Chevy Chase is a small town in Maryland.
Nearly 10,000 people live in Chevy Chase. The town's median household income is $181,929, which is more than double the state median household income of $86,738. Yet, none of the town residents is wealthier than Ted Lerner.
Lerner is among the world's most successful people in business, with an estimated net worth of $4.7 billion, making him the 3rd richest man in Maryland and 229th richest person in the country.
Who is Ted Lerner?
Ted Lerner is an American real estate developer and former managing principal owner of the Washington Nationals baseball team.
Ted Lerner was born on October 15, 1925, in Washington, D.C. His family was an Orthodox Jewish family. Ted Lerner graduated from Roosevelt High School in 1944.
He earned his law degree but loved real estate.
He joined the army during World War II. After serving in the military, he earned his law degree from The George Washington University Law School in 1949. While in school, he sold homes which helped him learn the real estate market very well, and he soon discovered that his passion for real estate eclipsed his interest in law.
In 1952, he borrowed $250 from his wife and started a real estate firm named Lerner Enterprises which later became the largest private real estate development company in the U.S., and Ted Lerner became the largest private landowner in Washington, D.C., with residential, retail, commercial, and hotel properties.
He fought his brother in court for 30 years.
Ted fired his brother, Larry, from the company in 1983, which ignited a legal battle that lasted 30 years.
According to Washingtonian, "Larry has sued Ted or his affiliated companies at least 16 times, alleging breach of contract, breach of fiduciary duty, unjust enrichment, civil conspiracy, and fraud. He also accused one of the firms of operating under a veil of secrecy."
In 2006, he bought the Washington Nationals.
Lerner bought the Washington Nationals professional baseball team for $450 million in 2006.
Despite his success, Lerner seldom speaks publicly. His philosophy is simple, "Keep building in every definition of the word. Build a better city. Build a stronger community and build stronger families. Build for future generations. But I'll keep working to build a better baseball team, too."
The family supports most Jewish causes.
The Lerners strongly support Jewish causes nationally and in Israel. For example, Ted's oldest son Mark Lerner is on the board of JCC of Greater Washington, which the family supports.
Ted Lerner is married, has three children, and lives in Chevy Chase, Maryland.
If you had Ted Lerner's money, what causes would you support?