Frank McCourt Net Worth. Frank McCourt’s net worth is estimated to be $1.2 billion. Born on August 14, 1953, in Boston, Massachusetts, Frank McCourt is an American business executive and philanthropist. He is known for his ownership of the French Ligue 1 football club Olympique de Marseille and his previous ownership of MLB’s Los Angeles Dodgers.
Net Worth Breakdown:
- Los Angeles Dodgers: Purchased in 2004 for $430 million, sold in 2012 for a record $2 billion.
- Real Estate: Includes properties in Boston, Los Angeles, and Malibu.
- Olympique de Marseille: Purchased in 2016 for €45 million.
- Other Ventures: Includes the Los Angeles Marathon and the Global Champions Tour.
Early Life and Education:
Frank McCourt Jr. was born to a family involved in real estate and construction. Raised Catholic, he attended Georgetown University and graduated with a degree in economics in 1975.
Career Beginnings:
McCourt founded his commercial real estate company in 1977, becoming a major real estate developer in Boston before moving to Los Angeles.
Los Angeles Dodgers:
In 2004, McCourt purchased the Los Angeles Dodgers from Rupert Murdoch’s Fox Entertainment Group, largely financing the deal with debt and using his Boston parking lots as collateral. The value of the Dodgers rose significantly during his ownership. However, his tenure was marked by financial troubles, leading to a Chapter 11 Bankruptcy filing in 2011. In 2012, McCourt sold the team for $2 billion to an investment group that included Magic Johnson.
Los Angeles Marathon:
McCourt purchased the operating rights to the Los Angeles Marathon in 2008, creating the “Stadium to the Sea” course which attracted a record number of runners. He later donated the Marathon to the McCourt Foundation.
Olympique de Marseille:
In 2016, McCourt acquired Olympique de Marseille and invested €200 million in the club through 2020, appointing Jacques-Henri Eyraud as president and Rudi Garcia as coach.
Project Liberty:
Founded in 2021, Project Liberty aims to create a new internet infrastructure with open-source code. It supports research into the positive uses of technology through the McCourt Institute at Georgetown University and the Paris Institute of Political Studies.
Other Ventures:
- Global Champions Tour: Purchased half in 2014.
- Miami Celtics: Co-founded a show jumping team in 2017.
Jamie McCourt Divorce:
Frank McCourt’s marriage to Jamie McCourt ended in a high-profile and contentious divorce in 2009. The couple fought over ownership of the Dodgers and numerous properties. Jamie received $130 million and several real estate properties as part of the settlement.
Holmby Hills Estate:
The McCourts purchased two properties in Holmby Hills in 2004 for $21.3 million, spending an additional $14 million on renovations. The estate was sold by Jamie in two transactions for a combined $72 million. Later, Snapchat CEO Evan Spiegel purchased it for $100 million in 2021.
Personal Life:
Frank McCourt remarried Monica Algarra in 2015 and has six children. He owns homes in Cotuit and Mashpee, Massachusetts.
Frank McCourt’s business ventures and philanthropic efforts have left a significant impact in sports, real estate, and technology, cementing his legacy as a notable business executive and philanthropist.