Miami Marlins owner Bruce Sherman has got more than a couple of strings to his bow. Worth approximately $500 million, it’s fair to say that this guy knows a little about living a luxury lifestyle. With that said, he also has an incredible head for business and, as it’s turning out, a great sense of where money can best be spent to get the Marlins to victory. Whether you want to follow in Sherman’s footsteps and net yourself a baseball team one day, or you just want to learn a little more about our owner, we’ve got all the information you need.
Business-wise, Sherman’s big run began back in 1985 when he co-founded what would become the best money management firm in the world, Private Capital Management. His first clients were the prestigious Collier family, leading to a rapid growth. Before long PCM had clients ranging from billionaire businessmen to government agencies through well-respected universities and more. After growing his initial business to a staggering $4.4 billion, he sold it. Of course, as he was doing all of this, he’d also been starting up other businesses. He seemed to have a real gift for starting, creating a success and then selling just at the right time.
This business model was a true success for him for 22 years. He’d sold numerous companies, always for north of a million dollars, but occasionally more than a billion. Unfortunately, Sherman’s run of good luck, or impeccable judgement, would come to an end in 2009. During this year the PCM group had made some catastrophic investments, leading to their assets plummeting from that $4.4 billion to $2.1 billion. Knowing that sometimes it’s important to cut your losses, Sherman stepped down from his position and instead started focusing on having a little fun.
It was in 2017 that Sherman would work together with Michael Jordan and Derek Jeter to buy his own baseball team, the Miami Marlins. They paid a cool $1.2 billion for the team and have been bossing it ever since. As usual with the very public nature of sports team management, there have been mixed reviews from fans. However, when you see the passion that Sherman has for the sport and the money he’s willing to pump into ensuring we have the right players, it’s clear to see that this is more than just an investment for him.
Alongside his Miami Marlins purchase, Sherman also splashed out on one other big ticket item to celebrate his retirement: a yacht. Although there are bigger ships in the sea, Sherman’s boat Majestic has certainly been turning heads recently. The yacht is often seen around Miami harbour and was bought back in 2010 by Sherman for an eye-watering $69 million. She was originally owned by Nancy Walton of Walmart riches, so the boat is certainly no small deal. In fact, just to keep the boat ship-shape it costs around $6 million per year. Although the Marlins weren’t a small investment, compared to keeping a yacht they seem like staggeringly good value!
Not one to just sit on his wealth, Sherman has always been something of a philanthropist. Together with his wife Cynthia, the couple support a number of charities. One of their most famous projects is the Naples Winter Wine Festival. This festival is run each year and the proceeds benefit children who come from less privileged families in the Florida area. Alongside this the couple also founded the Sherman Prize together, which awards cash grants to researchers who make progress on the cure for inflammatory bowel conditions, diseases that are close to the family’s hearts.