The Richest Person in Detriot
Five billionaires consider Michigan their home, and none is more famous than Dan Gilbert.
In 1985, he co-founded Quicken Loans, the largest mortgage lender in the country. He also owns the NBA’s Cleveland Cavaliers and wrote one of the most famous letters in the world criticizing Lebron James after leaving Cleveland and playing in Miami.
According to Forbes Magazine, Gilbert is number 23 of the richest people in the world. His wealth increased dramatically after taking his Rocket Companies public on the New York Stock Exchange, from $6.5 billion in 2020 to $51.9 billion in 2021.
Daniel Gilbert was born in Detroit and raised in Southfield, Michigan. Southfield is about 15 miles north of downtown Detroit.
He earned his undergraduate degree from Michigan State University and his law degree from Wayne State Law School. While a student, he earned his real estate agent’s license and worked with his parents’ Century 21 Real Estate agency.
He accumulated his wealth by starting Rock Financial in 1985, which later became Quicken Loans after software maker Intuit Inc. bought the company. Rock Financial is one of the first mortgage lenders to use the internet to become a direct mortgage lender.
Most people in Detroit know Gilbert as the majority owner of the Cleveland Cavaliers and his well-documented public dispute with LeBron James after LeBron James announced his decision on public TV to take his talent to Miami. Gilbert didn’t take LeBron James lightly, so he wrote an open letter criticizing James’ decision.
Dan Gilbert and LeBron James overcame their troubles and delivered a championship to Cleveland, which ended the 52-year Cleveland sports curse.
Gilbert purchased the Cavs in 2005 for $375 million. The team’s estimated value is now $1.56 billion. Gilbert is a brilliant businessman who knows how to win on and off the court.