Stewart Rahr

Last updated
Stewart J. Rahr
Born1946 (age 77–78)
Queens, New York, US
NationalityAmerican
Alma mater New York University
OccupationFormer pharmaceutical distributor
Spouse
Carol K. Rahr
​
(m. 1969⁠–⁠2012)​
Children2
Website The Stewart J. Rahr Foundation

Stewart J. Rahr is an American entrepreneur, investor and philanthropist. Rahr was the founder and owner of pharmaceutical and generics wholesaler Kinray, the largest privately owned pharmaceutical distributor in the world until it was bought out by Cardinal Health in 2010. The sale made Rahr a billionaire.

Contents

Early life and career

Stewart Rahr was raised in a Jewish family [1] [2] in Far Rockaway section of Queens, New York. [3] As a youth, he worked at his father's retail pharmacy store in Brooklyn. [4] In 1963, he graduated from Poly Prep Country Day School in Brooklyn.[ citation needed ] He graduated with a B.A. from New York University [3] [5] and attended New York University Law School before dropping out to take over his family's pharmacy business, [4] which then had $50,000 in sales. [6]

The business also served as a wholesaler for other pharmacies and Rahr focused on the wholesale side of the business. [4] He expanded the business into a large operation named Kinray Inc. [6] By 2010, Kinray served over 2,000 pharmacies in the Northeastern United States with revenues of over $5 billion. [6] [7] Rahr was able to grow the business through the stockpiling of pharmaceuticals and relied on drug price inflation to maximize his profit margin when he sold the extra inventory to retail pharmacies at a later date. [4] This practice later became controversial due to consumer ethics issues. [4] Pharmaceutical manufacturers now monitor their distributors to ensure that they do not hold more than one month's supply of any given drug. [4] In 2010, Rahr sold Kinray to Cardinal Health for $1.3 billion. [7] [8] The sale made Rahr a "self-made billionaire". [9]

In 2020, Rahr ranked No. 359 on the Forbes 400 list of the richest people in America. [10]

Philanthropy

In 2012, Rahr donated $640,000 to the Israel Cancer Research Fund, a source of private funds for cancer research in Israel. [11] In late 2012, Rahr donated $100,000 to the Salvation Army for Hurricane Sandy relief efforts. [12] He also donated $50,000 to help repair the Russian American Jewish Experience (RAJE) in Brighton Beach, which was also severely damaged by Hurricane Sandy. [13] [ better source needed ]

In 2013, Rahr was named the largest individual donor to the Metro New York chapter of the Make-A-Wish Foundation. [14] [15] In 2013, Rahr donated $10 million to the Make-A-Wish Foundation, the largest contribution in its history. [3] [15] [16]

In January 2014, Rahr sponsored the flight of 64 members of the Knesset to the memorial service at Auschwitz for Holocaust Remembrance Day. [17] [18] In February 2014, on a visit to Israel, Rahr donated money to provide new ambulances to United Hatzalah, an organization dedicated to improving response time to those in medical need throughout Israel. [19] Also in 2014, Rahr made a $500,000 donation to the North Shore Animal League America. [20]

Political activity

Rahr contributed $250,000 to Donald Trump's 2020 presidential campaign. [21]

Personal life

In 1969, he married Carol K. Rahr. [22] They had two children, Robert and Felicia. [23] [24] In 2012, they announced that they were divorcing. In 2013, Rahr agreed to pay Carol $250 million as a settlement. [25]

In November 2012, Rahr was banned from the restaurant Nobu in New York. [26] [3] [27] Rahr has an apartment in the Trump Park Avenue building. [3] [28] In 2005, Rahr purchased a house in The Hamptons for $45 million. [29] [30] [31] He sold an apartment at on 72nd Street in 2013. [32]

In February 2019, Rahr was identified as the purchaser of a portrait of President Trump. According to testimony from Michael Cohen, Rahr bought a nine-foot-tall portrait of Trump from artist William Quigley for $67,000. Trump used funds from his personal foundation to pay back Rahr for the portrait. [33]

In March 2021, he sold his 18,000-square-foot home called Burn Point on Georgica Pond in Wainscott, New York for $49.7 million. [34] He bought the house in 2004. [34]

