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Well-known billionaire businessman Sam Zell passed away on May 18, 2023, at the age of 81. His private investment firm also shared a statement, saying that he was suffering from some illness for a long time which eventually led to his demise. Several people, including the Governor of Illinois, J.B. Pritzker, and the principal and owner of Open Slate Communications, Michael Millar paid tribute to him.
Paying tribute to Zell on Facebook, Pritzker wrote that he is sending his deepest condolences to Sam Zell's friends and family. He added that Zell was a self-made entrepreneur who was the son of refugees and would be remembered for his philanthropy toward the city and state where he grew up.
Meanwhile, Michael Millar also expressed grief on Facebook and wrote that Zell was one of the richest and most famous men he ever met. Millar added that he began his career in PR in one of the companies that Zell owned and even got to sit in Zell's office for a couple of projects they worked on.
He said:
"Then later, while I was doing the Annual Forecast Event, I had the good fortune of securing Sam Zell and another real estate icon to be the keynotes."
Assistant to the Chief of Civic and Community Engagement at the City of Chicago City Treasurer's Office, Tracey R Waugh, also paid tribute to Zell. Waugh said that Zell would drop business and life wisdom. She added that Zell had a big smile, a strong handshake and always inquired about her path on the journey of life.
Sam Zell's net worth was reported to be around $5.3 billion
Sam Zell pursued a successful career as a businessman over the years and this helped him to earn a lot of wealth.
According to Reuters, Zell's net worth was estimated to be around $5.3 billion. He has earned a lot of his income through his work as a founder and chairman of the private investment firm, Equity Group Investments.
Sam started his career in real estate and was the manager of an apartment building. He finished graduation from the University of Michigan Law School and he became the manager of around 4,000 apartments along with his brother Robert H. Lurie.
Zell then established the predecessor of Equity Group investments in 1968. The Equity Office was then purchased by the Blackstone Group for $36 billion in 2006 and a majority of their properties were sold for different prices. Zell affiliates became the owner of different companies and purchased a controlling share in the Tribune Company in 2008.
Sam has donated to different causes in Israel alongside various organizations and policies. These include Herzliya Interdisciplinary Center, Israel Center for Social and Economic Progress, and the American Jewish Committee. He has also made donations to Bernard Zell Anshe Emet Day School, Restore Our Future, and Rochelle Zell Jewish High School.
Additional details about his cause of death or his funeral weren't provided at the time of writing this article.
