in Courtside Ventures, [25] a venture capital fund investing across early-stage technology and media companies with a focus on sports and is a founding partner of Detroit Venture Partners (DVP), a venture capital firm that funds start-up and early-stage technology companies based primarily in Detroit.[23] Some of the companies DVP has invested in includes LevelEleven, [26] iRule [27] and Marxent Labs. [28] [29]
Gilbert cofounded StockX, a stock market of things for high-demand, limited edition products such as sneakers. [30] Gilbert is also invested and involved in the operation of several consumer-based technology-centered businesses, including Fathead, Veritix, Xenith, StyleCaster and Quizzle. [31]
Gilbert launched nonprofit Bizdom in 2007, which promotes both tech and brick-and-mortar entrepreneurship in Detroit and Cleveland by supporting on-the-ground service providers. [32]
In November 2009, Gilbert and a group of partners successfully backed a statewide referendum to bring casino gaming to Ohio's four largest cities. Through a joint venture with Caesars Entertainment Corporation, the groups operate urban-based casinos in both Cleveland and Cincinnati. The first of the casinos, Jack Cleveland Casino, opened in May 2012. [31]
In 2013, Rock Ventures, the umbrella entity for Gilbert's investments and real estate holdings, announced it had formed Athens Acquisition LLC, an affiliate of Rock Gaming, and acquired the majority interest in Greektown Superholdings Inc., owner of the Greektown Casino-Hotel located in downtown Detroit. [33] In late 2018, Gilbert bought the online dictionaries, Dictionary.com and Thesaurus.com. [34]
In November 2017, former professional Call of Duty player and 100 Thieves CEO Matthew "Nadeshot" Haag announced that Gilbert had made a multimillion-dollar investment into the esports organization. [35]
Quicken Loans moved its headquarters and 1,700 of its employees to downtown Detroit in August 2010, [36] where Gilbert and the company are helping lead a revitalization of Detroit's urban core.[ citation needed ]
Gilbert's Bedrock Detroit has purchased several buildings in downtown Detroit, including the historic Madison Theatre Building, [37] Chase Tower, Two Detroit Center, [38] Dime Building, [39] the First National Building [40] the David Stott Building and the former Federal Reserve Bank of Chicago Detroit Branch Building. [41] Bedrock Detroit has also purchased several buildings on the city's Woodward Avenue, including One Woodward Avenue and the 1001 Woodward office tower. [42] [43]
In September 2013, Gilbert was named co-chair of the Blight Removal Task Force. The group published a detailed plan in May 2014 to remove all blighted structures and lots in the City of Detroit. [44]
In 2015, he purchased Book Tower in Detroit for the price of $30 million. [45]
A 2017 Politico Magazine article named Gilbert one of "America's 11 Most Interesting Mayors", listing him as though he were Mayor of Detroit due to his role in the city's development. [46]
In September 2017, Detroit Mayor Mike Duggan appointed Gilbert to lead a committee to make a bid for online retail giant Amazon to bring its second North American headquarters to Detroit. [47] In 2018, Amazon narrowed its list of potential headquarters locations, removing Detroit from its list of contenders. [48]
In September 2012, Gilbert and his wife Jennifer joined The Giving Pledge, committing to give half of their wealth to philanthropy throughout their lifetimes. [49]
Gilbert's eldest son was born with neurofibromatosis [50] and died at the age of 26 in 2023. Gilbert established two neurofibromatosis research clinics at the Children's National Medical Center (CNMC) in Washington, D.C., and at the Dana Children's Hospital at the Sourasky Medical Center in Tel Aviv, Israel. Gilbert is also on the boards of the Children's Tumor Foundation, the Cleveland Clinic, and the Children's Hospital Foundation (an affiliate of CNMC); and is the vice-chairman of the not-for-profit M-1 RAIL initiative which is dedicated to promoting light-rail transportation in downtown Detroit. [51]
In 2015, Gilbert donated $750,000 to the presidential candidacy of Chris Christie. [52]
