People pass away every day…in the media we hear brief commentaries about certain sports figures or hollywood types who’ve died, but yesterday news broke that the legendary Sam Zell passed away at 81 years old. The Chicago Sun-Times has a good article on Sam Zell. He seemed to live life to the fullest and he added tremendous “color” to an industry that is pretty staid. Zell was not afraid to speak his mind…to go against the current thinking and to make very big bets on real estate and business. He didn’t always make a killing and in fact sometimes failed very publicly as in the case when he purchased the Chicago Tribune which eventually went into bankruptcy.
Over the years I would have CNBC on in the background from time to time and any time I heard that they were going to have an interview with Sam Zell, I made sure to tune in. It wasn’t necessarily because I was interested in commercial real estate – I was involved in residential real estate at the time – but he offered such a fresh perspective that often was not seen or hear on broadcast TV. He didn’t just talk about commercial real estate but had a much bigger perspective on lots of other aspects of the economy, trade, business and politics. He rarely disappointed in my mind.
Sam Zell was an American success story having grown up in Highland Park in Chicago. Here’s a nice synopsis of Sam Zell’s professional life.
Sam Zell (September 28, 1941 – May 18, 2023) – RIP.