Alfred Taubman

$3.10 B

Ranked #577 in World

About Alfred Taubman

Adolph Alfred "Al" Taubman (1924-2015), born to Jewish immigrants in Pontiac, Michigan, rose from humble beginnings to become a pioneering figure in American retail, creating the model for the modern indoor shopping mall with Taubman Centers, Inc. Despite not completing his architectural studies, Taubman's innovative designs and business acumen led to a net worth of $3.1 billion, making him a fixture on Forbes 400 Richest Americans list. His acquisition and revitalization of Sotheby's highlighted his entrepreneurial spirit, although his career faced a setback with a 2002 antitrust conviction related to price-fixing. Taubman's philanthropic efforts notably supported education and disease research, enhancing his legacy beyond his business achievements. He passed away at 91 in Bloomfield Hills, Michigan.

Born

January 31, 1924 in Pontiac, Michigan, U.S.

Died

April 17, 2015 (aged 91)

Source Of Wealth

Real Estate

Industries

Real Estate

Citizenship

United States

Education

Drop Out, University of Michigan

Spouse

Reva Kolodney (19481977; divorced), Judith (Mazor), Rounick (19822015; his death)

Children

5, including Robert S. Taubman

Adolph Alfred "Al" Taubman was born on January 31, 1924, in Pontiac, Michigan, to Jewish immigrants. His parents lost everything during the Great Depression, leading Taubman to find work at the age of nine. He graduated from Pontiac Central High School and attended the University of Michigan before enlisting in the U.S. Air Force during World War II. Taubman studied architecture at the University of Michigan and Lawrence Technological University but did not graduate from either.

Alfred Taubman: Family

Taubman was married twice. His first marriage was to Reva Kolodney from 1948 to 1977, with whom he had three children. His second marriage was to Judith Mazor Rounick in 1982, and he had two stepchildren from this marriage.

Alfred Taubman: Career Highlights

Taubman incorporated Taubman Centers, Inc. in 1973, which relocated to Bloomfield Hills, Michigan, in 1986. He designed and popularized the modern indoor shopping mall, with developments like the Mall at Short Hills in New Jersey. Taubman's estimated net worth was $3.1 billion, and he was listed on the Forbes 400 Richest Americans for two decades. He survived a hostile takeover bid by Simon Property Group and Westfield America in 2003.

In addition to his work in the shopping mall industry, Taubman acquired Sotheby's in 1983, reviving its fortunes and taking it public in 1988. However, the family divested their controlling interest in Sotheby's by September 2005. Taubman also bought A&W Restaurants in 1982 and sold it in 1994. He was the majority owner of the Michigan Panthers and Oakland Invaders in the United States Football League and invested in the Athena Group. Taubman acted as a consultant for commercial real estate projects in Russia and Azerbaijan.

Alfred Taubman: Companies

Taubman was involved with the following companies throughout his career:

Taubman Centers, Inc.
Sotheby's
A&W Restaurants
Michigan Panthers
Oakland Invaders
Athena Group

Alfred Taubman: Major Achievements

Taubman's major achievements include:

Designing and popularizing the modern indoor shopping mall.

Reviving the fortunes of Sotheby's and taking it public.
Surviving a hostile takeover bid by Simon Property Group and Westfield America.

Alfred Taubman: Awards & Achievements

Taubman received numerous awards and achievements throughout his career, including:

Honorary Doctor of Laws degree from Lawrence Technological University.
Honorary Doctor of Humane Letters degree from the University of Michigan.
Inducted into the Michigan Business Hall of Fame.
Named "Retailer of the Year" by the National Retail Federation.

Alfred Taubman: Personal Life & Legacy

Taubman passed away on April 17, 2015, at the age of 91 in Bloomfield Hills, Michigan. He was known for his philanthropy, donating large sums to the University of Michigan, where several buildings are named after him. Taubman also supported disease research, including gifts for Lou Gehrig's disease and deafness research. He contributed to the Taubman Center for Public Policy at Brown University and the Taubman Center for State and Local Government at Harvard University. Taubman supported the A. Alfred Taubman Student Services Center at Lawrence Technological University and the A. Alfred Taubman Center for Design Education at the College for Creative Studies. He served as chairman of the National Realty Committee (NRC) and held positions in the Urban Land Institute.

Alfred Taubman: Trivia

Taubman was known for his love of art and collecting. He owned a significant collection of Impressionist, Post-Impressionist, and modern art, which he displayed in his homes and offices. Taubman also enjoyed playing tennis and golf and was an avid sports fan.

Wealth History

Timeline

January 31, 1924

Adolph Alfred "Al" Taubman is born in Pontiac, Michigan, to Jewish immigrants.

