Maloof Brothers net worth is
People also search for
Maloof Brothers Net Worth, Biography & Wiki 2017
The Maloof Brothers – Joe and Gavin – are part of the prominent family of Lebanese descent, based in Las Vegas, Nevada which owns numerous business properties. The brothers are known for being successful in various businesses such as the distribution of Coors Beer, and ownership of the National Basketball Association (NBA) team, the Sacramento Kings. All of their endeavors have helped put their net worth to where it is today.
How rich are the Maloof Brothers? As of early-2017, sources estimate a net worth that is at $1 billion, earned through the success of their numerous businesses. Their family also previously owned the Birmingham Fire of the World League of American Football. As they continue their endeavors, it is expected that their wealth will also continue to increase.
Maloof Brothers Net Worth $1 billion
The family’s success began in 1937 after they secured the distribution rights for Coors Beer. Their net worth started to build and soon they would buy the Sacramento Kings. They owned the Kings from 1998 to 2013 when they sold 65% of the team to Vivek Ranadive. The brothers operated the franchise during this time of their ownership and also acquired the WNBA team, the Sacramento Monrachs.
Aside from these sports franchises, they opened the Fiesta hotel-casino in Las Vegas, and would eventually sell it for $185 million in 2000, increasing their net worth further. They reinvested the money to create The Palms hotel and casino, and they then expanded to the entertainment sector, creating Maloof Music and Maloof Productions. Some of the shows they helped create include “Bullrun”, “Living Lohan”, and “Feast”. Maloof Music also worked with singer Ali Lohan in a joint venture deal with other record labels. They also previously had distribution rights to Guinness, Heineken, Miller beers and Red Bull, but later sold those rights to Admiral Beverage Corporation.
In 2008, the Maloof Brothers started the Maloof Money Cup as a competition for both amateur and professional skateboarders, with the series including the “US Pro Vert Championships”, “US Pro Men’s and Women’s Street Championships”, and the “Maloof Money Cup AM Championships”. In 2011, the Brothers then offered a $1 million bounty to the first skateboarder to win all four Money Cup contests; only Chris Cole has come close with 3 wins. Their conglomerate of businesses has since become part of The Maloof Companies, and they have the largest single share in Wells Fargo Bank. The Maloof brothers have appeared in several television shows and music videos too, including “Las Vegas”, “The Real Housewives of Beverly Hills”, and “Celebrity Apprentice 3”. Some of the music videos they have been a part of include “Lollipop” by Lil Wayne, “What Them Girls Like” by Ludacris, and “Waking Up in Vegas” by Katy Perry, all adding to their net worth.
For their personal life, it is known that Joe and Gavin were under heavy criticism after proposing to build a new basketball arena in downtown Sacramento, but having taxpayers pay for the majority of it, on which the city was divided. They tried to move the Kings to Anaheim in 2010 but it was stopped by the NBA because of debts owed to the city of Sacramento.
In their personal lives, both brothers have never married, but are widely certainly known for having a good time – leading the high life.