What was Ted Lerner's net worth?
Ted Lerner was an American businessman who had a net worth of $6.5 billion. That made Ted Lerner one of the richest people in Maryland for most of his lifetime. Born in the Washington, D.C. area, Ted Lerner went on to serve in the American Army during World War II. After returning to the United States, he graduated from George Washington University, and then from George Washington University Law School.
He founded Lerner Enterprises in 1952. His wife loaned him $212 to start the real estate firm. The firm eventually grew into the largest private land owner in the D.C. area. The company owns 750 home lots, another 7000 apartments, and over 20 million square feet of space spread out over a wide range of commercial and retail properties.
Lerner Enterprises is continuing to add to their portfolio with multiple properties being developed in Tyson's Corner and Dulles Town Center.
Lerner was also the majority owner of the Washington Nationals, and part owner of the Mid-Atlantic Sports Network. Lerner purchased the Nationals in 2006 for $450 million. The team had technically previously been the Montreal Expos. Lerner and the Nationals won the World Series in 2019.
Lerner Enterprises
In 1952, with a $212 loan from his wife, Lerner started Lerner Enterprises, a real estate company that would soon become a significant player in the Washington metropolitan area's development.
Over the years, Lerner Enterprises accumulated an extensive portfolio of properties, encompassing shopping centers, office buildings, and residential developments. The company's most notable projects include the development of Tysons Corner, one of the largest shopping malls in the country, and the construction of Washington Square in the heart of downtown D.C. By the early 2000s, Lerner Enterprises had become the largest private landowner in the D.C. region.
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Ownership of the Washington Nationals
In a significant departure from real estate, Lerner expanded his business interests into the sports world in 2006 when he and his family purchased the Washington Nationals. Under the Lerner family's ownership, the team experienced a dramatic turnaround, culminating in a World Series championship in 2019. Lerner's commitment to the team and the community has made him a beloved figure in Washington sports.
Philanthropy and Community Involvement
Ted Lerner was a dedicated philanthropist, contributing to numerous charitable causes in the Washington, D.C. area. His donations supported education, healthcare, and cultural institutions, including George Washington University, the Children's National Hospital, and the Kennedy Center. In recognition of his philanthropic efforts, Lerner has received several awards, including the Jefferson Award for Public Service.
