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Robert Kraft Net Worth 2022: Paper Wealth, New England Patriots!

Robert Kenneth Kraft was born on June 5, 1941, and is a millionaire American businessman.

He serves as chairman and chief executive officer (CEO) of the Kraft Group, a holding company with assets in paper and packaging, sports and entertainment, real estate development, and private equity.

Overview of Robert Kraft

Date of Birth: Jun 5, 1941 (81 years old)
Gender: Male
Profession: Businessperson, Entrepreneur
Nationality: United States of America

Early Years of Robert Kraft

Robert K. Kraft was born in Brookline, Massachusetts on June 5, 1941, to Sarah and Harry Kraft. He was raised in a working-class, Modern Orthodox Jewish home.

Robert Kraft Net Worth

In 1959, he graduated from Brookline High School, where he served as president of the senior class. Once again, Kraft attended Columbia University and served as class president.

He also participated on the school’s freshmen and lightweight football teams and was a member of the Zeta Beta Tau fraternity. Kraft graduated from Columbia University in 1963 and then enrolled at Harvard, where he earned his MBA in 1965.

At the age of 27 and not long after graduating from Harvard, Kraft was elected chairman of the Newton Democratic City Committee. He briefly pondered running for the 3rd congressional district seat in Massachusetts in 1970, but ultimately decided against it out of fear of the strain it would place on his family and the loss of privacy.

Paper Wealth

Jacob Hiatt, Kraft’s father-in-law, ran the Rand-Whitney Group, which was Kraft’s first professional position. In 1968, Kraft led a leveraged buyout to acquire control of the organization. He is the current chairman of the Rand-Whitney Group. In 1972, Kraft launched International Forest Products, a paper commodity dealer. The two paper and packaging corporations are the largest privately held businesses in the United States in their respective industries.

Additionally, Kraft was an investor in New England Television Corp., which assumed control of WNAC-TV in 1982. He was appointed to the board of directors in 1983.

The station was renamed WNEV-TV in 1986, and he was appointed president of the company. He exercised his option to sell his shares for $25 million in 1991. Additionally, Kraft acquired multiple Boston radio stations. In 1998, he established his Kraft Group paper business, which operates in 90 countries and generates over $2 billion in revenue.

New England Patriots

Robert Kraft has been a Patriots season ticket holder since 1971 when the team was still in the American Football League. In 1985, he purchased the property adjacent to the New England Patriots Stadium. This was the initial move in what appears to be Kraft’s ultimate plan to acquire the New England Patriots.

Step two occurred in 1988 when Kraft outbid other contenders to purchase the stadium, which was in bankruptcy court at the time for $25 million. As a stipulation of the sale, Kraft bought the Patriots’ lease on the stadium. This is an essential component of Kraft’s grand strategy to own the team in the future.

At the time, Boston was rife with rumors that the Patriots were going to St. Louis since it was common knowledge that then-owner James Orthwein desired the NFL to return to his hometown.

Since 1988, when the Cardinals moved to Arizona, St. Louis has been without an NFL club. He had even selected a new name for the team: the St. Louis Stallions. Robert Kraft would have to agree to let the team buy out the remaining years of their stadium’s contract in order for the team to depart Massachusetts.

In 1994, James Orthwein offered Robert Kraft $75 million to buy out the remaining lease at Foxboro Stadium. If Kraft had consented, the Patriots would have relocated to St. Louis. However, Robert Kraft recognized an opening and exploited it. At the time, his counteroffer of $175 million (equivalent to $300 million now) to purchase the Patriots set an NFL record.

This was a stunning price to pay for a team that, at the time, was one of the league’s least valuable franchises. Orthwein accepted the offer knowing that getting out of the lease would be an insurmountable obstacle. The New England Patriots are worth $4.1 billion after 16 years and six Super Bowl championships (in 10 Super Bowl appearances).

In 1996, Kraft launched the New England Revolution of Major League Soccer.

Personal Life of Robert Kraft

In February 1962, he met Myra Hiatt in a Boston deli. They tied the knot in June 1963. Four sons were born to the couple: Jonathan, Daniel, Joshua, and David. The Krafts were members of Newton, Massachusetts’s Temple Emanual. Myra Kraft died on July 20, 2011, due to ovarian cancer. She had 68 years of age.

In June 2012, Kraft began dating the actress Ricki Noel Lander, 39 years his junior. In the fall of 2017, Lander gave birth to a baby. Despite rumors that Kraft was the father, he disputed paternity when the child’s birth was confirmed in May 2018. Kraft and Lander broke up in 2018.

What is the Net Worth of Robert Kraft?

According to celebritynetworth.com, Robert Kraft is a businessman from Massachusetts with a net worth of $7 billion. Robert Kraft amassed a fortune as Chairman and Chief Executive Officer of The Kraft Group, a conglomerate with holdings in everything from paper to real estate. He is primarily recognized as the owner of the New England Patriots, the New England Revolution, and Gillette Stadium.

robert kraft net worth

It is a common myth that Robert Kraft amassed his money through Kraft Foods, a food manufacturing giant. This is not the case. Robert Kraft has no affiliation with Kraft Foods, which is recognized for its Grey Poupon, A1, Gevalia, Planters, Jell-O, Kraft Singles, Velveeta, Kool-Aid, Cadburys, Oscar Mayer, and Maxwell House goods.

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Controversies of Robert Kraft

The chief of police in Jupiter, Florida, charged Kraft with a misdemeanor for “soliciting another to engage in prostitution” on February 22, 2019. The charges were the result of an investigation into human trafficking at the Orchids of Asia Day Spa. Investigators suspected that the spa’s managers were trafficking women and forcing them to perform sex acts on customers.

Supposedly, Kraft was captured on tape engaging in sexual activities at the Orchids of Asia Day Spa. On March 19, 2019, Kraft was offered a plea bargain, but he declined since it required him to plead guilty. Kraft’s attorneys submitted legal filings on March 26 in which he pled not guilty to all allegations and demanded a jury trial.

A Florida judge found in August 2020 that Kraft’s constitutional rights were violated when police confiscated suspected videotapes of Kraft performing sex acts at the spa. The court prohibited the prosecution from introducing the alleged videos into evidence. Due to a lack of evidence, the charges against Kraft were dismissed on September 24, 2020.

Real Estate of Robert Kraft

Kraft and his wife, Myra, sold their 7,500-square-foot Cape Cod home to their son Jonathan for $3.8 million in 2010. The 2006-built residence has seven bedrooms and six bathrooms.