Craig McCaw: A Comprehensive Biography – Craig McCaw Net Worth
Net Worth: $2 Billion
Category: Richest Business › Richest Billionaires
Birthdate: August 11, 1949 (74 years old)
Birthplace: Centralia, Washington, USA
Gender: Male
Profession: Businessperson, Investor, Entrepreneur
Nationality: United States of America
What is Craig McCaw’s Net Worth?
Craig McCaw is an American businessman with a net worth of $2 billion. He has been one of the richest residents of Washington state for most of his adult life. McCaw made his fortune through his visionary leadership in the cellular phone industry and subsequent ventures in telecommunications.
Early Life
Craig McCaw was born on August 11, 1949, in Centralia, Washington. He was the second of four boys in his family. His father, Bill McCaw, was a successful businessman who owned a chain of radio and television stations. His mother, Virginia, was a homemaker. Despite struggling with dyslexia, McCaw was a bright child and eventually overcame his learning disability.
After graduating from high school, McCaw attended Stanford University, where he studied history and graduated in 1973.
Career at McCaw Cellular
In the early 1980s, Craig McCaw foresaw the potential of cellular telephony and decided to transform his family’s struggling cable business into a cellular phone venture. McCaw Cellular began acquiring small, financially distressed cable operators and FCC cellular licenses, eventually becoming the largest cellular operator in the US. In 1994, McCaw sold McCaw Cellular to AT&T for $12.6 billion, making him a billionaire overnight.
Clearwire Corporation
In 2003, McCaw founded Clearwire Corporation, a provider of wireless broadband services focusing on WiMAX technology. Despite initial growth, Clearwire faced challenges in the competitive market. The company was eventually sold to Sprint Nextel in 2013.
Philanthropy
Craig McCaw is a noted philanthropist. One of his most famous charitable endeavors is the Free Willy Foundation, established after the release of the 1993 film “Free Willy.” The foundation aimed to release Keiko, the orca that starred in the film, back into the wild, raising significant public awareness about marine life welfare.
Personal Life
Craig McCaw was married to Wendy McCaw, a fellow Stanford alumna, for 21 years before their separation. Their divorce in 1997 resulted in one of the largest settlements in history, with Wendy receiving assets estimated at over $460 million. Following his divorce, McCaw married Susan Rasinski, an accomplished athlete and philanthropist, with whom he shares a passion for environmental conservation.
Real Estate and Luxury Assets
Craig McCaw is an avid car enthusiast, boasting an impressive collection of vintage and luxury vehicles. Notably, he purchased a 1962 Ferrari 250 GTO for $38.1 million in 2014, setting a record for the most expensive car ever sold at auction.
Beverly Hills Mansion
In 2010, McCaw paid $16.5 million for a 16,200-square-foot mansion in Beverly Hills. He sold this home in January 2017 for $20.4 million.
James Island
In 1994, McCaw paid $19 million for a 780-acre private island called James Island, located off the coast of Vancouver Island. The island features an 18-hole Jack Nicklaus golf course, a 5,000-square-foot mansion, six guest cottages, an old west town, and an airstrip.
Tiburon Mansion
In 1996, McCaw paid $7 million for a newly constructed 10,500-square-foot mansion in Tiburon, California. He sold the property to Andre Agassi and Steffi Graf for $23 million in 2001. The property has since been redeveloped and is worth $60-80 million today.
Craig McCaw’s journey from a small-town entrepreneur to a telecommunications mogul and philanthropist highlights his visionary approach and business acumen. His contributions to the cellular phone industry and his philanthropic efforts have left a lasting impact, solidifying his legacy as a pioneer and benefactor.
