Samuel Zell (born Shmuel Zielonka, September 28, 1941) is an American billionaire businessman. A former lawyer, Zell is the founder and chairman of Equity Group Investments, a private investment firm, founded in 1968. He has interests in and is the chairman of several public companies listed on the New York Stock Exchange: Equity Residential (EQR), Equity LifeStyle Properties (ELS), Equity Commonwealth (EQC), and Covanta Holding Corp. (CVA), and Anixter.

Samuel Zell
Shmuel Zielonka

(1941-09-28) September 28, 1941 (age 81)
TitleChairman, Equity International
SpouseHelen Herzog Fadim Zell (3rd wife)
Children3 (with 1st wife)

As of February 2023, Zell had an estimated net worth of US $5.3 billion, according to Forbes.[1]


Early life and educationEdit

Zell was born on September 28, 1941,[2] in Chicago. His parents, Ruchla and Berek Zielonka, were Jewish immigrants from Poland, where his father had been a successful grain trader.[3][4] They emigrated to the United States with their young daughter, Leah, via Tokyo.[5][3][6] Soon after arriving, his parents changed their first and last names, becoming Rochelle and Bernard Zell.[3][7] They then moved from Seattle to the Albany Park neighborhood in Chicago, where his father became a jewelry wholesaler.[3] When he was twelve, the family moved to Highland Park, Illinois, where he graduated from Highland Park High School.[3] In 1963, Zell graduated with a bachelor's degree from the University of Michigan, where he was also a member of the Alpha Epsilon Pi fraternity.[3]


While in school, Zell entered the real estate business. He managed a 15-unit apartment building in return for free room-and-board. Soon, he was managing the owner's other properties.[3] By his graduation, that venture was netting $150,000.[8] Joined by his fraternity brother Robert H. Lurie, he won a contract with a large apartment development owner in Ann Arbor. By the time he graduated with a J.D. from the University of Michigan Law School in 1966,[9] he and Lurie were managing over 4,000 apartments and owned 100–200 units outright.[10] After school, he sold his interest in the management company to Lurie and moved to Chicago.[3][11]

After graduation, Zell worked as a lawyer for one week before deciding that the legal profession was not for him. One of the senior partners decided to invest with him, enabling Zell to purchase an apartment building in Toledo.[3] Zell also purchased several apartment buildings in Reno, Nevada, including Arlington Towers.[5][12] In 1968, Zell founded the predecessor of Equity Group Investments and was joined a year later by his former partner, Robert H. Lurie. Together, they went on to grow the small firm into a vast enterprise, until Lurie's death in 1990.[13]

Equity GroupEdit

Equity Group Investments was the genesis for Equity Residential, the largest apartment owner in the United States; Equity Office Properties Trust, the largest office owner in the country; and Equity Lifestyle Properties, an owner/operator of manufactured home and resort communities.[citation needed]

In 2006, the Blackstone Group announced the purchase of Equity Office for $36 billion,[14] which was the largest leveraged buyout in history at the time. Blackstone then sold many of the portfolio's properties for record amounts.[15] By early 2009, most of the properties sold were "under water" (worth less than the mortgage).[15]

Other investmentsEdit

Zell affiliates owned the Schwinn Bicycle Company,[16] the drugstore Revco,[17] department store chain Broadway Stores,[18] energy company Santa Fe Energy Resources,[19] and mattress company Sealy.[20] In 1985, Zell took over Itel Corporation.[21]

Between 1992 and 1999, Zell's Chillmark fund owned Jacor Communications, Inc., a successful radio broadcast group that included a television station. The company was sold to Clear Channel Communications in 1999.[22] On April 2, 2007, the Tribune Company announced its acceptance of Zell's offer to sponsor the going-private transaction of Chicago Tribune, the Los Angeles Times, and the company's other media assets. On December 20, 2007, Zell took the company private, and the following day he became the chairman and CEO. He sold the Chicago Cubs and the company's 25 percent interest in Comcast SportsNet Chicago. Under the burden of the debt incurred as part of Zell's leveraged buyout and in context of the unexpected severity of the Great Recession, the Tribune Co. filed for chapter 11 bankruptcy reorganization in December 2008.[23]