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References

  1. ↑ "The Rahr of the Crowd". Jewishvoiceny.com. 2012-11-14. Archived from the original on 25 November 2012. Retrieved 2014-02-21.
  2. ↑ "Billionaire Philanthropist Stewart Rahr helps young Russian American Jews rebuild after Hurricane Sandy - American Forum of Russian Jewry". Afrj.us. 2012-11-21. Archived from the original on 22 February 2014. Retrieved 2014-02-21.
  3. 1 2 3 4 5 Melby, Caleb (2013-09-17). "Guns, Girls And Sex Tapes: The Unhinged, Hedonistic Saga Of Billionaire Stewart Rahr, 'Number One King Of All Fun'". Forbes. Retrieved 2014-02-21.
  4. 1 2 3 4 5 6 Saul, Stephanie (2005-01-26). "Making a Fortune by Wagering That Drug Prices Tend to Rise". The New York Times . Retrieved 2014-02-21.
  5. ↑ "Stewart Rahr". Forbes. 2020-11-12. Retrieved 2020-11-12.
  6. 1 2 3 Banjo, Shelly (2010-05-29). "One Man's Wishful Thinking - WSJ.com". Online.wsj.com. Archived from the original on 11 November 2012. Retrieved 2014-02-21.
  7. 1 2 "Cardinal Buys Kinray for $1.3 billion". The New York Times . 2010-11-18. Archived from the original on 23 November 2010. Retrieved 2014-02-21.
  8. ↑ Dinah Wisenberg Brin, "Cardinal Health to Purchase Kinray", Wall Street Journal, November 19, 2010
  9. ↑ "Billionaire Stewart Rahr Explains How He's Living the American Dream". 16 October 2014. Retrieved 31 January 2017.
  10. ↑ "Stewart Rahr". Forbes. Retrieved 2020-11-12.
  11. ↑ "Israel Cancer Research Fund (ICRF) Honors Artist Peter Max, Mary Max And Oncologist Dr. Yashar Hirsh". Jewishvoiceny.com. 2012-12-12. Archived from the original on 14 June 2015. Retrieved 2014-02-21.
  12. ↑ "Haute 100 NY Update: Billionaire turned philanthropist, Stewart Rahr, donates $100,000 to Sandy Relief Fund". Hauteliving.com. Archived from the original on 2013-12-17. Retrieved 2014-02-21.
  13. ↑ "RAJE Benefits From Generosity of Billionaire Stewart Rahr | Jewocity Blog". Jewocity.com. 2012-11-26. Retrieved 2014-02-21.
  14. ↑ "Unveiling Stewart Rahr's Wall of Wishes". The Make-A-Wish Foundation. Retrieved 2010-03-31.
  15. 1 2 Melby, Caleb. "Billionaire Stewart Rahr's $10 Million Gift Is Largest In Make A Wish History". Forbes. Retrieved 2021-08-11.
  16. ↑ "Billionaire Stewart Rahr Gives $10 Million Donation To Make-A-Wish". Jewish Business News. 2013-02-03. Retrieved 2014-02-21.
  17. ↑ Frister, Roman (2014-01-26). "Auschwitz memorial ceremony financed by 'King of Fun' - National Israel News". Haaretz. Retrieved 2014-02-21.
  18. ↑ Jewish Journal: "Flamboyant billionaire Stewart Rahr wows Israel" by Felice Friedson February 3, 2014
  19. ↑ Friedson, Felice (3 February 2014). "Flamboyant billionaire Stewart Rahr wows Israel | Israel". Jewish Journal. Retrieved 2014-02-21.
  20. ↑ Garvey, Marianne (2014-02-03). "Justin Bieber is refused entry to club, parties in New York over Super Bowl weekend". NY Daily News. Retrieved 2014-02-21.
  21. ↑ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved 28 March 2024.
  22. ↑ Stein, Joshua David (2014-06-06). "The World Through Stewart Rahr's Neon Glasses". The New York Times. ISSN   0362-4331 . Retrieved 2021-08-11.
  23. ↑ Rand, Matthew. "Medicine Man". Forbes. Retrieved 2014-02-21.
  24. ↑ Melby, Caleb (2013-09-17). "Guns, Girls And Sex Tapes: The Unhinged, Hedonistic Saga Of Billionaire Stewart Rahr, 'Number One King Of All Fun'". Forbes. Retrieved 2014-02-21.
  25. ↑ Melby, Caleb. "Billionaire Stewart Rahr Clings To Forbes 400 Following $250 Million Divorce Settlement". Forbes. Retrieved 2023-05-12.
  26. ↑ Rivera, Ray; Goldstein, Joseph (2012-11-21). "Billionaire's Gun License Is Suspended Amid Inquiry". The New York Times . Retrieved 2014-02-21.
  27. ↑ Bertoni, Steven (2012-10-24). "How To Get Banned From Nobu: A Billionaire's Guide". Forbes. Retrieved 2014-02-21.
  28. ↑ "Property valuation of Park Avenue, Manhattan, NY: (TRUMP PARK AVENUE LLC)". City-data.com. Retrieved 2014-02-21.
  29. ↑ Clemence, Sara (2005-01-07). "$45 Million Record". Forbes.com. Retrieved 2014-02-21.
  30. ↑ Saul, Stephanie (2005-01-26). "Making a Fortune by Wagering That Drug Prices Tend to Rise". The New York Times . Retrieved 2014-02-21.
  31. ↑ Marshall, Randi; Weber, Lauren (2004-12-31). "Newsday - The Long Island and New York City News Source". Pqasb.pqarchiver.com. Archived from the original on November 3, 2012. Retrieved 2014-02-21.
  32. ↑ Pomorski, Chris (4 December 2013). "Pharma Mogul Stewart Rahr Sells UES Condo for $3.9 M. | The New York Observer". Observer.com. Retrieved 2014-02-21.
  33. ↑ "Michael Cohen concludes his testimony: 'I will not sit back'". Washington Post. ISSN   0190-8286 . Retrieved 2021-08-11.
  34. 1 2 Clarke, Katherine (2021-03-19). "Once Asking $95 Million, Stewart Rahr's Waterfront Hamptons Estate Slated to Finally Sell". Wall Street Journal. ISSN   0099-9660 . Retrieved 2021-08-11.
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