Fred Wilpon
| Fred Wilpon | |
|---|---|
| Born |
November 22, 1936 Brooklyn, New York |
| Education | B.A. University of Michigan |
| Occupation | real estate developer |
| Known for | co-founder of Sterling Equities majority owner of the New York Mets |
| Spouse(s) | Judy Kessler |
| Children | Robin Wilpon Wachtler Jeff Wilpon Bruce Wilpon |
| Parent(s) | Nathan Wilpon |
Fred Wilpon (born November 22, 1936) is a real estate developer, baseball executive and the majority owner of the New York Mets.
Wilpon was raised in a Jewish family in Bensonhurst, Brooklyn. His father, Nathan Wilpon, managed a funeral home. Wilpon attended Lafayette High School in Brooklyn. Wilpon was a big fan of baseball and pitched his freshman year in college until he was injured. In 1958, he graduated with a B.A. from the University of Michigan. After college, he sold calculators for a time while his wife worked as a secretary for Branch Rickey, the former president of the Brooklyn Dodgers, whom he knew from the neighborhood.
In 1972, he cofounded Sterling Equities, a commercial real estate development company, with his brother-in-law Saul Katz. They built a development of townhouses in Tarrytown, a suburb in Westchester County which was very successful. Seeking to minimize their tax obligations, they purchased real estate throughout the country that had favorable tax treatment which turned out to be a boon since they were unknowingly buying property at the bottom of the market.
In 1980, Wilpon bought a one-percent stake in the Mets when Charles Shipman Payson sold the team, with publishing company Doubleday & Co. holding the remaining interest. In 1986, Doubleday president Nelson Doubleday, Jr. sold Doubleday & Co., the owner of his interest in the Mets, to Bertelsmann AG. Wilpon had a right of first refusal in the event of a sale and threatened to exercise it. In the resulting settlement, Doubleday and Wilpon agreed to purchase the Mets for $81 million becoming equal partners in the team. In 2002, the Wilpon Family purchased the remaining 50% of the Mets from Doubleday for $391 million. Wilpon served as president of the team between 1980 and 2002, as Chief Executive Officer since 1980 and as Chairman of the Board since 2003. Wilpon currently serves as Chairman of Sterling Equities.
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