How Did Robert Kraft Make His Money?

Robert Kraft’s Early Life

Robert Kraft was born in Brookline, Massachusetts, the same town where John F. Kennedy was born. Kraft, however, didn’t have nearly as much wealth and influence as the Kennedy family.

As a boy, Kraft attended public school and earned money by selling newspapers. Although he was obsessed with sports, he could rarely play because practice interfered with his Hebrew studies and observing Saturday as the Sabbath. He definitely made up his lost time in adulthood when he purchased the New England Patriots.

Kraft earned a scholarship to Columbia University, where he played tennis and lightweight football—also called spring football—and earned a bachelor’s degree.

He then attended Harvard Business School and earned an MBA.

Did Robert Kraft Serve in the Military?

No, Robert Kraft didn’t serve in the military.

He started his business career almost immediately after earning his MBA from Harvard.

What Businesses Does Robert Kraft Own?

Within the business world, Robert Kraft is best known for founding the Kraft Group, where he serves as chairman and CEO.

Kraft Group is a holding company that owns a long list of businesses, primarily in paper and packing, real estate, manufacturing, financial services, and professional sports sectors. Some notable businesses within Kraft Group include:

• Rand-Whitney Group—a packaging products company originally owned by Jacob Hiatt, the father of his first wife, Myra Hiatt (1963-2011))
• New England Patriots—an NFL team with six Super Bowl wins
• Gillette Stadium—a multi-purpose stadium, and home of the New England Patriots, located in Foxborough, Massachusetts
• Patriot Place—a shopping and entertainment district located near Gillette Stadium
• International Forests Products—a company that manufactures a broad range of paper products and offers diverse client services
• Carmel Container Systems—a company that designs and makes paper packaging products
• American-Israeli Paper Mills—a large paper mill located near Tel Aviv

What NFL Team does Kraft Own?

Kraft took ownership of the New England Patriots in 1994, but he had made moves years before that put him in a position to purchase the team. Some have described the final purchase as a “hostile takeover.”

Was it really a hostile takeover, or did Kraft just use his influence to protect a team he loves? There is a bit of history behind his gaining ownership of the team.

In 1987, Billy Sullivan, the original owner of the Patriots, was facing bankruptcy. He sold the team to Victor Kiam the following year. Kiam had made millions as the chairman, president, and spokesperson for Remington Products.

The sale, however, could not include the team’s home, Foxboro Stadium, because Kraft had purchased it during Sullivan’s bankruptcy sale.

While this interfered with some of Kiam’s plans, he retained ownership until 1991, when he decided to sell the team to James Orthwein, who brought on Bill Parcells as head coach.

Orthwein wanted to move the team to St. Louis and rename it the Stallions. Doing so would have required buying out the Foxboro Stadium lease, but Kraft refused. Instead, he offered to purchase the Franchise for $175 million.

At this point, Orthwein realized he couldn’t relocate the team, so he didn’t even want to own it anymore. Orthwein didn’t have many options, so he agreed to sell the Patriots to Kraft in 1993.

Under Kraft’s guidance, the team retained Parcells as head coach until 1996. Later, they brought on the equally talented Bill Belichick, who held the position from 2000 to 2023.

Belichick helped the team win six Super Bowl Championships, tying the Patriots with the Pittsburgh Stealers as the team with the most Super Bowl wins.

How Did Robert Kraft Make His Money?

Robert Kraft has made most of his money in the paper and packaging products industry. He entered the industry when he took a job at Rand-Whitney Group, a packaging company run by his father-in-law.

Kraft would eventually take control Rand-Whitney Group through a leveraged buyout

How Much Is Robert Kraft Worth?

Robert Kraft has been a billionaire for at least a decade. Forbes estimates that he’s currently worth $11.8 billion, making him the 193rd richest person in the world.

Although Kraft has been tremendously rich for a long time, his wealth exploded after 2021.

In 2020 and 2021, he was worth about $6.9 billion. In 2022, his net worth reached $8.3 billion, followed by $10.6 billion in 2023.

How Did Robert Kraft Get So Rich?

Buying a sports team is typically seen as a risky move for investors. Plenty of professional sports teams lose money, even when they have plenty of supportive fans. The Patriots, however, stand out as a noteworthy exception.

Since buying the Patriots, the team has won six Super Bowl Championships. Only one other team, the Steelers, has that many wins.

The Patriots largely earn money through ticket sales and merchandise. Some experts list the Patriots as one of the world’s most valuable sports franchises. Kraft spent about $175 million acquiring the team in 1994. Today, it’s worth at least $5 billion.

Of course, Kraft also earns money through the Kraft Group. Since it’s a private company, though, it doesn’t have to report how much it pays its executives.

Does Robert Kraft Own Kraft Food?

This is a pretty common misconception because the companies share the name “Kraft.” In reality, though, they don’t have anything to do with each other.

Kraft Group, which Robert Kraft founded in 1998, is a separate entity from Kraft Heinz, the food conglomerate formed in 2015 when Kraft Foods and H.J.

Heinz merged. H.J. Heinz was founded all the way back in 1869. Kraft Foods Group was founded in 1923 and was effectively defunct before the end of 2012.

How Many Houses Does Robert Kraft Own?

Robert Kraft owns at least three houses, a mansion in Southampton, New York, a condo in Palm Beach, Florida, and a property in Boston, Massachusetts.

His most recent purchase, the mansion in Southampton, was finalized in 2021 for $43 million. The 7,000-square-foot property has 10 bedrooms and 8.5 bathrooms.

Is Robert Kraft a Millionaire?

Robert Kraft hasn’t been a millionaire in over a decade. He’s currently worth about $11.8 billion.

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