In September 2016, Gilbert donated $5 million to Wayne State University Law School. In October of that year, Gilbert also donated $15 million toward the planned $50-million Breslin Center renovation project at Michigan State University. [53]
In 2020, Gilbert made a $1.2 million donation to help COVID-19 relief efforts in the city of Detroit. [54]
Gilbert resides in Michigan with his wife Jennifer Gilbert. [55] His wife is on the Gilbert Family Neurofibromatosis Institute at Children's National Medical Center in Washington, D.C., and on the boards of ORT America and the Israeli and Overseas Committee of the Jewish Federation of Metropolitan Detroit. [56] [57] On May 26, 2019, Gilbert was taken to the hospital and treated for a stroke at the age of 57. [58] His eldest son Nick Gilbert, died on May 6, 2023, after a long battle with neurofibromatosis. [59]
Gilbert's companies have achieved the following accolades under his watch:
Quicken Loans/Rocket Mortgage
Cleveland Cavaliers
Cleveland Monsters
The Cleveland Cavaliers are an American professional basketball team based in Cleveland. The Cavaliers compete in the National Basketball Association (NBA) as a member of the Central Division of the Eastern Conference. The team began play as an expansion team in 1970, along with the Portland Trail Blazers and Buffalo Braves. Home games were first held at Cleveland Arena from 1970 to 1974, followed by the Richfield Coliseum from 1974 to 1994. Since 1994, the Cavs have played home games at Rocket Mortgage FieldHouse in downtown Cleveland, which is shared with the Cleveland Monsters of the American Hockey League. Dan Gilbert has owned the team since March 2005.
Rocket Mortgage FieldHouse is a multi-purpose arena in Cleveland, Ohio. The building is the home of the Cleveland Cavaliers of the National Basketball Association (NBA) and the Cleveland Monsters of the American Hockey League (AHL). It also serves as a secondary arena for Cleveland State Vikings men's and women's basketball.
The Gateway Sports and Entertainment Complex is an entertainment complex located in downtown Cleveland, Ohio. It opened in 1994 and is owned by the city of Cleveland and Cuyahoga County and is managed by the Gateway Economic Development Corporation, a non-profit group with board members who are appointed by county and city leaders.
Gordon Gund is an American businessman and professional sports owner. He is the CEO of Gund Investment Corporation. He is the former co-owner of the San Jose Sharks from 1992 to 2002, former principal owner of the Cleveland Cavaliers from 1983 to 2005, and former principal owner of the Cleveland Rockers from 1997 to 2003. Gund lost his sight to retinitis pigmentosa and was a co-founder of Foundation Fighting Blindness.
Rocket Mortgage, LLC, formerly Quicken Loans, LLC, is an American mortgage lender, headquartered in Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S., it was also the largest online retail mortgage lender in 2018. In the third quarter of 2022, the title of largest overall lender was relinquished to United Wholesale Mortgage Company. Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system. Amrock and One Reverse Mortgage are also part of the Rocket Mortgage Family of Companies. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.
Tom Gores is an American billionaire businessman. He is the founder of Platinum Equity, a private equity firm headquartered in Beverly Hills, California. In June 2011, Gores and Platinum Equity became the owners of the National Basketball Association's Detroit Pistons. He became the sole owner in 2015. As of March 2022, his net worth was estimated at $6 billion.
1001 Woodward is a 25-floor office building in Downtown Detroit, Michigan. It replaced the Majestic Building, a 14-story high rise on the same site. The building is located just south of the neighboring David Stott Building, at the corner of Woodward Avenue and Michigan Avenue overlooking Campus Martius Park. Constructed from 1963 to 1965, the building is designed in the International Style. It was listed on the National Register of Historic Places in 2013.
