Dan Gilbert is a prominent figure in the business and philanthropic world of America. He is widely known for his successful ventures as a co-founder and majority owner of Rocket Mortgage, one of the largest mortgage lenders in the United States. He is also the founder of Rock Ventures, which is a conglomerate of over 100 companies across a range of industries. Gilbert has made a name for himself as a savvy entrepreneur, with a portfolio that includes ownership of several sports franchises such as the Cleveland Cavaliers, the Cleveland Monsters, and the Cleveland Charge. He also operates the Rocket Mortgage FieldHouse, a multi-purpose arena that serves as the home of the Cavaliers and Monsters. Gilbert’s estimated net worth, as of January 2023, stands at a staggering US$18.3 billion according to Forbes. He is currently married to his wife, Jennifer Gilbert and the duo are the proud parents of five children. Sadly, their eldest son Nick Gilbert passed away on May 6, 2023, after battling neurofibromatosis.
In addition to his successful business ventures, Gilbert is also known for his philanthropic efforts. He has been a significant contributor to various charities and non-profit organizations. In 2017, he pledged $15 million to the Children’s Tumor Foundation, which is dedicated to finding a cure for neurofibromatosis. Gilbert is also a member of the Giving Pledge, an organization that encourages the world’s wealthiest individuals to donate the majority of their wealth to charitable causes. Through his entrepreneurial success and philanthropic contributions, Gilbert has established himself as a prominent figure in both the business and social sectors.
When was Daniel Gilbert born?
Daniel Gilbert was born on January 17, 1962, into a Jewish family in Detroit, Michigan, USA. He spent his childhood in Southfield, Michigan. He is an American citizen and belongs to the American-White ethnic group. He practices the Judaism religion and was born under the Capricorn zodiac sign. As of 2023, he is 61 years old, but he has not revealed the names of his family members. Only the fact is known that he has a sibling, a brother namely Gary Gilbert who is a film producer and a businessman.
Having grown up in Southfield, Michigan, Dan Gilbert received his education at Southfield-Lathrup High School. He later attended Michigan State University, where he earned his bachelor’s degree, and subsequently, Wayne State University Law School, where he obtained his Juris Doctor and became a member of the State Bar of Michigan. While studying at college, Gilbert obtained a license to work as a real estate agent. Additionally, while attending law school, he worked part-time at his parents’ Century 21 Real Estate agency.
How was the Career of Dan Gilbert?
- Dan Gilbert founded Rock Financial with Ron Berman, Lindsay Gross, and his younger brother Gary Gilbert in 1985. In the late 1990s, the company became an early online direct mortgage lender, launching its internet strategy. The company was purchased by Intuit Inc. in 2000 and was renamed Quicken Loans. In 2002, Gilbert and a group of private investors, including his brother, repurchased the company from Intuit and its affiliated national title company, Title Source, Inc. As of 2021, Gilbert was serving as the chairman of Quicken Loans, Inc. The company’s headquarters were moved to downtown Detroit in 2007, and all Michigan-based employees moved into Detroit’s urban core by the end of 2010.
- In August 2020, Quicken Loans went public under the name Rocket Companies and debuted on the New York Stock Exchange under the ticker symbol “RKT.” Gilbert remained the majority owner of the company, controlling 79% of its shares as of 2020.
Sports franchise ownership
- Dan Gilbert purchased the Cleveland Cavaliers in 2005 for a then-record price of $375 million. Under his ownership, the team has seen significant improvements, both on and off the court. The team’s home arena, Rocket Mortgage FieldHouse, underwent a major renovation in 2019, which included upgraded seating, a new scoreboard, and a revamped sound system. Gilbert has also been instrumental in bringing top talent to the team, including LeBron James, who led the Cavaliers to their first NBA championship in 2016. Gilbert’s ownership of the Cleveland Monsters has also been successful, with the team winning the AHL’s Calder Cup championship in 2016.
- Despite his success as an owner, Gilbert has also faced criticism for some of his actions and statements. In particular, he was widely criticized for a letter he wrote in 2010 after LeBron James left the team for the Miami Heat. In the letter, Gilbert called James a “coward” and promised that the Cavaliers would win a championship before James did. Gilbert later apologized for the letter. He has also been criticized for his aggressive pursuit of tax incentives and public funding for his various business ventures in Cleveland. Despite these controversies, Gilbert’s ownership of the Cavaliers and Monsters has been a significant part of his business and investment portfolio, and he remains a major figure in both the NBA and the city of Cleveland.
Other businesses and investments
- Dan Gilbert’s investment portfolio is diverse and includes significant investments in private equity groups such as Rockbridge Growth Equity LLC (RBE). Through RBE, Gilbert invests in growing businesses in financial services, Internet technology, consumer-direct marketing, and the sports and entertainment industries. The partnership has investments in a variety of ventures, including Gas Station TV, Robb Report, and RapidAdvance.
- Gilbert is also involved in several venture capital firms, such as Courtside Ventures and Detroit Venture Partners (DVP). DVP invests in start-up and early-stage technology companies based primarily in Detroit, including LevelEleven, iRule, and Marxent Labs. Gilbert is also invested in and involved in the operation of several consumer-based technology-centered businesses, including Fathead, Veritix, Xenith, StyleCaster, and Quizzle. Gilbert launched the nonprofit Bizdom in 2007 to promote tech and brick-and-mortar entrepreneurship in Detroit and Cleveland by supporting on-the-ground service providers.
- Gilbert has also been involved in the gaming and casino industry, successfully backing a statewide referendum to bring casino gaming to Ohio’s four largest cities. He operates urban-based casinos in both Cleveland and Cincinnati through a joint venture with Caesars Entertainment Corporation. Gilbert’s investment portfolio also includes the acquisition of the majority interest in Greektown Superholdings Inc., the owner of the Greektown Casino Hotel located in downtown Detroit. Additionally, Gilbert has invested in the esports organization 100 Thieves.