1930s

Taubman's parents lose everything during the Depression, leading him to find work at age nine.

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Graduates from Pontiac Central High School and attends the University of Michigan before enlisting in the U.S. Air Force during World War II.

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Studies architecture at the University of Michigan and Lawrence Technological University but does not graduate from either.

1973

Incorporates Taubman Centers, Inc., which relocates to Bloomfield Hills, Michigan, in 1986.

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Designs and popularizes the modern indoor shopping mall, with developments like the Mall at Short Hills in New Jersey.

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Estimated net worth of $3.1 billion, listed on Forbes 400 Richest Americans for two decades.

2003

Survives a hostile takeover bid by Simon Property Group and Westfield America.

1983

Acquires Sotheby's, reviving its fortunes and taking it public in 1988.

September 2005

Family divested controlling interest in Sotheby's.

1982

Bought A&W Restaurants and sold it in 1994.

N/A

Majority owner of the Michigan Panthers and Oakland Invaders in the United States Football League.

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Invested in Athena Group and acted as a consultant for commercial real estate projects in Russia and Azerbaijan.

2002

Convicted of price-fixing in a jury trial, involving Sotheby's and Christie's auction houses.

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Fined $7.5 million and imprisoned for ten months, released in 2003.

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Maintained his innocence despite the conviction.

1948-1977

Married twice, first to Reva Kolodney, with three children.

1982

Second marriage to Judith Mazor Rounick, had two stepchildren.

April 17, 2015

Passed away at the age of 91 in Bloomfield Hills, Michigan.

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Donated large sums to the University of Michigan, with several buildings named after him.

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Supported disease research, including gifts for Lou Gehrig's disease and deafness research.

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Contributed to the Taubman Center for Public Policy at Brown University and the Taubman Center for State and Local Government at Harvard University.

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Supported the A. Alfred Taubman Student Services Center at Lawrence Technological University and the A. Alfred Taubman Center for Design Education at the College for Creative Studies.

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Served as chairman of the National Realty Committee (NRC) and held positions in the Urban Land Institute.

Alfred Taubman : FAQs

What is Alfred Taubman's net worth?

As of 2015, Alfred Taubman's net worth was $3.10 billion.

What are Alfred Taubman's main sources of wealth?

Alfred Taubman's main source of income comes from Real Estate.

In which industry does Alfred Taubman primarily operate?

Alfred Taubman is primarily involved in the Real Estate industry.

What is Alfred Taubman educational background?

Alfred Taubman is a dropout from the University of Michigan.

Is Alfred Taubman dead?

Yes, Alfred Taubman died on April 17, 2015 (aged 91).

How many children does Alfred Taubman have?

Alfred Taubman has 3 children.

Who was Adolph Alfred 'Al' Taubman and why is he significant?

Adolph Alfred 'Al' Taubman was a pioneering American businessman, born on January 31, 1924, in Pontiac, Michigan. He was significant for developing the modern indoor shopping mall, founding Taubman Centers, Inc., and revitalizing the auction house Sotheby's. His innovations in retail and real estate left a lasting impact on American consumer culture.

What challenges did Al Taubman face in his early life, and how did they shape his career?

In his early life, Taubman faced financial hardship as his parents lost everything during the Depression. This led him to start working at age nine. These challenges imbued him with a strong work ethic and resilience, qualities that later fueled his success in the business world, particularly in creating groundbreaking shopping malls and transforming Sotheby's.

What were some of Al Taubman's major contributions to the retail and real estate industries?

Al Taubman's major contributions to the retail and real estate industries include the invention of the modern indoor shopping mall, with notable developments like the Mall at Short Hills. He also played a critical role in revitalizing Sotheby's auction house, making it a public company and significantly enhancing its market position. Furthermore, Taubman's investment and consulting in various real estate projects globally marked significant advancements in the field.

How did Al Taubman's antitrust conviction affect his career and legacy?

In 2002, Al Taubman was convicted of price-fixing in a jury trial involving Sotheby's and Christie's auction houses. Despite being fined $7.5 million and serving ten months in prison, Taubman maintained his innocence. This event marked a controversial chapter in his career but did not overshadow his significant contributions to real estate, retail, and philanthropy. His legacy remains complex, blending immense business achievements with the challenges of the legal issues he faced.

Can you detail the philanthropic efforts made by Al Taubman throughout his life?

Throughout his life, Al Taubman engaged in significant philanthropic efforts, notably contributing large sums to the University of Michigan, including donations for buildings bearing his name. He supported research into diseases like Lou Gehrig's and contributed to public policy and design education through the establishment of centers at prestigious universities, including Brown and Harvard. His philanthropy extended to supporting the urban development and real estate sectors, illustrating his commitment to giving back in areas related to his professional expertise.