Tom Barrack Biography
Tom Barrack is an American private equity real estate investor as well as the founder and executive chairman of Colony Capital Inc and his first position was at Herbert W. Kalmbach’s law firm, personal counsel to President Richard Nixon. The firm sent him to Saudi Arabia in 1972 where he soon became the Saudi prince’s squash partner. He then worked for the Fluor Company in the empire and worked for the Saudi princes. Shortly afterward, at the behest of investor Lonnie Dunn, he helped open diplomatic relations between Saudi Arabia and Haiti and then ruled by Jean-Claude Duvalier. Barrack claims he was disillusioned with government service after being forced to testify to the purchaser of the Edwin Meeses house before a congressional committee because of a gift Barrack had received. In 1985, when Barrack sold Trump a one-fifth interest in Alexanders’ department stores, he first met with Donald Trump. In 1988 Trump decided to pay $410 million to Barrack for complete Plaza Hotel ownership. Barrack founded Colony Capital in 1990, with initial investments from Bass and GE Capital, and later from Eli Large, Merrill Lynch, and Koo Chen-fu. In 2009, Barrack was negotiating a sale of a $41 million stake in the Raffles LErmitage hotel to the Abu Dhabi Investment Authority with his friend, Ambassador Yousef Al Otaiba. Barracks Colony Capital decided to invest in The Weinstein Company in October 2017 to keep it afloat in light of reports of sexual harassment by Harvey Weinstein.
Tom Barrack Age
Barrack was born on 28 April 1947 in the United States.
Tom Barrack Height
Tom stands at a height of 1.8 m.
Tom Barrack Education
He graduated with a BA degree from the University of Southern California in 1969. While there, he participated in their varsity rugby team. Before receiving his JD from the University of San Diego School of Law in 1972, Barrack attended the USC Gould School of Law. While at USC, he was an editor of the Southern California Law Review.
Tom Barrack Family
Barrack was born and raised by her parents in Melbourne. Our efforts to find out more about her family came to no avail as no such information is publicly available.
Tom Barrack Wife
Barrack was married to his lovely wife, Rachelle Barrack and they married on October 25, 2014, at his 700-acre vineyard and polo ranch in California’s Santa Ynez Valley. The family lived in L.A. The bride arrived in a horse-drawn carriage that drove across the polo fields. Rachelle slapped Barrack with divorce documents back in the year 2016 but the court dismissed the case two weeks later. She now receives $83,000 per month in child support for their two children, Jaden and Alaia and receives $41,667 per month in spousal support. Actually, Rachelle is Tom Barrack’s third ex-wife and is one of the children of Pam J. Roxborough. She was born on August 18, 1977, making her wealthy hubby 33 years her senior.
Tom Barrack Children
Barrack has been married three times and he has six children in total from his past marriages.
Tom Barrack Colony Capital
Tom Barrack founded Colony Capital in 1990, which is a $44 billion money investment firm. Initial investments were by Bass and GE Capital, and later Eli Broad, Merrill Lynch, and Koo Chen-fu. The president’s friend achieved 50% profits in his first two years by focusing on distressed properties, like the federal Resolution Trust Corporation. Critics stormed Colony Starwood Homes for treating tenants poorly during the Great Recession. Besides, Colony Starwood Homes raised rents, evicted people in large numbers, and failed to maintain properties. In 2014, Tom Barrack stepped down as the chief executive officer of the company. Barrack’s Colony Capital agreed to invest in The Weinstein Company in October 2017. This was in order to keep it afloat in light of Harvey Weinstein’s sexual misconduct allegations. According to The New York Times, the initial agreement with Weinstein fell apart and the acquisition broke down. Colony Capital later withdrew from the deal after being unable to structure the purchase in a way to avoid enriching Harvey Weinstein. Last year, 2018, Tom Barrack returned to the CEO role following a stock rout that has cut the investment firm’s market value in half. He took over from former CEO, Richard Saltzman, who still remains as a shareholder.
Tom Barrack Trump
Barrack first dealt with Trump when he sold Trump a one-fifth stake in Alexander’s department stores back in 1985. He agreed to pay Barrack $410 million for total ownership of the Plaza Hote in 1988. In 2010, Barrack bought $70 million of Jared Kushner’s debt on 666 Fifth Avenue. Jared Kushner is married to one of Trump’s daughters. He avoided bankruptcy when Trump requested Tom Barrack to reduce his obligations. During the 2016 United States presidential election, Barrack endorsed Donald Trump. He was a major fundraiser for Trump’s campaign through the “Rebuilding America Now” Super PAC, which raised $23 million. He had first met Manafort in the 1970s when they were both working for Saudis and living in Beirut. On April 26, 2016, the billionaire realtor began an email correspondence with one of his business partners. The business partner was UAE Ambassador, Yousef Al Otaiba. Tom Barrack reassured him that President Donald Trump had investments in the United Arab Emirates.
Tom Barrack Fire and Fury
The emails marked the beginning of Trump’s improbable change from opposing Muslims to supporting them. Tom Barrack helped hold a meeting between Trump and the Emir of Qatar in Trump Tower, back in September 2016. Barrack raised over $100 million while serving as chairman of the inauguration of the Donald Trump committee. Despite their friendship, Tom Barrack quoted, in the 2018 book Fire and Fury, that Trump was not only crazy but stupid. However, he denied that he ever said that. According to a Washington Post, Barrack commented on Trump’s inflammatory rhetoric and proposals to ban immigrants from certain Muslim countries.
Tom Barrack Salary
Barrack’s monthly salary is estimated at $2,448,426.
Tom Barrack Net Worth
Barrack has an estimated net worth of US$1.1. billion as of 2021. This includes his assets, money, and income. His primary source of income is his career as a private equity real estate investor.