- Dan Gilbert’s Quicken Loans moved to downtown Detroit in 2010, and since then, he and his company have helped revitalize the city’s urban core. Through Bedrock Detroit, Gilbert has purchased several historic buildings in downtown Detroit, including the Madison Theatre Building, Chase Tower, Two Detroit Center, Dime Building, First National Building, David Stott Building, and the former Federal Reserve Bank of Chicago Detroit Branch Building. Bedrock Detroit has also acquired buildings on Woodward Avenue, such as One Woodward Avenue and the 1001 Woodward office tower. In addition to his investments in real estate, Gilbert was named co-chair of the Blight Removal Task Force in 2013 and has been involved in efforts to remove blighted structures and lots in Detroit. In 2017, Gilbert led a committee to make a bid for Amazon’s second North American headquarters to come to Detroit, although the city was later removed from the list of contenders.
Philanthropy and Donations
- Dan Gilbert, along with his wife Jennifer, joined The Giving Pledge in September 2012, committing to donating half of their wealth to philanthropy throughout their lifetimes. Gilbert established two neurofibromatosis research clinics after his eldest son was born with the condition and died at the age of 26 in 2023. He serves on several boards, including those of the Children’s Tumor Foundation and the Cleveland Clinic, and is the vice-chairman of the not-for-profit M-1 RAIL initiative. Gilbert donated $750,000 to the presidential campaign of Chris Christie in 2015 and has made significant donations to several educational institutions, including $5 million to Wayne State University Law School in 2016 and $15 million toward the Breslin Center renovation project at Michigan State University. In 2020, he made a $1.2 million donation to COVID-19 relief efforts in Detroit.
Dan Gilbert Awards and Achievements
Quicken Loans/Rocket Mortgage
- 16-time winner: JD Power Highest Customer Satisfaction Award (10 for Primary Mortgage Origination, six for Mortgage Servicing)
- 16-time Fortune 100 Best Companies to Work For (2005–2017)
- 2016 NBA Champion
- 2016 Best Team ESPY Award
- 2016 Calder Cup Champion
Who is Dan Gilbert married to?
Dan Gilbert is a happily married man to his wife, Jennifer Gilbert. Jennifer is actively involved in charitable causes and serves on the boards of various organizations, including the Gilbert Family Neurofibromatosis Institute at Children’s National Medical Center in Washington, D.C. Dan and Jennifer’s strong bond is evident in their supportive nature towards each other. Their love for each other has remained unwavering throughout the years, allowing them to enjoy a fulfilling and happy life together.
The couple is blessed with five children. Out of five, two of their children’s name is Nick Gilbert and Grant Gilbert. Tragically, their eldest son Nick Gilbert passed away on May 6, 2023, after battling neurofibromatosis. Despite the loss, Dan and Jennifer continue to cherish their memories with Nick and remain supportive of each other and their family during this difficult time. Their commitment to each other and their children is a testament to their enduring love and strength as a family.
How much is Dan Gilbert’s net worth?
Dan Gilbert is a highly successful businessman and philanthropist who has amassed a vast fortune through his entrepreneurial ventures. As of January 2023, Forbes estimated his net worth to be $18.3 billion, with a monthly income of over $250 million and an annual income of more than $3 billion. The majority of his wealth comes from Rocket Companies, a home mortgage lender in the US that closed $133 billion in mortgage volume in 2022. Gilbert owns around 1.4 billion shares in the company and earns a significant amount of money from his professional career. He also owns several sports franchises, including the American Hockey League’s Cleveland Monsters and the NBA G League’s Cleveland Charge, as well as the Rocket Mortgage FieldHouse in Cleveland, Ohio, the home of the Cavaliers and Monsters. Despite his massive wealth, Gilbert remains grounded and satisfied with his earnings, living a lavish lifestyle and generously donating to charitable causes.
Gilbert’s success story began with Quicken Loans, which he founded and served as CEO before changing the company’s name to Rocket Companies after it was purchased by Intuit Inc. Under the Rocket Companies umbrella, Gilbert has continued to thrive, generating $5.1 billion in revenue and just under $900 million in net income in 2019 alone. Rocket Companies went public on the New York Stock Exchange in August 2020, with Gilbert owning 95% of the equity. The IPO instantly made him one of the 20 richest people in America and the 30 richest people in the world, with his net worth topping $42 billion. Gilbert also owns JACK Entertainment, which operates several casinos, and he serves as the operator of Cleveland’s Quicken Loans Arena. His success has allowed him to indulge in luxurious properties, such as two Palm Beach mansions worth $24.5 million and $18.75 million, respectively, which were purchased by Golden Crate LLC, a company linked to Gilbert.
How tall is Dan Gilbert?
Dan Gilbert’s physical appearance is characterized by his attractive features and youthful appearance. At the age of 61, he still looks handsome, with a height of 5 feet 5 inches. He has an average body build with a weight of 70 kg or 155 lbs, which indicates that he maintains a healthy lifestyle. His black hair and brown eyes complement his overall charming personality, making him an attractive individual. On May 26, 2019, Gilbert was taken to the hospital and treated for a stroke at the age of 57.
Gilbert’s dedication to his physical well-being is evident in his healthy body and youthful appearance. His regular exercise and healthy diet may have contributed to his maintained physique. His attractive features and charismatic personality have earned him a positive reputation in various fields, making him a notable figure in business and sports. Overall, Dan Gilbert’s physical appearance reflects his dedication to leading a healthy and fulfilling life.