How did Jim Irsay make his money? Inside $4,000,000,000 empire of late Colts owner

Jim Irsay, a 28-year owner and CEO of the Indianapolis Colts, died at the age of 65 on Wednesday. Pete Ward, the team's chief operating officer, announced Irsay's death in a statement, saying he died in his sleep in the afternoon. The team praised his commitment, zeal and kindness toward the Colts and the general Indianapolis community.

Irsay had undergone multiple surgeries and had battled with a respiratory ailment in the past few years, among other health problems.

Here, we'll examine how Jim Irsay accumulated his fortune and net worth before his death.

A look at how Jim Irsay acquired his wealth

Unlike most NFL proprietors, Jim Irsay's wealth was predominantly inherited rather than acquired through personal endeavor. His father's heating and air conditioning companies were the source of his riches, and he used these and other resources to increase his net worth to $4 billion (per CelebrityNetWorth) before his death.

It should be mentioned that the Indianapolis Colts franchise was responsible for the majority of the wealth.

Irsay was just 12 years old when his father, Robert Irsay, paid $12 million to acquire the Los Angeles Rams in 1972. Robert then traded the Rams to Carroll Rosenbloom in exchange for the Baltimore Colts.

Jim held a number of positions within the Colts organization, including those of general manager and vice president from 1984, the year the team moved from Baltimore to Indianapolis, until 1996. He became the youngest general manager of an NFL team at the age of 24.

In 1997, Jim prevailed in a court battle against his stepmother, Nancy Irsay, to take ownership of the Colts after Robert Irsay died. He then became the youngest NFL team owner at 37.

Jim also reportedly inherited an approximately $150 million fortune that Robert Irsay had amassed as a prominent heating and air conditioning contractor at the time of his death.

In addition to real estate, Jim Irsay also invested millions of dollars in artifacts, especially historical items from pop culture, literature and music. His most well-known acquisitions include Kurt Cobain's guitar and Jack Kerouac's original manuscripts.

In addition, he bought items that had previously belonged to John Lennon, Muhammad Ali, George Washington, Bob Dylan and John F. Kennedy.

The Colts saw a level of prosperity under Jim Irsay as he oversaw the drafting of Hall of Fame quarterback Peyton Manning with the No. 1 pick in the 1998 NFL draft. Manning led the club to a Super Bowl win in February 2007. The club defeated the Chicago Bears 29-17 to win Super Bowl XLI that year.

Irsay leaves behind his daughters, Carlie Irsay-Gordon, Casey Foyt and Kalen Jackson, whom he had with his ex-wife, Meg Coyle. He also has 10 grandchildren.