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Sam Zell, Jewish billionaire whose media purchase tarnished a legendary career, dies at 81

(JTA) — Sam Zell, a Chicago real estate magnate and son of Holocaust survivors who led a tumultuous leveraged buyout that bankrupted the Tribune media company in the early 2000s, died Thursday. He was 81. 

Before buying the Tribune Co. in 2007,  the billionaire was known for his gift for reviving moribund companies. He developed an office-tower company that he sold to the Blackstone Group for $39 billion in 2007. His firm also invested in manufacturing, travel, retail, healthcare and energy. He pioneered the use of REITs, real estate securities that trade like stocks on the major exchanges.

But Zell appeared to lose his magic touch in 2007 after buying the Tribune company and its assets, which included televisions stations, the Chicago Cubs baseball team and major newspapers, including the Chicago Tribune and the Los Angeles Times. The company foundered in what Zell himself called the “deal from hell,” and filed for bankruptcy in December 2008, one year after Zell took the company private in a heavily leveraged $8.2 billion deal. The deal took place at a time of declining fortunes in the media industry, Zell’s personal leadership and decision to saddle the company with debt were widely blamed for the failure.

“The ‘grave dancer’ of real estate development was now the ‘grave digger’ of the newspaper world,” a Forbes columnist wrote at the time.

Zell was a major donor to Jewish causes, including the Herzliya Interdisciplinary Center in Israel, the Israel Center for Social and Economic Progress, the American Jewish Committee and the Bernard Zell Anshe Emet Day School, named for his father, in Chicago. (Its alumni include former Chicago Mayor Rahm Emanuel and actor Ike Barinholtz; a Jewish high school in Chicago is named for Zell’s mother Sophie.)

According to a 2007 profile in the Forward, Zell would regale campers as a Jewish summer camp counselor with tales of his parents’ escape from the Holocaust. According to his 2017 autobiography, “Am I Being Too Subtle? Straight Talk From a Business Rebel,” Zell’s parents, then known as Ruchla and Berek Zielonka, escaped from Poland at the onset of the Nazi invasion and embarked with their 2-year-old daughter on a circuitous, 21-month journey that took them through Lithuania, Russia and Japan before they made it to the United States. They travelled on transit visas supplied by Chiune Sugihara, a Japanese diplomat in Vilnius who saved thousands of Jews.

Zell was born on Sept. 28, 1941, in Chicago. He graduated in 1963 from the University of Michigan, where he was also a member of the  Jewish Alpha Epsilon Pi fraternity. He managed student housing apartments as an undergraduate and founded his chief investment vehicle, Equity Group Investments, in 1968.

“Sam Zell was a self-made, visionary entrepreneur. He launched and grew hundreds of companies during his 60-plus-year career and created countless jobs,” Equity Group Investments said in a written statement on Thursday. “Although his investments spanned industries across the globe, he was most widely recognized for his critical role in creating the modern real estate investment trust, which today is a more than $4 trillion industry.”

Zell was married three times. His survivors include his wife, Helen, three children and nine grandchildren.

Zell credited his own drive to the lessons he learned from his parents. In his memoir, he remembers seeing footage of the concentration camp atrocities that his parents escaped.

“Those unforgettable images were my introduction to the Holocaust,” Zell wrote. “Looking back, I can see that they accelerated my maturity and gave me a sober awareness of the world. That film also went a long way toward helping me understand my parents’ orientation toward life — why they pushed so hard and were so determined for their children to succeed. Economic success had been critical in securing their freedom. They had escaped Poland in part because they had the means to do so — my father’s prescience in storing away money.”


The post Sam Zell, Jewish billionaire whose media purchase tarnished a legendary career, dies at 81 appeared first on Jewish Telegraphic Agency.

