Who is Daniel Gilbert - The Richest Person in Michigan?
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| Who is Daniel Gilbert - The Richest Person in Michigan? Photo: Detroit News |
Daniel Gilbert is the founder and majority owner of Rocket Companies, the largest home mortgage lender in the United States, and the cofounder of Quicken Loans. The Detroit-based company closed $320 billion of mortgage volume in 2020. He's invested in downtown Detroit real estate and is the majority owner of the Cleveland Cavaliers, a National Basketball Association franchise.
Daniel Gilbert has a net worth of $28.9 Billion, making him the richest in Michigan and one of the top richest men in the world after Jack Ma, Ma Huateng, and Beate Heister & Karl Albrecht Jr.
Who is Daniel Gilbert - Biography
Daniel Gilbert (born January 17, 1962) is an American businessman, investor, and philanthropist. He is the founder and chairman of Rock Ventures & Quicken Loans. The esteemed entrepreneur also holds majority stakes in NBA team Cleveland Cavaliers, AHL’s Lake Erie Monsters, Cleveland Gladiators of Arena Football League & Canton Charge of NBA Development League. He also operates Quicken Loans Arena (Cleveland) & holds the chair for Rock Gaming.
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Daniel Gilbert - Early Life:
Daniel Dan Gilbert was born on January 17, 1962, in Detroit. He had his schooling at Southfield-Lathrup High School and later graduated from Michigan State University. While in college he earned a real estate agent's license and while in law school, he worked part-time at his parents' Century 21 Real Estate agency.
Personal Life
Dan is married to Jennifer Gilbert & together the couple has 5 children. He is a great philanthropist who has joined up with The Giving Pledge. He has even established 2 research clinics on the study of Neurofibromatosis in Washington & Israel.
His wife serves on the Gilbert Family Neurofibromatosis Institute at Children's National Medical Center in Washington, D.C., and also serves on the boards of ORT America and the Israeli and Overseas Committee of the Jewish Federation of Metropolitan Detroit. It was reported that on May 26, 2019, Dan Gilbert was taken to the hospital and was treated for a stroke at the age of 57.
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Daniel Gilbert - Career
Gilbert's holdings include dozens of companies and smaller enterprises, including many tech startups. He recently sold his Greektown Casino-Hotel for $1 billion but continues to own other casinos in Maryland and Ohio, according to Quicken's website.
Quicken Loans
Gilbert, recognizing that the real potential was in originating mortgages and not in selling homes, founded Rock Financial in 1985 with his younger brother Gary Gilbert. The company grew into one of the largest independent mortgage lenders in the United States and in the late 1990s, launched its internet strategy and quickly positioned itself as the fastest-growing direct mortgage lender online. In the fourth quarter of 2017, the company became the largest retail mortgage lender by volume in the United States.
In 2000, software maker Intuit Inc. purchased Rock Financial. It renamed the national web operation Quicken Loans and grew substantially as the leading provider of direct-to-consumer home loans on the internet, offering mortgages in all 50 states. Gilbert remained at the company as CEO. In 2002, he led a small group of private investors that purchased Quicken Loans and its affiliated national title company, Title Source, Inc., from Intuit and continues to serve as the chairman of Quicken Loans, Inc.
In 2010, Quicken Loans moved its headquarters and 1,700 of its employees to downtown Detroit. After moving all 3,600 Michigan-based team members into Detroit's urban core by the end of 2010, the company now has approximately 17,000 staff in downtown Detroit and a total of 24,000 nationwide, making the company one of Detroit's largest employers, minority employers, and taxpayers.
Sports franchise ownership
Gilbert became majority owner of the Cleveland Cavaliers in March 2005 and undertook a complete overhaul of the front office, coaching staff, player personnel and game presentation. During Gilbert's tenure, the Cavs won six Central Division championships (2009, 2010, 2015, 2016, 2017, 2018), five Eastern Conference championships (2007, 2015, 2016, 2017, 2018), and one NBA championship (2016) which ended the 52-year Cleveland sports curse. Also in 2016, Gilbert's Lake Erie Monsters won the AHL's top prize – the Calder Cup – giving Gilbert two championships within eight days.
In 2007, Gilbert bought the dormant Utah Grizzlies American Hockey League franchise, moved it to Cleveland and renamed it the Lake Erie Monsters (now Cleveland Monsters).
In 2011, Gilbert purchased the New Mexico Thunderbirds from what was then the NBA Developmental League (now called the G League), and moved them to Canton, Ohio (about an hour drive south of Cleveland) renaming them the Canton Charge, and making them the Cavaliers' affiliate. In early 2012, Gilbert became the new owner of the Arena Football League's Cleveland Gladiators.
