What is Jim Crane’s net worth?
Jim Crane, an American businessman, has a net worth of $2.5 billion. His first fortune was earned in the logistics industry, and he later became the owner of the Houston Astros baseball team, adding to his wealth.
Jim Crane: From Insurance to Logistics and Golf
Jim Crane, born in Dellwood, Missouri, graduated from Central Missouri State University with a degree in Industrial Safety. He began his career in the insurance business and moved to Houston, Texas in the 80s to further his career. In 1984, he founded Eagle USA Airfreight with a $10,000 loan from his sister, which eventually became Eagle Global Logistics. The company went public in 1995 and had hundreds of millions in annual revenue and more than 100 thousand employees at its peak.
However, the company faced allegations of discrimination against black, Hispanic, and female employees by the Equal Employment Opportunity Commission. The issues were resolved in 2001 with a $9 million settlement. In 2006, Eagle paid a $4 million settlement to the US Government for allegations of fraud, price fixing, profiteering, and paying kickbacks related to the Iraq war.
Despite these controversies, Crane owned 17.6% of the company’s shares when it merged with CEVA Logistics in 2007. He then founded Crane Capital Group and is a shareholder in Western Gas Holdings and Crane Worldwide Logistics, LLC. He is also the director of Fort Dearborn Life Insurance Company and Champion Energy Holdings, LLC.
Aside from his business ventures, Crane is also a top-ranked CEO golf player in the nation and owns The Floridian National Golf Club. Golf Digest even ranked him as the #1 CEO golfer.
Jim Crane Purchases Houston Astros for $680 Million
In late 2011, Jim Crane purchased the Houston Astros for $680 million, making it the second-highest amount ever paid for a baseball team. Despite skepticism from some MLB owners due to his past business dealings, the deal ultimately went through, with Crane allegedly receiving a 10% discount for agreeing to move the team from the National to the American league. Today, the team’s value has tripled to $1.8 billion.
On November 1st, 2017, the Houston Astros won their first World Series in the organization’s history. However, it was later revealed that the team had stolen signs during their championship year. Players reportedly relayed pitch information to hitters by banging on a trash can from the dugout just before pitches were thrown. Crane repeatedly denied knowledge and involvement in the scheme.
Jim Crane Sells Pebble Beach Mansion for $21 Million
Jim Crane, owner of the Houston Astros, sold his stunning Pebble Beach mansion in August 2020 for $21 million. He had initially listed the property for $37.9 million in 2017 and gradually lowered the price to $29 million and then $25 million. Crane had purchased the house 20 years ago for $5.5 million.
In November 2019, Crane had bought another Pebble Beach mansion for $21 million from the estate of Charles de Guigne, a wealthy fourth-generation Californian who had passed away two years earlier. The ownership of the mansion was transferred to the Community Foundation for Monterey County (CFMC) as per de Guigne’s trust. The CFMC sold the mansion to Crane, and after fees and taxes, $18 million from the sale went to charity.
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