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Obituaries

Dr. NATHAN WISEMAN

Wiseman, Nathan Elliot
1944 – 2023
Nathan, our beloved husband, Dad, and Zaida, died unexpectedly on December 13, 2023. Nathan was born on December 16, 1944, in Winnipeg, MB, the eldest of Sam and Cissie Wiseman’s three children.
He is survived by his loving wife Eva; children Sam (Natalie) and Marni (Shane); grandchildren Jacob, Jonah, Molly, Isabel, Nicole, and Poppy; brother David (Sherrill); sister Barbara (Ron); sister-in-law Agi (Sam) and many cousins, nieces, and nephews.
Nathan grew up in the north end of Winnipeg surrounded by his loving family. He received his MD from the University of Manitoba in 1968, subsequently completed his General Surgery residency at the University of Manitoba and went on to complete a fellowship in Paediatric Surgery at Boston Children’s Hospital of Harvard University. His surgeon teachers and mentors were world renowned experts in the specialty, and even included a Nobel prize winner.
His practice of Paediatric Surgery at Children’s Hospital of Winnipeg spanned almost half a century. He loved his profession and helping patients, even decades later often recounting details about the many kiddies on whom he had operated. Patients and their family members would commonly approach him on the street and say, “Remember me Dr. Wiseman?”. And he did! His true joy was caring for his patients with compassion, patience, unwavering commitment, and excellence. He was a gifted surgeon and leaves a profound legacy. He had no intention of ever fully retiring and operated until his very last day. He felt privileged to have the opportunity to mentor, support and work with colleagues, trainees, nurses, and others health care workers that enriched his day-to-day life and brought him much happiness and fulfillment. He was recognized with many awards and honors throughout his career including serving as Chief of Surgery of Children’s Hospital of Winnipeg, President of the Canadian Association of Pediatric Surgeons, and as a Governor of the American College of Surgeons. Most importantly of all he helped and saved the lives of thousands and thousands of Manitoba children. His impact on the generations of children he cared for, and their families, is truly immeasurable.
Nathan’s passion for golf was ignited during his childhood summers spent at the Winnipeg Beach Golf Course. Southwood Golf and Country Club has been his second home since 1980. His game was excellent and even in his last year he shot under his age twice! He played an honest “play as it lies” game. His golf buddies were true friends and provided him much happiness both on and off the course for over forty years. However, his passion for golf extended well beyond the eighteenth hole. He immersed himself in all aspects of the golf including collecting golf books, antiques, and memorabilia. He was a true scholar of the game, reading golf literature, writing golf poetry, and even rebuilding and repairing antique golf clubs. Unquestionably, his knowledge and passion for the game was limitless.
Nathan approached his many woodworking and workshop projects with zeal and creativity, and he always had many on the go. During the winter he was an avid curler, and in recent years he also enjoyed the study of Yiddish. Nathan never wasted any time and lived his life to the fullest.
Above all, Nathan was a loving husband, father, grandfather, son, father-in-law, son-in-law, uncle, brother, brother-in-law, cousin, and granduncle. He loved his family and lived for them, and this love was reciprocated. He met his wife Eva when he was a 20-year-old medical student, and she was 18 years old. They were happily married for 56 years. They loved each other deeply and limitlessly and were proud of each other’s accomplishments. He loved the life and the family they created together. Nathan was truly the family patriarch, an inspiration and a mentor to his children, grandchildren, nephews, nieces, and many others. He shared his passion for surgery and collecting with his son and was very proud to join his daughter’s medical practice (he loved Thursdays). His six grandchildren were his pride and joy and the centre of his world.
Throughout his life Nathan lived up to the credo “May his memory be a blessing.” His life was a blessing for the countless newborns, infants, toddlers, children, and teenagers who he cared for, for his colleagues, for his friends and especially for his family. We love him so much and there are no words to describe how much he will be missed.
A graveside funeral was held at the Shaarey Zedek cemetery on December 15, 2023. Pallbearers were his loving grandchildren. The family would like to extend their gratitude to Rabbi Yosef Benarroch of Adas Yeshurun Herzlia Congregation.
In lieu of flowers, donations can be made to the Children’s Hospital Foundation of Manitoba, in the name of Dr. Nathan Wiseman.

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Ben Carr

Click here to watch Ben Carr’s remarks: https://www.youtube.com/watch?v=crfREGNRKfg

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Click here to watch a video of Marty Morantz’s remarks: https://studio.youtube.com/video/zHzC-iaqivg/ed

Gustavo Zentner

Click here to watch a video of Gustavo Zentner’s remarks: https://www.youtube.com/watch?v=L3M_cCYuLgs

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