In January 2008, Zell bought a controlling share in the Tribune Company, owner of the Chicago Tribune, among other newspapers. His decision to put Randy Michaels in charge was one of several moves that were sharply criticized by the employees. Besides creating a hostile workplace,[24] Michaels laid off several employees while giving large bonuses to the executives. Less than a year after Zell bought the company, it tipped into bankruptcy, listing $7.6 billion in assets against a debt of $13 billion, making it the largest bankruptcy in the history of the American media industry. More than 4,200 people have lost jobs since the purchase, while resources for the Tribune newspapers and television stations have been slashed."[24]


Zell and his wife, Helen, philanthropic efforts focus heavily on education and the arts. In 1999, at the University of Michigan the Zell Lurie Institute for Entrepreneurial Studies[25][26] and the Master of Fine Arts Creative Writing Program,[27] Northwestern University's Kellogg School Zell Center for Risk Research[28] and Zell Scholar Program,[29] the University of Pennsylvania Wharton School's Zell/Lurie Real Estate Center,[30] The Ounce of Prevention Fund,[31] the Museum of Contemporary Art[32] and the Chicago Symphony Orchestra.[33]

Zell, according to The Forward,[34] is also "a major donor to causes in Israel. His donations include a $3.1 million donation to the Herzliya Interdisciplinary Center in Israel and separate donations to the Israel Center for Social and Economic Progress, a free market oriented Israeli think tank founded by Daniel Doron. In the United States, he has given major gifts to such Jewish causes as the American Jewish Committee and the Bernard Zell Anshe Emet Day School, a Chicago Jewish primary school named after his father." Zell donated to Chicagoland Jewish High School renaming the school to Rochelle Zell Jewish High School, after his mother.

Political involvementEdit

Zell donated $100,000 to Restore Our Future, the Super PAC supporting the 2012 presidential election campaign of Mitt Romney.[35] In 2015 he donated $50,000 to the John Bolton Super PAC.[36]

Criticism and controversiesEdit

Zell is known for using "salty" language in the newsroom.[37] In February 2008, the website LA Observed reprinted an internal memo that said:

Last week you may have encountered some colorful uses of the lexicon from Sam Zell that we are not used to hearing at the Times ... But of course we still have the same expectations at the Times of what is correct in the workplace. It's not good judgment to use profane or hostile language and we can't tolerate that... In short, nothing changes; the fundamental rules of decorum and decency apply ... Sam is a force of a nature; the rest of us are bound by the normal conventions of society.[38]

In a June 2008 opinion piece for The Washington Post entitled, "The L.A. Times' Human Wrecking Ball", veteran Los Angeles-based editor and columnist Harold Meyerson took Zell to task for "taking bean counting to a whole new level", asserting that "he's well on his way to... destroying the L.A. Times." Comparing Zell to James McNamara, who was sentenced to life in prison for the notorious 1910 Los Angeles Times bombing (which killed 21 employees), Meyerson concluded his article by opining that "Life in San Quentin sounds about right" for Zell.[39]

In 2008, Zell confirmed a plan to place the Chicago Cubs and Wrigley Field up for sale separately in order to maximize profits. He also announced he would consider selling naming rights to Wrigley Field. These announcements were widely unpopular in Chicago[40][41] and a poll taken by the Chicago Sun-Times showed that 53% of 2,000 people who voted said they would no longer attend Cubs games if the field were renamed.[42]

In 2010, The New York Times ran an article about Zell's and new top executive Randy Michaels's management of The Tribune Co. entitled "At Flagging Tribune, Tales of a Bankrupt Culture." The report details a culture promoting sexual harassment and debasement, with executives openly discussing the "sexual suitability" of employees in the office and a tight circle of executives who were earning tens of millions of dollars in bonuses despite being deep in bankruptcy and a failure to stem declining profits.[24]

In June 2018, at a conference organized by Nareit, Sam Zell stated "I don't think there's ever been a 'We gotta get more pussy on the block'" when explaining his views of female discrimination on the workplace.[43][44]

Personal lifeEdit

Zell has been married three times and divorced twice; he has three children:[45] son, Matthew and daughter, JoAnn, from his first marriage; and an adopted daughter, Kellie, from his second marriage.[3] His third wife is Helen (née Herzog) Fadim Zell.[3][46][47] He lives in Chicago, Illinois, and has homes in Sun Valley, Idaho and Malibu, California.[45][48]

In May 2017, Zell released his book, Am I Being Too Subtle?: Straight Talk From a Business Rebel. The book was published by Portfolio[49] and details his business philosophy on finding business and investment opportunities anywhere.

