Richard Kurtz Net Worth 2024: New Jerseys Real Estate Mogul

Publish date: 2024-07-09

How much would you spend on a home? What does it mean to own multi-million dollar properties, and how does this affect Richard Kurtz net worth?

Real estate is still considered one of the top business investments today. Real estate investors like Grant Cardone have built a big portion of their net worth with real estate, just like Richard Kurtz.

Richard J. Kurtz is the founder of the Kamson Corporation in Englewood Cliffs, New Jersey, a successful real estate company that has a $12M annual revenue.

The New York Post mentions Richard Kurtz net worth from real estate at $1.4 billion and at least another $370 thousand from his shares with Southwestern Energy, a natural gas exploration and production company.

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Richard Kurts Net Worth: Business and Investments

Kamson Corporation Real Estate & Development

Kamson Corporation was founded in 1977 by Kurtz. According to its profile on Dun & Bradstreet, it has an annual revenue of at least $12 million. In 1994 under Kurtz’s direction, Kamson’s properties reached over 10,000 residential and commercial real estate units in the tri-state area.

In the early 1990s, Kamson started buying off vacant office buildings that were stuck in the market with low interests and still tagged with a 1980’s price. One of them was Forest Hill Terrace, a 480-unit garden apartment complex. Kurtz bought it for $8.1 million in 1992. The property was foreclosed when the original owner failed to pay its $18 million in mortgages.

Another successful purchase was Society Hill Apartments in South Jersey for $13.3 million at a Federal Home Loan Mortgage Corporation auction. It came to a point when banks and government agencies relied on Kamson to take over foreclosed properties, most of which were huge spaces that needed significant repairs. Kurtz accepted and quickly made a lot of money.

Kurtz Stone Mansion – One Frick Drive, Alpine NJ

If you have Richard Kurtz’s net worth of $1.4 billion, how would you spend it? It’s not strange for the billionaire to see the potential profit in developing the 30,000 square-foot estates in Alpine known as the Stone Mansion, which he built and listed in the market for $68 million in 2010.

The 6-acre property included:

12 bedroom suites
Two art galleries
Martini parlor
Wine cellar
Saltwater pool
A pool house with a kitchen
Indoor basketball court
Tennis court
Heated driveway
Motor court for 11 cars

Forbes once named the Stone Mansion the most expensive property in the market and posted an update seven years after it went on the market – a week before it was relisted for a much lesser price. From the original price of $68 million, it dropped to $45 million in 2017. And by 2020, the Stone Mansion’s price drops to $33 million after a decade of sales attempts.

It may seem a bit disheartening to watch the value of the 33,000 square foot property drop by the millions. Include the annual cost to maintain such a luxurious property, from the enormous grounds to what’s inside the mansion itself. And take note, since Kurtz bought the property and built the Stone mansion, no one ever lived in the palace-like home.

The truth is, this kind of happening with multi-million dollar property price drops on the market is not unusual. One example was the Playboy Mansion in Los Angeles, initially priced at $200 million and sold at almost half the price. President and CEO of Miller Samuel Appraisers, Jonathan Miller, told NBC that the last asking price is never based on the market listing.

Southwestern Energy And LaPolla Industries

Richard Kurtz’s net worth includes other ventures, like his investment with Southwestern Energy, a company that produces and explores natural oil and gas fuel sources.

Kurtz took interest in 2017. He steadily accumulated shares over time and currently holds 77,171 units of Southwestern stock. Kurtz never attempted to sell any of his shares.

Kurtz also became the major shareholder and Chairman of the Board for LaPolla Industries as an aftereffect of his efforts to cut energy costs from his over 14,000 rental units.

Instead of spending on different installations and services, Kurtz bought shares from Lapolla Industries Inc., a company that makes spray foam insulation and other energy-saving products.

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Richard Kurtz Personal Background

Family

Richard Jay Kurtz was born in 1940 to Mr. and Mrs. Milton Kurtz of Hewlett, New Jersey. He was raised in the Jewish belief and later became an integral part of their community. In 1964, Kurtz’s wedding to Renee Berger was posted in the New York Times. His children were mentioned in Hon. Rothman’s speech when the Touchstone Award was presented to Kurtz.

2006 Touchstone Award

On March 9, 2006, Richard Kurtz was presented the Touchstone Award by New Jersey Congressman Steve Rothman at the House Of Representatives.

Kurtz was recognized for his dedication and support to charitable causes, health, cancer, and sports programs. His active service as a member of different boards, including that of the Jewish Community Center.

Richard Kurtz: People Also Ask

What Does Richard Kurtz Do?

Richard Kurtz is a billionaire businessman of many successful ventures. He is first and foremost a real estate investor and developer who founded a real estate corporation in 1977. Kamson Corporation produces annual revenue of no less than $12 million and has over 14,000 rental units.

What Is Richard Kurtz Net Worth?

Richard Kurtz net worth is primarily from his real estate ventures amounting to $1.4 billion. Kurtz also has other investments, namely Southwestern Energy, a company that produces natural energy. He owns 77k shares that add $370 thousand to Richard Kurtz net worth for 2022.

Who Owns The Stone Mansion?

As of 2020, the mega-mansion in Alpine, New Jersey was still listed under the ownership of Richard Kurtz. The 6-acre property was first put on the market in 2010 with a price tag of $68 million. Ten years later, the latest asking price for Stone Mansion was down to $33 million.

Who Built The Stone Mansion In Alpine NJ?

Richard Kurtz bought the former 60-acre Frick estate in Alpine, New Jersey. He built the 33,000 square-foot English Georgian-style mansion with the help of Senior Interior Designer Terence Mack of Terence Mack Associates, landing them a multi-million dollar project with Kurtz.

Richard Kurtz Net Worth – Final Thoughts

In 2016, Richard Kurtz net worth was on the 15th spot of the 50 wealthiest men in the state of New Jersey. It’s a refreshing thought that he maintained and achieved more success because he wanted to develop ways to lessen utility costs from his properties and continue to provide the best services to his tenants. It allowed him to promote natural, clean energy at the same time.

Richard Kurtz is now in his 80s and remains a highly respected figure in the business world. Kurtz was practical; he had a sincere interest in the business. He was prepared to take the downside of his ventures, like with Stone Mansion. His career is a perfect case study for those who are interested in venturing into real estate, especially for the new generation of investors.

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