One Campus Martius is a building located in downtown Detroit, Michigan. It began construction in 2000 and was finished in 2003. It has seventeen floors in total, fifteen above-ground, and two below-ground, and has 1,088,000 square feet (100,000 m2) of office space. The high-rise was built as an office building with a restaurant, retail units, space for Compuware and a fitness center, as well as an atrium. The building now has Rocket Mortgage, Microsoft, Meridian Health, Plante Moran and Compuware as its major tenants.
Gary Gilbert is an American film producer and businessman. He is the founder and CEO of Gilbert Films, a media production and financing company based in Los Angeles, California. He is also a co-founder of Rocket Mortgage, as well as a co-owner of the Cleveland Cavaliers, NBA team.
Eric Paul Lefkofsky is an American billionaire businessman. He is the founder of Tempus, and the co-founder of Groupon, Echo Global Logistics (ECHO), InnerWorkings (INWK), and Mediaocean. He is an early investor in Uptake, and the managing director of Chicago-based venture capital firm Lightbank. As of October 2021, his net worth was estimated at US$4.1 billion.
Fathead (“Company”) is a well-recognized, 17-year-old D2C online retailer of life-sized, precision-cut vinyl wall graphics and cutouts and revolutionized wall art. Since its inception in 2006, the Company has gained global recognition for its innovative and top-quality products. Products range from decals of officially licensed sports team logos and athletes to different characters from movies, TV shows, and video games. Customers can also create custom graphics by uploading their images or selecting from a marketplace of freelance artists who sell their designs through the company. The seasoned executive team has an impressive strategic growth plan to transition Fathead from a novelty collectible company into a disruptive fan engagement platform and media channel.
The Cavaliers AudioVerse is an American radio network composed of 19 radio stations which carry English-language coverage of the Cleveland Cavaliers, a professional basketball team in the National Basketball Association (NBA). Cleveland sister stations WTAM and WMMS serve as the network's two flagships; WTAM also relays its signal over a low-power FM translator. The network also includes seventeen affiliates in the U.S. state of Ohio: twelve AM stations, nine of which supplement their signals with low-power FM translators and one with an HD Radio subchannel; and six full-power FM stations.
Rock Ventures LLC is the holding company for businessman Dan Gilbert's portfolio of companies, investments, and real estate. It is based in Detroit, Michigan and is also engaged in community development in both Detroit and Cleveland, Ohio. Its over 110 affiliated companies include the Cleveland Cavaliers, Hollywood Casino at Greektown, and Rocket Mortgage.
Rapid Finance is a technology-powered financial services company that provides working capital to small and mid-sized businesses in the United States. As a sister company of Rocket Mortgage, it offers small and medium business loan programs for business owners in a variety of industries and categories. With over US$1 billion funded, it is the 4th largest online small business lender in the United States. The company claims that no single business category accounts for more than 25% of its revenues.
Jack Entertainment is a gaming, hospitality, and entertainment company based in Cleveland, Ohio. The company operates two gaming facilities in Ohio, Jack Cleveland Casino and Jack Thistledown Racino.
Jay Farner is an American businessman and investor. He is the Founder and CEO of Ronin Capital Partners, a venture capital firm. Previously, Jay was the Vice Chairman and chief executive officer of Rocket Companies, which includes Rocket Mortgage, the nation's largest retail mortgage lender. Jay was also the CEO of Rock Holdings incorporated.
Mathew Randall Ishbia is an American billionaire businessman who is CEO and chairman of mortgage lender United Wholesale Mortgage. He is the majority owner of the Phoenix Suns of the NBA and Phoenix Mercury of the WNBA alongside his older brother, Justin.
Nic Barlage is the Chief Executive Officer of Rock Entertainment Group, overseeing the teams and venues affiliated with Dan Gilbert’s companies since April 2022. This includes the Cleveland Cavaliers, the Cleveland Monsters, the Cleveland Charge, and the Cavs Legion of the NBA 2K League. Barlage manages the operations of Rocket Mortgage FieldHouse, the Legion Lair Lit by TCP, and Cleveland Clinic Courts, which is the Cavaliers’ training and development center located in Independence, Ohio.
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