Awards and honorsEdit


  • Am I Being Too Subtle?: Straight Talk From a Business Rebel (2017) ISBN 978-1591848233
  • "The Grave Dancer: The Risky Art of Resurrecting Dead Properties," Real Estate Review (1982)
  • "Pension Fund Perils in Real Estate," Real Estate Review 61 (Spring 1975).


  1. ^ "Forbes profile: Sam Zell". Forbes. Retrieved 15 October 2021.
  2. ^ "Bloomberg Billionaires Index: Sam Zell". Bloomberg LP. Retrieved 26 December 2018.
  3. ^ a b c d e f g h i j k Johnson, by Ben E. Money Talks, Bullsh*t Walks: Inside the Contrarian Mind of Billionaire Mogul Sam Zell Dec 31, 2009
  4. ^ Financial Post: "Lawrence Solomon: The Jewish press and Israel" by Lawrence Solomon November 30, 2012
  5. ^ a b Chicago Tribune: "Here's The Deal - How Sam Zell Beat A Tax-fraud Rap And Rose To The Top Of The Real Estate World" By Greg Burns\ By Greg Burns July 25, 2004. pp. 2–3
  6. ^ Raphael, Marc (2008). The Columbia history of Jews and Judaism in America. Columbia. p. 237.
  7. ^ Katharine Q. Seelye, Terry Pristin (March 25, 2007). "Sam Zell, the 'grave dancer', sees profit in newspapers". International Herald Tribune. Retrieved April 3, 2007.
  8. ^ "Sam Zell". Forbes. Retrieved 2020-07-20.
  9. ^ Laing, Jonathan R. (2011-11-05). "CEO Spotlight: Sam Zell - Barron's". Barron's. Retrieved 2015-08-25.
  10. ^ "The Bottom Line: "Profiles in Investing: Sam Zell and Zell's Angels"" (PDF). Retrieved January 29, 2004.
  11. ^ Investors Archive (15 January 2017). "Sam Zell: Becoming a Billionaire in Real Estate". Archived from the original on 2017-03-15. Retrieved 2 January 2018 – via YouTube.
  12. ^ "Arlington Towers tax bill prompts suit". Reno Evening Gazette. August 21, 1974. Retrieved November 1, 2017 – via
  13. ^ "A zelluva partner". Forbes. Retrieved 2023-03-15.
  14. ^ "Equity Office Agrees to be Acquired by The Blackstone Group". November 19, 2006.
  15. ^ a b Charles V. Bagli (February 6, 2009). "Sam Zell's Empire, Underwater in a Big Way". New York Times.
  16. ^ Judith Crown (May 12, 1997). "ZELL & CO. PEDDLING SCHWINN". Crain's Chicago Business.
  17. ^ "COMPANY NEWS; Chairman of Revco Is Dismissed by Board". The New York Times. June 5, 1992.
  18. ^ GEORGE WHITE and STUART SILVERSTEIN (August 15, 1995). "Federated Stores to Buy Broadway in $373-Million Deal". Los Angeles Times.
  19. ^ William Gruber (January 11, 1993). "Pritzker Clan, Zell On Investment Roll". Chicago Tribune.
  20. ^ Stanley Ziemba (January 22, 1997). "Zell's Sealy Sells Furniture Unit". Chicago Tribune.
  21. ^ ERIC N. BERG (October 23, 1991). "Building a Lost-Cause Portfolio". New York Times.
  22. ^ Alejandro Bodipo-Memba (October 9, 1998). "Clear Channel Wins Bidding Contest, Agrees to Buy Jacor Communications". Wall Street Journal.
  23. ^ Shira Ovide (December 9, 2008). "Tribune Co. Files for Chapter 11 Protection". Wall Street Journal.
  24. ^ a b c "At Flagging Tribune, Tales of a Bankrupt Culture". New York Times. October 5, 2010.
  25. ^ "ABOUT ZELL LURIE". University of Michigan Zell Lurie. Retrieved May 3, 2020.
  26. ^ Wilkins, Pete. "What Drives The University Of Michigan's Entrepreneurial Success". Forbes. Retrieved 2023-03-15.
  27. ^ "Helen Zell Writers' Program". University of Michigan. Retrieved May 3, 2020. The Helen Zell Writers' Program is a two-year, fully-funded graduate program in creative writing leading to the Master of Fine Arts degree with a guaranteed, fully-paid, third-year writing residency based in Ann Arbor for qualified graduates.