"The Letter"
Gilbert received national attention July 8, 2010, when NBA basketball superstar and northeast Ohio native LeBron James announced that he was leaving the Cavaliers for the Miami Heat on a highly criticized ESPN television special dubbed The Decision. Following the special, Gilbert published an open letter in Comic Sans font (dubbed nationally as "The Letter" as a counterpoint to The Decision) to Cleveland Cavaliers fans in which he strongly criticized how James made his announcement. On July 12, 2010, NBA Commissioner David Stern fined Gilbert $100,000 for his remarks in the letter. Gilbert has since regretted the open letter, which he wrote in 45 minutes when emotions were running high, and it was taken down from the team website after a few weeks but remained widely available on the Internet. Though some members of the media criticized Gilbert for this letter, many Cleveland Cavaliers fans embraced him for it and even offered to pay the fine. Gilbert instead insisted on donating the money to charity.
Four years later when James opted out of his contract with Miami, Gilbert and James met privately. Gilbert apologized to LeBron for the open letter, stating "LeBron, we had five good years together and one bad night; like a marriage that's good and then one bad thing happens and you never talk to each other again." James also expressed his regret to Gilbert about The Decision. The two embraced, and James subsequently returned to Cleveland in free agency days later. James explained his homecoming to Cleveland in his Sports Illustrated announcement writing "I've met with Dan, face-to-face, man-to-man. We've talked it out. Everybody makes mistakes. I've made mistakes as well. Who am I to hold a grudge?"
Later, in 2017 James revisited the letter, commenting in GQ magazine he felt the letter had racial overtones. And in an interview with Uninterrupted, James described the letter as disrespectful..
Other businesses and investments
Gilbert is a founding partner in private equity group Rockbridge Growth Equity LLC (RBE). The partnership invests in growing businesses in the financial services, Internet technology, consumer-direct marketing, and the sports and entertainment industries.
RBE has significant investments in Gas Station TV, Robb Report, RapidAdvance, Northcentral University, Protect America, AccountNow, Purchasing Power, Triad Retail Media, One on One Marketing, and Connect America.
Gilbert is also an investor in Courtside Ventures, a venture capital fund investing across early stage technology and media companies with a focus on sports and a founding partner of Detroit Venture Partners (DVP), a venture capital firm that funds start-up and early-stage technology companies based primarily in Detroit. Some of the companies DVP has invested in includes, LevelEleven, iRule and Marxent Labs.
In addition, Gilbert recently cofounded StockX, a stock market of things for high-demand, limited edition products such as sneakers. Gilbert is also invested and involved in the operation of several consumer-based technology-centered businesses, including Fathead, Veritix, Xenith, StyleCaster and Quizzle.
Gilbert launched Bizdom in 2007. Today, this non-profit promotes both tech and brick-and-mortar entrepreneurship in Detroit and Cleveland by supporting on-the-ground service providers, as well as leveraging its connections with Quicken Loans and the Rock Ventures Family of Companies to accelerate the growth and development of small businesses.
In November 2009, Gilbert and a group of partners successfully backed a statewide referendum to bring casino gaming to Ohio's four largest cities. Through a joint venture with Caesars Entertainment Corporation, the groups operate urban-based casinos in both Cleveland and Cincinnati. The first of the casinos, Horseshoe Cleveland, opened in May 2012. In 2013, Rock Ventures, the umbrella entity for Gilbert's investments and real estate holdings, announced it had formed Athens Acquisition LLC, an affiliate of Rock Gaming, and acquired the majority interest in Greektown Superholdings Inc., owner of the Greektown Casino-Hotel located in downtown Detroit. In late 2018, Gilbert bought the online dictionaries, Dictionary.com and Thesaurus.com.
According to professional Call of Duty player Matthew "Nadeshot" Haag, Gilbert has made a multimillion-dollar investment into Nadeshot's eSports team called 100Thieves.
Real estate
Gilbert moved Quicken Loans to downtown Detroit in 2010. Today, his companies own or control through master leases somewhere in the range of 100 properties, including many of downtown's iconic skyscrapers — the First National, One Woodward, 1001 Woodward and more. Gilbert's companies also own One Campus Martius, David Stott Building, Detroit Media Partnership Building (former home of the Detroit Free Press and the Detroit News), Chrysler House, Federal Reserve Building (current home of the Free Press and Detroit News), Shinola Hotel, Madison Building, and more. His downtown workforce has swelled to about 17,000 workers who fill up all these properties.
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Daniel Gilbert - Philanthropy & Political Donations
In September 2012, Gilbert and his wife Jennifer joined The Giving Pledge, committing to give half of their wealth to philanthropy. Initiated by Warren Buffett and Bill Gates in 2010, the Giving Pledge is a campaign to encourage the wealthiest people in the world to make a commitment to give most of their wealth to philanthropic causes.
Gilbert's eldest son was born with neurofibromatosis. Gilbert established two Neurofibromatosis research clinics at the Children's National Medical Center (CNMC) in Washington, D.C. and at the Dana Children's Hospital at the Sourasky Medical Center in Tel Aviv, Israel. Gilbert also serves on the boards of the Children's Tumor Foundation, the Cleveland Clinic, and the Children's Hospital Foundation (an affiliate of CNMC); and is the vice chairman of the not-for-profit M-1 RAIL initiative which is dedicated to promoting light-rail transportation in downtown Detroit.
In 2015, Gilbert donated $750,000 to the presidential candidacy of Chris Christie.
