How rich is Fred Wilpon?
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Fred Wilpon (born November 22, 1936 Bensonhurst, Brooklyn) is a property developer, baseball executive as well as the majority owner of the New York Mets. Wilpon was alleged by Irivng Picard, a trustee representing victims of Bernard Madoff’s ponzi scheme of having understood or that he should have understood regarding the character of the scheme. Wilpon and several of his corporate things were also casualties in this scheme, as well as the parties later reached a legal settlement.
In 1972, he cofounded Sterling Equities, a commercial property development firm, along with his brother in law Saul Katz. They assembled a development of townhouses in in Tarrytown, a suburb in Westchester County that has been quite successful. Trying to minimize their tax duties, they bought real estate through the united states that had favorable tax treatment which turned out to be a blessing given that they were unknowingly purchasing property in the base of the marketplace. Wilpon had a right of first refusal in case of a deal and threatened to exercise it. In the ensuing resolution, Doubleday and Wilpon consented to buy the Mets for $81 million becoming equal partners in the team. In 2002, the Wilpon Family bought the remaining 50% of the Mets from Doubleday for $135 million. Wilpon now serves as Chairman of Sterling Equities.