Donald Bren Net Worth & Biography
|Popular Name:||Donald Bren|
|Real Name:||Donald Leroy Bren|
|Birth Date:||May 11, 1932|
|Birth Place:||Los Angeles, California, United States|
Mardelle Bren (divorced)
|Profession:||Businessman, Entrepreneur, Investor, Real Estate Developer|
|Net Worth:||$17 Billion|
Donald Bren, born and brought up in Los Angeles, California, is the owner and current Chairman of the Board of Irvine Company and has been involved in California real estate business as a master planner and builder for over 5 decades. He earned a degree in business administration and economics from the University of Washington. Following his education, Bren served as an officer in the United States Marine Corps for three years. In 1963, he joined the Mission Viejo Company as president, initiating the planning and building of the new community of Mission Viejo in California. Four years afterward, he sold his stakes in the Mission Viejo Company to broaden his activities in new planned communities within Southern California including Newhall Ranch and Westlake Village, and Foster City in San Francisco. In 1977, Bren joined the investment group that acquired Irvine Company from the Irvine Foundation. He was elected Chairman of the Board in 1983 and then became the principal shareholder. During the last four decades, under Bren’s vision and leadership, the Irvine Company has planned and built the all-new City of Irvine as well as the Newport Coast, creating one of the most desirable regions in the United States. The City of Irvine currently has a population of over 300,000, growing to an estimated 330,000 people over the next decade, with an equal number of employment positions. Bren maintains a long tradition of environmental stewardship and philanthropy, supporting causes ranging from education to environmental preservation.
Early Life: Childhood, Family, Education
This American businessman was born Donald Leroy Bren on May 11, 1932, in Los Angeles, California, United States. He is the son of Milton and Marion Bren.
Bren’s father, Milton was a naval officer, movie producer, and talent agent, and his mother, Marion was a civic leader. His mother was of Irish ancestry, while his father was of Jewish descent.
After his parents divorced in 1948, Bren’s father married Academy Award-winning actress Claire Trevor in 1948. His mother, on the other hand, remarried in 1953 to businessman Earle M. Jorgensen.
For his education, Bren attended the University of Washington from which he graduated with his bachelor’s degree in economics and business administration.
In 1956, Bren tried out for the Olympic ski team but failed qualify following an injury. After graduating from college, he spent the next three years of his life working in the US Marine Corps as an officer.
Professional Life: Business career
In 1958, Donald Bren took a $10,000 loan and built his first house in Newport Beach, California. He started his business career that same year and founded the Bren Company, a real estate business that built homes in Orange County, California.
In 1963, Bren and two other like-minds started the Mission Viejo Company (MVC) and bought 10,000 acres to plan and build the city of Mission Viejo, California. Bren served as the President of the Mission Viejo Company from 1963 to 1967.
In 1970, International Paper paid $34 million to acquire the Bren Company and later sold it back to Bren for the sum of $22 million in 1972 following the recession. Bren took the profits and, in 1977, joined an assembly of investors to acquire the 146-year-old Irvine Company. He was the largest shareholder of the consortium, owning 34.3 percent of the company, and took the position of Vice-chairman of the board. By 1983, he was the majority owner of the company and was elected board chairman. By 1996, he had bought out all remaining shares to become the lone owner of Irvine.
Achievements: Awards & Honors
Today, Bren stands as a recipient of the University of California Presidential Medal, and also the California Institute of Technology’s Highest Honor. He is an American Academy of Arts & Sciences Fellow, and also a receiver of the Marine Corps University Foundation’s General Leonard F. Chapman Jr. Medal.
Business Week recognized the businessman’s philanthropic giving to be in excess of $1.6 Billion. He has been acknowledged by the European London Times as one of the top 10 people in the world, especially for his vision and contributions to environmental causes.
Forbes magazine, in its 2019 edition of the 400 wealthiest Americans, ranked this real estate mogul as the richest real estate developer in the United States and 32nd “wealthiest American”.
It is believed that his Irvine Company owns more than 120 million ft.² of real estate – the majority of which is in Southern California. The company’s holdings include more than 40 shopping centers, 125 apartment complexes, 550 office buildings, marinas, golf courses, and several hotels. Bren currently owns a 97 percent stake in the Met Life building in Manhattan.
Donald Bren Net Worth: Salary, Income Sources, Assets
The American businessman who found his feet in the real estate industry of America, Donald Bren, is said to be $17 billion rich today. He is famous as one of the wealthiest and most talented real estate planners and developers in the United States. As the chairman of the Irvine Group, Bren has spent more than fifty years in the real estate business from where he makes his wealth as a master planner, master builder, and long-term investor.
He is also a known philanthropist who has been applauded for his respectable philanthropic activities through which he has donated well over $1 billion dollars to different charities and foundations in America. Mr. Bren has been involved in California real estate particularly, and currently owns 46.5 million feet of office property that make up about $10 billion of his net worth. He also owns 160 apartment complexes, as well as retail centers, marinas, golf courses, hotel resorts, marinas, shopping centers, and retail properties.