Jorge M. Pérez

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Jorge M. Pérez
Jorge Perez.jpg
Photo of Jorge Pérez
Born (1949-10-17) October 17, 1949 (age 67)[1]
Argentina
Residence Miami, Florida, U.S.
Nationality American
Alma mater Long Island University C.W. Post Campus
University of Michigan
Occupation Co-founder of [Related Group]
Net worth $3.1 billion (May 2015)[2]
Political party Democratic Party
Spouse(s) Darlene Pérez
Children four

Jorge M. Pérez (born October 17, 1949) is an American billionaire real estate developer, art collector, philanthropist and author.[3] He is best known as the chairman and CEO of The Related Group.[4] He is a longtime friend of U.S. president Donald Trump and has built Trump-branded properties.[5]

Early life and education[edit]

Pérez was born in 1949 in Argentina (being therefore an Argentine citizen) to Cuban parents of Spanish origin, and lived in Colombia before moving to Miami in 1968. His father was the head of a pharmaceutical company that was nationalized by the Cuban government.[6] He has a bachelor's degree from Long Island University C.W. Post Campus, and a master's degree from the University of Michigan. [4]

Career[edit]

Pérez was an economic development director with the city of Miami before he entered the real estate business and became a developer. In 1979, he founded Related Group[7] with New York builder Stephen M. Ross. Pérez built his fortune by building and operating low-income multi family apartments across Miami, then branched off into rental apartments before becoming one of the most prolific high-rise condo builders in the Southern United States. Pérez has owned 50 condo towers in various stages of completion in South Florida, Fort Myers and Las Vegas. He has been called the "Donald Trump of the Tropics".[8]

Related Group had $2.1 billion in revenue in 2004, putting Pérez at the top of the Hispanic Business 500 during this period of time. He is an active Democratic fund raiser; he advised Bill Clinton on Cuba during his presidency and was an active fundraiser for the failed presidential campaign of Senator Hillary Clinton. In 2008, he also hosted and raised money for Barack Obama after he became the Democratic presidential nominee. [9]

On November 18, 2007, Related Group demolished the Sheraton at Bal Harbour to make way for a new project.[10] The Sheraton at Bal Harbour, originally called the Americana, was created by architect Morris Lapidus, who also designed the Fontainebleau Miami Beach and Eden Roc hotels. These buildings inspired Miami Modern Architecture (MiMo). [11]

However, with the financial crisis of 2007–2010, many of Related Group's projects were in financial strife as buyers, many of whom were speculators, refused to settle on their apartments or banks refused to grant home or property investment loans to the buyers. As a separate business, Pérez set up a hedge fund to buy distressed real estate. Before the financial crisis of 2007, Forbes pegged his wealth at $1.3 billion. As of March 2013, his wealth stands at 1.2 billion with a recent steady resurgence in Florida real estate prices.[3]

Philanthropy and art[edit]

Pérez's personal and corporate art collection contains 1,000 pieces and includes work from Diego Rivera, Frida Kahlo, Fernando Botero, Roberto Matta, Rubén Torres Llorca, Vhils, Jef Geys, Michael Loew, and Pablo Atchugarry.[12][13]

In December 2011, Pérez donated $20 million to the Miami Art Museum to support the construction of its Herzog & de Meuron designed building. The museum was renamed the Pérez Art Museum Miami (PAMM).[14] He also donated another $20 million in Latin American art to the institution. He donated $15 million more to the museum in 2016. The donation included $5 million in Cuban contemporary art.[15] He has pledged to donate his entire collection to the museum after his death.[16]

In addition to the Pérez Art Museum Miami he supports the Miami International Film Festival, National YoungArts Foundation, the Frost Art Museum at Florida International University and the University of Miami.[17]

Personal life[edit]