In September 2016, Gilbert donated $5 million to Wayne State University Law School, representing the largest donation in the law school's history. In October of that year, Gilbert also donated $15 million toward the planned $50-million Breslin Center renovation project at Michigan State University.
Awards & Honors
Gilbert's companies have achieved the following accolades under his watch:
Quicken Loans
16-time winner: JD Power Highest Customer Satisfaction Award (10 for Primary Mortgage Origination, six for Mortgage Servicing)
16-time Fortune 100 Best Companies to Work For (2005–2017)
Cleveland Cavaliers
2016 NBA Champion
2016 Best Team ESPY Award
Cleveland Monsters
2016 Calder Cup Champion
Timeline
| Year | Event |
|---|---|
| 2019 | Gilbert resides in Michigan with his wife Jennifer Gilbert and their five children. His wife serves on the Gilbert Family Neurofibromatosis Institute at Children's National Medical Center in Washington, D.C. and also serves on the boards of ORT America and the Israeli and Overseas Committee of the Jewish Federation of Metropolitan Detroit. It was reported that on May 26, 2019, Dan Gilbert was taken to the hospital and was treated for a stroke at the age of 57. |
| 2017 | Later, in 2017 James revisited the letter, commenting in GQ magazine he felt the letter had racial overtones. And in an interview with Uninterrupted, James described the letter as disrespectful.. Gilbert has been cited as a leader in downtown Detroit redevelopment initiatives. A 2017 Politico Magazine article named Gilbert one of "America's 11 Most Interesting Mayors", listing him as though he were Mayor of Detroit due to his role in the city's development. In September 2017, Detroit Mayor Mike Duggan appointed Gilbert to lead a committee to make a Super Bowl-like bid for online retail giant Amazon to bring its second North American headquarters to Detroit. |
| 2016 | In September 2016, Gilbert donated $5 million to Wayne State University Law School, representing the largest donation in the law school's history. In October of that year, Gilbert also donated $15 million toward the planned $50-million Breslin Center renovation project at Michigan State University. |
| 2015 | In 2015, Gilbert donated $750,000 to the presidential candidacy of Chris Christie. |
| 2013 | In September 2013, Gilbert was named co-chair of the Blight Removal Task Force. The group, appointed by the Obama Administration, published a detailed plan in May 2014 to remove all blighted structures and lots in the City of Detroit. |
| 2012 | Gilbert is the chairman of JACK Entertainment (formerly Rock Gaming), which opened its first Horseshoe Casino (now JACK Cleveland Casino) in downtown Cleveland in May 2012. In early 2012, Gilbert became the new owner of the Arena Football League's Cleveland Gladiators. In September 2012, Gilbert and his wife Jennifer joined The Giving Pledge, committing to give half of their wealth to philanthropy. Initiated by Warren Buffett and Bill Gates in 2010, the Giving Pledge is a campaign to encourage the wealthiest people in the world to make a commitment to give most of their wealth to philanthropic causes. |
| 2011 | In 2011, Gilbert purchased the New Mexico Thunderbirds from what was then the NBA Developmental League (now called the G League), and moved them to Canton, Ohio (about an hour drive south of Cleveland) renaming them the Canton Charge, and making them the Cavaliers' affiliate. In 2011, Gilbert's Bedrock Detroit purchased several buildings in downtown Detroit. |
| 2010 | In 2010, Quicken Loans moved its headquarters and 1,700 of its employees to downtown Detroit. After moving all 3,600 Michigan-based team members into Detroit's urban core by the end of 2010, the company now has approximately 17,000 staff in downtown Detroit and a total of 24,000 nationwide, making the company one of Detroit's largest employers, minority employers, and taxpayers. |
| 2009 | In November 2009, Gilbert and a group of partners successfully backed a statewide referendum to bring casino gaming to Ohio's four largest cities. |
| 2007 | In 2007, Gilbert bought the dormant Utah Grizzlies American Hockey League franchise, moved it to Cleveland and renamed it the Lake Erie Monsters (now Cleveland Monsters). Gilbert launched Bizdom in 2007. Today, this non-profit promotes both tech and brick-and-mortar entrepreneurship in Detroit and Cleveland by supporting on-the-ground service providers, as well as leveraging its connections with Quicken Loans and the Rock Ventures Family of Companies to accelerate the growth and development of small businesses. |
| 2005 | Gilbert became majority owner of the Cleveland Cavaliers in March 2005 and undertook a complete overhaul of the front office, coaching staff, player personnel and game presentation. |
| 2000 | In 2000, software maker Intuit Inc. purchased Rock Financial. It renamed the national web operation Quicken Loans and grew substantially as the leading provider of direct-to-consumer home loans on the internet, offering mortgages in all 50 states. Gilbert remained at the company as CEO. In 2002, he led a small group of private investors that purchased Quicken Loans and its affiliated national title company, Title Source, Inc., from Intuit and continues to serve as the chairman of Quicken Loans, Inc. |
| 1985 | Gilbert, recognizing that the real potential was in originating mortgages and not in selling homes, founded Rock Financial in 1985 with his younger brother Gary Gilbert. |
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