Tom Gores Net Worth - Pulptastic

Publish date: 2024-06-18

What is Tom Gores’ Net Worth?

Tom Gores is a wealthy American businessman with a net worth of $6 billion. He is the founder, Chairman and CEO of Platinum Equity, a global private equity firm headquartered in Beverly Hills, California. Gores is well-known for his ownership of the National Basketball Association’s Detroit Pistons, which he acquired in 2011 through Platinum Equity. He later bought out Platinum’s share in 2015, giving him complete ownership.

Gores is recognized for his philanthropic efforts and charitable donations to various organizations. He is also praised for his close connection with the Detroit Pistons players and fans.

Tom’s brother, Sam Gores, is a top Hollywood agent and the chairman of Paradigm Talent Agency in Beverly Hills. Another brother, Alec Gores, is a billionaire businessman and the CEO of the private equity firm Gores Group.

Early Life and Education

Tom Gores was born on July 31st, 1964 in Nazareth, Israel and grew up in a Catholic household as the fifth of six children. His father was of Greek descent and his mother was of Lebanese ancestry. At the age of five, his family moved to Genesee, Michigan, where he later attended Genesee High School. During his time there, he played football, baseball, and basketball.

After high school, Gores enrolled at Michigan State University, where he worked as a telemarketer and janitor to support himself. In 1986, he graduated from Michigan State with a Bachelor of Arts in construction management.

Tom Gores’ Business Ventures

After founding lumber-logistics software firm Ventech, Tom Gores moved to Los Angeles to run the firm’s West Coast operations. He later founded Platinum Equity, a company that made significant acquisitions, including Litigation Services, Inc. and PNA Steel. By the end of 2009, Gores had facilitated over 100 deals through Platinum Equity, and in 2011, he purchased the Detroit Pistons and their former arena, The Palace of Auburn Hills, for $325 million.

Gores immediately approved a $10 million renovation of the arena and instituted a program called “Seats for Soldiers” to provide free tickets to events for US military members and their families. He also implemented the “Come Together” program to celebrate community service, leadership, and volunteering throughout Michigan. In 2015, he became the franchise’s sole owner, and in 2016, he made a deal with the Detroit Red Wings owners to allow the Pistons to share the new Little Caesars Arena in downtown Detroit. As of 2018, the Pistons were valued at $1.1 billion, a gain of $775 million since Tom’s acquisition in 2011.

Philanthropic Efforts

Tom Gores is actively involved in supporting philanthropic and charitable organizations. He served on the board of trustees of the Los Angeles County Museum of Art and was a member of the board of directors at both St. Joseph’s Hospital and the UCLA Medical Center.

Gores and his family support the Children’s Hospital in Los Angeles, with a particular focus on the Division on Clinical Immunology and Allergy. In 2016, they donated $5 million to establish the Gores Family allergy center, providing comprehensive care and research into allergy studies.

In response to the water crisis in Flint, Michigan, Tom established FlintNOW in 2016. The organization raised $10 million to supply relief to the affected residents. He also regularly donates toys to children in Flint and Detroit through the Toys for Tots program.

Gores has provided significant support to the Jalen Rose Leadership Academy, S.A.Y Detroit, and Genesee High School.

Tom Gores Family Life

Tom Gores is married to Holly Gores. The couple started dating in the late 1980s and tied the knot in 1995. They are blessed with three children, namely Amanda, Catherine, and Charles.

Tom Gores’ $100 Million Holmby Hills Mansion

In 2016, Tom Gores purchased a contemporary-style mansion in Holmby Hills, LA, for $100 million. The property sits on 3.2 acres of land and boasts over 30,000 square feet of living space. It comprises ten bedrooms and twenty bathrooms across the main residence and guest houses.

The master suite alone spans 5,300 square feet, which is twice the size of an average American home. Other highlights include a wine room, a lounge, and a theatre complex complete with a separate valet entrance.

The mansion also has a spa with an indoor water wall that cascades into a lap pool, a hair salon, a manicure/pedicure area, and steam and massage rooms. Tom is also believed to own a condo in Birmingham, Michigan.

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