Renowned for Reviving Properties, Zell Leaves Behind a Legacy of Entrepreneurship

Sam Zell, the influential Chicago real estate magnate known for his multibillion-dollar fortune and reputation as “the grave dancer,” has died at the age of 81 due to complications from a recent illness.

Zell was celebrated for his unorthodox approach to real estate, having started his career managing apartment buildings while still a college student. Over the decades, he built a fortune estimated at $3.8 billion, becoming a prominent figure in the industry.

In 2007, he sold Equity Office, the office-tower company he had developed over 30 years, to Blackstone Group for $39 billion. However, his acquisition of the struggling Tribune Co. for $13 billion shortly thereafter marked a turning point in his career, as the media giant filed for bankruptcy the following year.

“Sam Zell was a self-made, visionary entrepreneur,” said Equity Group Investments in a statement. “He launched and grew hundreds of companies during his 60-plus-year career and created countless jobs. 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 passed away at home, leaving behind his wife, Helen; his sisters, Julie and Leah; three children, Kellie, Matthew, and JoAnn; and nine grandchildren. His legacy as a pioneering investor and business leader will be remembered in the realms of real estate and beyond.