  28. ^ Doctor, Ken (June 8, 2009). "Nine Questions: New England Guilds, Tribune Fallout, San Diego Vacuum and the News Industry's Most Successful Alumnus". newsonomics. Retrieved May 3, 2020. Still, it's just pin money for the guy who sold his real estate investment trust for $36 billion in 2006 and knows enough — endowing the Zell Center for Risk Research at Northwestern — to make judicious bets.
  29. ^ "Zell Scholars Program Introduction 2014-2015". Kellogg School. Retrieved May 3, 2020. The Zell Scholars Program is designed to be a unique, applied entrepreneurial experience for a select number of Kellogg MBA students with a passion for new business creation.
  30. ^ "Zell/Lurie Real Estate Center - Penn Career Services". University of Pennsylvania. 28 August 2019. Retrieved May 3, 2020. The Samuel Zell and Robert Lurie Real Estate Center was established in 1983 by the Wharton School of the University of Pennsylvania to promote excellence in real estate education and research.
  31. ^ The Ounce of Prevention Fund (October 23, 2014). "Zell Family Foundation Donates $10 Million to The Ounce of Prevention Fund". PR Newswire. Retrieved May 3, 2020. Gift to improve quality and access to early childhood education
  32. ^ "Museum of Contemporary Art, Chicago Receives $10 Million From Zell Family". Philanthropy News Digest. November 1, 2012. Retrieved May 3, 2020.
  33. ^ "CSO receives t wo of the largest gifts in its history". June 12, 2014. Retrieved May 3, 2020.
  34. ^ Nathaniel Popper, "Billionaire Boychiks Battle for Media Empire: ‘Committed Zionist’ To Buy Papers With Troubled Ties to Community", The Forward, April 13, 2007
  35. ^ "In Obama's Hometown, Billionaire Support Favors GOP". Forbes Magazine. May 31, 2012.
  36. ^ "John Bolton Super PAC". Retrieved May 3, 2020.
  37. ^ Romenesko, Jim (2008-02-12). "Los Angeles Times staffers warned about behaving like Zell | Poynter". Poynter. Archived from the original on 2010-09-03. Retrieved 2015-08-25.
  38. ^ Roderick, Kevin (2008-02-11). "Let Sam be Sam, but you be nice". LA Observed. Retrieved 2015-08-25.
  39. ^ Harold Meyerson, "The L.A. Times's Human Wrecking Ball", Washington Post, June 11, 2008
  40. ^ Bialik, Carl (February 29, 2008). "Cubs Fans Consider a Wrigley by Any Other Name". The Wall Street Journal.
  41. ^ Wojciechowski, Gene (March 2, 2008). "Cubs' new owner should think again about renaming Wrigley". ESPN.
  42. ^ Dodd, Mike (March 1, 2008). "For Cubs fans, renaming Wrigley is dealbreaker". USA Today.
  43. ^ Fung, Esther (2018-06-06). "Sam Zell Uses Vulgarity in Discussing Hiring of Women". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-01-23.
  44. ^ Thomas, Lauren (2018-06-06). "Real estate mogul Sam Zell uses vulgar language to talk about women he promoted". Retrieved 2019-01-23.
  45. ^ a b "Forbes profile: Sam Zell". Forbes. Retrieved 16 October 2019.
  46. ^ The Long Island News: "Helen Herzog and James Fadim to Wed on May 30 January 17, 1968
  47. ^ Chicago Business: "At CSO, a woman's place is at the top" by Shia Kapos November 20, 2015
  48. ^ Clarke, Katherine (September 21, 2017). "Sam Zell: Interview". The Real Deal. Retrieved 16 October 2019.
  49. ^ ISBN 978-1591848233, Portfolio, copyright 2017
  50. ^ "Golden Plate Awardees of the American Academy of Achievement". American Academy of Achievement.

External linksEdit