What Is David Lee's Net Worth?
David Lee is a Chinese-American businessman and Ferrari collector who has a net worth of $150 million. Also known as "Ferrari Collector David Lee," he is the CEO and Chairman of the Hing Wa Lee Group, which was formerly run by his father. He also owns the shopping center that is home to his businesses. The Hing Wa Lee Group consists of Hing Wa Lee Jewelers, David Lee Jewelers, Collectible Exotic Motors, HWL Development & Real Estate Holdings Co., HWL Entrepreneur Investment Co., Phoenix Magazine, and Ootoro Sushi. David opened Ootoro Sushi next to Hing Wa Lee Jewelers in Walnut, and a 2014 "Huffpost" article called it "one of the best sushi restaurants in California." David Lee is known for his Ferrari collection, which is said to be worth approximately $50 million and notably includes dozens of extremely valuable Ferraris. David's Instagram account, which has more than 1.1 million followers, describes him as a "Ferrari Ambassador." Lee has appeared in numerous episodes of the CNBC series "Jay Leno's Garage."
Early Life
David Lee was born David SK Lee on October 21, 1969, in Hong Kong, China. David is the eldest son of Hing Wa Lee and Chui Ling Fung, and when he was 9 years old, his family moved to Whittier, California. He earned a Bachelor of Arts degree in Entrepreneur Studies from the University of Southern California's Marshall School of Business in 1992, then he joined his family's wholesale business, which sold jewelry and imported gemstone carvings.
Career
After getting involved with Hing Wa Lee Jewelers, which is one of "North America's most prominent luxury retailers," Lee convinced his father to start catering to Southern California's Chinese population. They opened a luxury retail jewelry store in 1993 in San Gabriel, and two years later, Hing Wa Lee Jewelers became "the first and exclusive Rolex Authorized Jewelers in the Chinese community in the U.S." Hing Wa Lee Jewelers opened a Rowland Heights location in 1997, and in 2003, Hing Wa Lee Plaza was built in Walnut. Hing Wa Lee Plaza featured the Hing Wa Lee Jewelers 11,000 square foot anchor store, which offered the country's largest selection of jewelry, watches, and accessories. Hing Wa Lee died of cancer in 2011, and in 2013, David opened a "15,000 square foot state of the art in consumer luxury experience flagship store" in San Gabriel.
On Lee's official website, he states, "When I first took over my family business, I did everything. I was the sales manager, purchasing, marketing, and accounting staff. I was the first person to open and last person to close. I worked 7 days a week for the first 3 years. This is the work ethic to have. One must make sacrifices in order to achieve your goals." In the early 2000s, Governor Gray Davis appointed Lee the Commissioner of California's Small Business Reform Task Force, which was established to "identify problems and ideas from the small business community concerning the regulation, communication and assistance of state government with small business" as part of the Small Business Regulatory Reform Act of 2000.
David Lee in the passenger seat of an F50 (Credit: darylchapmanphotography)
Ferrari Collection
David became somewhat internet-famous thanks to his otherworldly collection of Ferraris. His collection includes more than 30 Ferraris, several of which are worth $1-3 million on their own. The total value of his collection has been estimated in the $50 million range. He owns every single model that Ferarri considered a "super car" produced between 1985 and the present. He owns two Ferrari F50s and two F40s. An unthinkable accomplishment in the Ferrari collection world. Here are some notable examples and their respective prices/values:
David Lee's Ferrari Collection:
- SF90 – $1 million
- F8 Spider – $350 thousand
- Enzo – $3.4 million
- 2 F50s – $3.5 million a piece (there were only 349 F50s ever produced. It's not known if any other collector in the world owns TWO!)
- 2 F40s – $2 million a piece
- 288 GTO – $3.3 million
- F2002 Michael Schumacher F1 Champion Car – $3 million
- Roma – $250 thousand
- 480 Pista Spider – $650 thousand
- 812 GTS – $400 thousand
- F12 DSKL TDF – $1.3 million (1/1 produced in his honor and named in his reference)
- 250 Lusso Competizione – $5 million
- 275 GTB 4 Cam – $4 million
- 380 GTS – $3.3 million
- 365 Daytona Spyder – $3.8 million
- 346 Dino – $500 thousand
He also owns a Pagani Huayra that's worth $3.3 million.
In this video David breaks down every car he's ever owned:
Personal Life
Lee hosts "Cars & Chronos," which is described as "an interactive gathering where the worlds of exclusive automobiles and exquisite timepieces merge." David has served on the boards of the USC Marshall School of Business, USC's Lyoid Grief Center for Entrepreneur Studies, Student Philanthropists Advancing Real Change, Asian Professional Exchange, Los Angeles County Sheriff Advisory board, and Los Angeles Chinese Chamber of Commerce. He is the Chairman of the David SK and Katherine Lee endowment program, which is dedicated to leadership development at Flintridge Preparatory School, and he is a mentor at the USC Marshall School of Business' Career Advantage Program. Lee is a member of the Widney Society of USC (a group for million-dollar donors), and he founded the CEO Club, an invitation-only club for Chinese CEOs. According to a 2014 "Huffpost" article, David also collects rare guitars and Ducati Italian motorcycles, and he has a wine cellar that holds 3,000 bottles. Lee's wife, Katherine, runs Brilliant Realty, David's residential and commercial real estate agency.
