Robert Kraft Net Worth: How Much Wealthy Is He In 2022?

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Robert Kraft Early Life

On June 5, 1941, Robert K. Kraft entered the world as the son of Sarah and Harry Kraft in Brookline, Massachusetts. He was raised in a middle-class family of Modern Orthodox Jews.

He graduated from Brookline High School in 1959, when he served as senior class president. During his time at Columbia, Kraft was elected president of the student body once again.

Besides being a freshman and lightweight football player, he also joined the Zeta Beta Tau fraternity. After receiving his undergraduate degree in 1963 from Columbia, Kraft went on to earn his master’s in business administration (MBA) from Harvard in 1965.

Kraft was chosen chairman of the Newton Democratic City Committee when he was 27 years old, not long after he graduated from Harvard. In 1970, he briefly pondered running for the seat representing Massachusetts’s 3rd congressional district, but finally opted against it out of concern for the stress it would impose on his family and the loss of privacy it would bring.

Robert kraft Career

When he initially entered the workforce, Kraft worked for his future father-in-law, Jacob Hiatt, at the Rand-Whitney Group, a packaging company. Kraft led a leveraged buyout to gain control of the company in 1968.

Today, he still serves as chairman of the Rand-Whitney Group. In 1972, Kraft established International Forest Products as a paper commodity dealer. These two paper and packaging firms represent the largest privately held corporations in the United States within their respective markets.

In 1982, New England Television Corp. acquired WNAC-TV, and Kraft was an investor in the company. He joined the board of directors in 1983. In 1986, he was promoted to president of the company, and the station was rebranded as WNEV-TV.

His share option was exercised in 1991, and he received $25 million. Additionally, Kraft purchased a number of Boston-area radio stations. In 1998, he established the Kraft Group, a paper company that now spans 90 countries and generates over $2 billion annually in revenue.

New England Patriots

Since 1971, when the Patriots were still in the American Football League, Robert Kraft has been a season ticket holder and a devoted supporter. He purchased the land next to the New England Patriots stadium in 1985.

It appears that this was the first move in Kraft’s long-term plan to acquire full ownership of the New England Patriots. Second, in 1988, Kraft outbid other rivals to purchase the stadium for $25 million while it was in bankruptcy court.

Kraft bought the stadium and the lease to the Patriots along with it. This is a major consideration, as it is a part of Kraft’s overall strategy to acquire the franchise.

Bostonians were under the impression that the Patriots were relocating to St. Louis since it was common knowledge that then-owner James Orthwein desired the NFL’s return to his city.

Since the Cardinals left for Arizona in 1988, St. Louis has not had an NFL team. He had even decided on a new name for the club: the St. Louis Stallions.

The only catch was that the club couldn’t leave Massachusetts unless Robert Kraft agreed to sell them out of the remaining years of their stadium lease.

In 1994, James Orthwein offered Robert Kraft $75 million to buy out the remaining years of the team’s lease at Foxboro Stadium. The Patriots may have relocated to St. Louis if Kraft had given his OK.

The chance presented itself, and Robert Kraft took advantage of it. He counterbid for the Patriots at $175 million (about $300 million in today’s money), which was an NFL record at the time.

The price was shocking given that the squad was one of the league’s least valuable at the time. Orthwein accepted the offer despite the fact that he knew breaking the lease would be next to impossible.

The New England Patriots are now valued $4.1 billion after 16 years and six Super Bowl victories (in 10 total Super Bowl appearances). Kraft started the New England Revolution soccer team in 1996.

Robert Kraft Personal Life

Robert Kraft Personal Life

His first encounter with his future wife, Myra Hiatt, occurred in a Boston deli in February of 1962. In June of 1963, they tied the knot. Jonathan, Daniel, Joshua, and David were the couple’s four sons.

In Newton, Massachusetts, the Krafts attended Temple Emanual. On July 20, 2011, Myra Kraft passed away from ovarian cancer. 68 years of age was her official age.

Kraft began dating the 39-years-younger actress Ricki Noel Lander in June 2012. In late 2017, Lander became a mother. While many assumed Kraft to be the father, he publicly denied any involvement once the birth was announced in May 2018. In 2018, Kraft and Lander’s relationship ended.

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Robert Kraft Controversies

In a misdemeanor accusation filed on February 22, 2019, the chief of police in Jupiter, Florida accused Kraft of soliciting someone to commit prostitution. The investigation that led to the charges was a human trafficking sweep of the Orchids of Asia Day Spa.

Authorities believed spa owners were sex traffickers who coerced employees into sexual services for paying customers. At the Orchids of Asia Day Spa, Kraft was allegedly caught on tape engaging in sexual behavior.

A plea bargain was presented to Kraft on March 19, 2019, but he declined it because doing so would have been an admission of guilt. On March 26, Kraft’s legal team submitted paperwork in which he pled not guilty to all counts and asked for a trial by jury.

A Florida judge determined in August 2020 that the seizure of the purported spa sex films was a violation of Kraft’s constitutional rights.

The judge has forbidden the prosecution from utilizing the videos as evidence. Kraft’s case was dismissed for lack of evidence on September 24th, 2020.

Robert Kraft Net Worth

Net Worth: $7 Billion
Date of Birth: Jun 5, 1941 (81 years old)
Gender: Male
Profession: Businessperson, Entrepreneur
Nationality: United States of America

Robert Kraft net worth is $7 Billion. Robert Kraft is the richest man in the world since he is the Chairman and CEO of The Kraft Group.

For the most part, he is recognized as the owner of the New England Patriots, the New England Revolution, and Gillette Stadium.

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