American businessman Robert Gary Sarver was born on October 31, 1961. He is a co-founder of the real estate development firm Southwest Value Partners and a previous owner of the Phoenix Suns, Phoenix Mercury, and RCD Mallorca.
Sarver and Millard Seldin started the real estate company Southwest Value Partners together in the year 1990. In 1995, Southwest Value Partners bought the San Diego building called the Emerald Plaza.
In 2004, his real estate company, Southwest Value Partners sold the Emerald Plaza and two other office buildings in San Diego for $274.5 million to a Santa Ana real estate company, Triple Net Properties.
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Robert Sarver’s fortune is estimated to be in the hundreds of millions. Please read on to learn more about Robert Sarver’s life, career, and real estate holdings.
Robert Sarver Early life and education
Irene and Jack Sarver gave birth to Sarver in Tucson. Sarver is a Jew. His father was a well-known businessman, banker, and hotel developer in Tucson. He built the Aztec Inn and the Plaza International Hotel (now an Aloft Hotel) at Speedway and Campbell in the early 1970s.
He also built and ran Howard Johnson’s locations in the Tucson area and was the CEO of the American Savings & Loan Association. In 1979, Jack Sarver died of a heart attack. After that, his son Robert donated money to the University of Arizona’s heart research centre, which was renamed the Sarver Heart Center in 1998 to honor his father.
Bomani on Robert Sarver selling The
Suns and Mercury for $4 BILLION:“You’re not gonna put a lot of consequences on super rich people that they actually feel monetarily”
— Game Theory with Bomani Jones (@GameTheoryHBO) December 21, 2022
At 16, he went to work for American Savings and Loan, the business his father ran. Sarver went to high school in Tucson and graduated from Sabino High School in 1979. He then went to the University of Arizona and got a bachelor’s degree in business administration in 1982. Sarver got his certification as a public accountant in 1983.
What is Robert Sarver’s Net Worth?
Robert Sarver has an $800 million net worth. Robert Sarver became well-known all over the country when he bought the Phoenix Suns of the NBA. He had made a lot of money by starting several banks. He is also on the Board of Trustees of the Sarver Heart Center in Tucson, in addition to running the Suns.
Robert made a deal in December 2022 to sell the Suns to a group of investors led by mortgage mogul Mat Ishbia for $4 billion. It was said that Mat’s billionaire brother Justin Ishbia helped pay for the deal.
Robert Sarver owned 35% of the suns at the time of the sale. This meant that his share of the sale, before taxes, was worth $1.4 billion. It’s very likely that Justin and Mat paid $1.4 billion for Sarver’s share on their own. In other words, they didn’t pay $4 billion for the whole team.
Robert Sarver Personal Life
In 1996, Robert Sarver married Penny Sanders, who was born and raised in Kansas City, Missouri. The couple lives together with their three sons in Paradise Valley, Arizona.
Sports Ownership
Robert has always liked basketball. In 2004, he bought the Phoenix Suns with a group of investors for $400 million. At his most powerful, he owned 35% of the team. He also owns the Phoenix Mercury, a team in the WNBA.
In 2016, Robert Sarver paid more than $20 million for the Spanish second-division football team RCD Mallorca. His time as a team owner of the Suns has been met with harsh criticism for the way he “penny-pinched” with the team and tried to run things himself, which led to instability and division within the organization.
2022 Suspension and Fine
After an investigation, the NBA suspended Robert Sarver for a year and fined him $10 million in September 2022 because he had used the “N-word” at least five times. In fairness, the report found that Sarver used the word when he was “recounting what other people had said” and not because he was racist.
With Robert Sarver gone, Jeanie Buss now has the lowest net worth of all 30 NBA owners
— Ralph Mason (@Ralph_MasonJr) December 20, 2022
In the report written by Baxter Holmes, which was based on interviews with more than 70 current and former Phoenix Suns employees, Sarver and other people in the front office were also accused of being racist and sexist. He was glad that an investigation would clear things up.
Robert Sarver announced on September 21, 2022, that he was going to sell the Phoenix Suns and Phoenix Mercury basketball teams. This was because star players like LeBron James, Chris Paul and Draymond Green said his punishment was too light, and PayPal said they wouldn’t renew their sponsorship with the team if Sarver stayed in charge.
Team Sale
There were rumors for months that many different people were interested in buying the Suns. At one point, it was said that Shaq and Jeff Bezos were the most likely candidates.
Then, another report said that Bob Iger, the CEO of Disney, was getting close to a deal. Robert made a deal in December 2022 to sell the Suns for $4 billion to a group of investors led by Mat Ishbia.
Real Estate Fortune
Robert Sarver and Millard Seldin started Southwest Value Partners together in 1990. In 1995, the company bought the San Diego Emerald Plaza. In 2004, Southwest Value Partners sold the Emerald Plaza and two office buildings in San Diego for $274.5 million to the real estate company Triple Net Properties.
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