There are very well known celebrities enterprising in big ways and involved in commercial real estate investing all over the world. Check out some of the celebrities highlighted in National Real Estate Investor’s report of who in Hollywood is investing in commercial real estate today:
A-Rod co-founded Newport Property Construction in 2008, which specializes in multifamily unit renovation, high-end residential expansion and custom build projects and commercial construction for property types including education, office and mixed-use. The company, which acts a general contractor, is based in South Florida, but works nationally.
Shaq began building a real estate holdings portfolio early in his basketball career, one which ESPN reported as being worth $50 million. But in 2006, Shaq created Miami-based The O’Neal Group, with one of his first projects being The Miami Met, a $1 billion mixed-use development completed in partnership with MDM Development.
On its website, The O’Neal Group notes its mission is to “acquire, develop and promote landmark real estate offerings that provide integrated lifestyle opportunities and/or improve the economy for previously underserved, underperforming areas.” The company is active in Louisiana, New Jersey, South Florida and Southern California. Shaq’s various investment holdings include car washes, Auntie Anne’s pretzels, Las Vegas nightclubs, 24-hour fitness gyms and Vitamin Water.
A true marriage of equals, these two tennis greats turned to real estate investment in the mid-2000s with Agassi Graf Development, which focuses on development of luxury hotels and resorts. They partnered with AOL co-founder Steven Case on a 650-acre Cacique, a gated community in Costa Rica for the Exclusive Resorts brand that will include an Agassi-branded tennis center, 2,000 homes, a spa and a golf course. The development is reported to cost $800 million.
Having conquered the film industry, the two movie stars set their sights on real estate investing. But when the pair tried their hand at developing Las Vegas casino Las Ramblas in 2006, high construction costs ultimately killed the project. Twenty five acres of land bought in 2005 for about $90 million were then sold to Starwood for $202 million in 2006. Now, Clooney is reportedly an investor in the Hills resort in Southampton, N.Y., while Brad Pitt is reported to be in the early stages of developing a $1.5 billion dollar Croatian resort along the Adriatic Sea.
In 2004, former MLB player Mo Vaughn co-founded OMNI New York LLC, which specializes in affordable housing and multifamily rehabilitation projects. Since that time, OMNI has worked on 7,289 affordable housing units in New York, and the firm is actively focusing on rehabilitating Bronx properties. But OMNI has also expanded across the U.S., and owns 5,219 units combined in the states of Florida, Georgia, Maryland, Massachusetts, New Jersey, North and South Carolina, Wyoming and Virginia.