Pérez lives in Miami, Florida, with his wife, Darlene Pérez. He has four children.[18][19] He is a member of the Democratic Party and has worked closely with the presidential campaigns for Bill Clinton, Hillary Clinton, and Barack Obama.[20] [21] [22] He is a friend and former business partner of Donald Trump (who wrote the foreword for Pérez's 2008 book, Powerhouse Principles).[23]

Honors[edit]

Selected works[edit]

  • Powerhouse Principles: The Ultimate Blueprint for Real Estate Success in an Ever-Changing Market. New York: New American Library. 2008. ISBN 0-451-22705-0

References[edit]

  1. ^ "The Closing: Jorge M. Perez". Therealdeal.com. 2008-02-08. Retrieved 2016-07-31. 
  2. ^ "Jorge Perez". Forbes.com. Retrieved 2016-07-31. 
  3. ^ a b "Jorge Perez - Forbes". Forbes. 2012-03-13. 
  4. ^ a b "Real Estate Billionaire Jorge Perez's Immigrant Roots Are Helping Him In A Slowing Miami Market," Forbes. Retrieved 15 January 2017
  5. ^ "Miami Billionaire Perez Rejects His Friend Trump’s Wall Overture". Bloomberg. 
  6. ^ Fusion TV: "Show Me Something - Miami developer Jorge Perez says he hasn't heard from Trump after rejecting the border wall" March 31, 2017
  7. ^ related group.com
  8. ^ “25 Most Influential Hispanics in America – Jorge Perez” Time,” August 22, 2005
  9. ^ "Bush Poaches a Longtime Clinton Backer", "Mother Jones", Aug. 17, 2015
  10. ^ "Sheraton Bal Harbour Imploded To Make Way For St. Regis" "Hotel Business, November 21, 2007"
  11. ^ "Morris Lapidus, an Architect Who Built Flamboyance Into Hotels, Is Dead at 98", "New York Times", Jan. 19, 2001
  12. ^ "Meet the billionaire behind Miami's artistic rebirth".  Cindy M. Rodrigeuz, CNN. February 8, 2014. Retrieved August 29, 2017
  13. ^ "25 Most Influential Hispanics in America".  Siobhan Morrissey, Time Magazine. August 22, 2005. Retrieved August 29, 2017
  14. ^ "Meet the billionaire behind Miami's artistic rebirth".  Cindy Y. Rodriguez, CNN. February 8 2014. Retrieved September 2 2017
  15. ^ "Art museum gets $15 million donation from a name you already know".  Carlos Frias, Miami Herald. November 29 2016. Retrieved September 2 2017
  16. ^ "Jorge Pérez — building a cultural legacy".  Jordan Levin, Miami Herald. April 16 2016. Retrieved September 2 2017
  17. ^ "Megacollector Jorge Perez Steps Back From Real Estate Business".  Henri Neuendorf, Artnet News. July 12, 2016. Retrieved September 2 2017
  18. ^ "Real-Estate Magnate Jorge Perez's Beachfront Home in Florida" Architectural Digest. Retrieved 15 January 2017
  19. ^ "Miami Condo King Perez Prepares to Hand Over Empire to Sons." Bloomberg Businessweek. Retrieved 15 January 2017.
  20. ^ "Related's Jorge Pérez puts his stamp on the skyline". The Real Deal. Retrieved 15 January 2017.
  21. ^ "Real Estate Billionaire Jorge Perez's Immigrant Roots Are Helping Him In A Slowing Miami Market," Forbes. Retrieved 15 January 2017.
  22. ^ "Jorge Pérez — building a cultural legacy," Miami Herald. Retrieved 15 January 2017
  23. ^ "Miami Condo King Jorge Perez, Donald Trump's Latino Billionaire Friend, Expands Into Mexico." Forbes. Retrieved 15 January 2017.
  24. ^ Leon Krier. "Images of the Jorge M. Perez Architecture Center, University of Miami, Coral Gables, Florida". Bluffton.edu. Retrieved 2016-07-31.