Jim Crane Net Worth

What is Jim Crane's Net Worth?

Jim Crane, an esteemed American businessman, boasts a substantial net worth of $2.5 billion. He initially amassed his wealth in the logistics industry and later expanded his financial empire as the owner of the Houston Astros, an MLB baseball team.

Early Life

Jim Crane, born in Dellwood, Missouri, graduated from Central Missouri State University with a degree in Industrial Safety. He began his career in the insurance industry immediately after completing his education. Seeking new opportunities, Crane moved to Houston, Texas, in the early 1980s to advance his professional aspirations.

In 1984, Crane borrowed $10,000 from his sister to establish Eagle USA Airfreight, which later became Eagle Global Logistics. By 1995, Eagle Global went public, boasting hundreds of millions in annual revenue and over 100,000 employees at its peak. However, the company faced allegations of discrimination and fraud, eventually settling with the EEOC for $9 million in 2001 and the US Government for $4 million in 2006.

In 2007, Eagle merged with CEVA Logistics, with Crane holding 17.6% of the shares. Following the merger, Crane launched Crane Capital Group. Besides running CCG, he is a shareholder in Western Gas Holdings and Crane Worldwide Logistics, LLC, and serves as a director for Fort Dearborn Life Insurance Company and Champion Energy Holdings, LLC. A passionate golfer, Crane owns The Floridian National Golf Club and has been named the top CEO golfer by Golf Digest.

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Houston Astros Purchase

Jim Crane made headlines in late 2011 when he acquired the Houston Astros for $680 million, one of the highest amounts ever paid for a baseball team at the time. Despite initial skepticism due to his previous business controversies, the deal proceeded. Crane received a 10% discount for agreeing to move the team to the American League. Under his ownership, the Astros' value surged to $1.8 billion. In 2017, the Astros clinched their first World Series title, although their win was later marred by a sign-stealing scandal which Crane denied knowledge of.

Pebble Beach Mansions

In 2017, Crane listed his stunning Pebble Beach mansion for $37.9 million but eventually sold it in August 2020 for $21 million, having originally purchased it for $5.5 million two decades earlier. In November 2019, he acquired another Pebble Beach mansion for $21 million. The seller was the estate of Charles de Guigne, a wealthy fourth-generation Californian, and $18 million from the sale went to charity after taxes and fees.