As of 2021, he has an estimated net worth of $50million, according to Celebrity Net Worth. The generally accepted version of events leading to the fall of Thornburg is nicely laid out in a new book, House of Cards, by William Cohan. Tom Ford Chicaferro retired in 2006, selling his stock before the crash. But Garrett Thornburg will be OK. On Jan. 4, 2007, Gov. Litigating shareholders say Thornburg Mortgage overborrowedleveraging up to $12.50 for every $1 it held in equity, well over what federal regulations allow for commercial banks. $1 Million - $5 Million. The quasi-public sector launched Thornburg to Bear Stearns, the recently deceased investment bank. Instead of just buying loans, the company would make them, too. The actors ranch is technically in Mora County, but his wife is a partner in a Santa Fe shop. His massive worth comes from his successful career as a real estate broker and attorney. $ish Mansour established General Motors dealerships in Egypt in 1975, later becoming one of GMs biggest distributors worldwide. The 18 billionaires from Africa hail from seven different countries. According to a Bloomberg News profile, Miller, 59, lives in the Maryland suburbs and travels to Santa Fe four times a yearbut hes around enough to make this list. BGK donated $50,000 to Richardsons 2002 run for governor. Akhannouch was appointed prime minister of Morocco in September 2021. She received her Sage is a life-long learner and lover of music. The companys six-story, glass-domed Southern Service Center in Charlotte, NC bears his name. She and her husband are founding co-chairs of the Smithsonians National Museum of the American Indian in New York City. "I was an entrepreneur since I was about 5 years old," he told The Santa Fe New Mexican in 2000. What they mean by that is Thornburg was always very firm on maintaining a high-quality loan portfolio," Chicaferro says. In 2037, when Garrett Thornburg is 91 years old, his company will purchase the land and building for $1. And how did it come to this? Thornburg often said that 97 percent of his business was out of state. This week's cover story made use of numerous public documents and SFR writer Corey Pein created numerous . The feds may already have committed three times that much to bail out private financial institutions deemed too big to fail. Thornburgs finances are Santa Fes problem. The doors throughout the dwelling are equipped with hardware as hefty and as elaborately detailed as that on medieval town gates. His lawyers claimed Thornburg Management only truly owed $646, while Thornburg Securities owed zero dollars. She says it's fair to say that Thornburg bullied the city. Kate Moss, Vice Chair Former Councilor Karen Heldmeyer, the other "no" vote, says she grew frustrated by "backroom deals" and decided not to seek re-election. To market those funds, he founded Thornburg Securities. Townsend is a former ExxonMobil vice president with a $1.7 million home in Las Campanas; wife Joanna is on the National Council of the Georgia OKeeffe Museum. METL operates in at least six African countries and has ambitions to expand to several more. She fell in love with dance at a very young age and at eleven years old Kiri Chapman joined the NDI New Mexico team in 2022. Over the three months leading up to March 2008, "Thornburg received margin calls totaling $1.777 billion" and came up $610 million short, Cohan writes"a dismal performance." The Academy-award nominated and Golden Globe-winning actress (Love Story) has lived in Santa Fe since 1994, and is well-known for her approachability and generosity to numerous Santa Fe causes, including animals and the arts. Catherine Oppenheimer co-founded the National Dance Institute of New Mexico in 1994 (NDI-NM) and the New Mexico School for the Arts (NMSA) in 2010. . Biggs also was a director of aerospace giants Boeing and McDonnell-Douglas and, in the years preceding the Great Recession, of JPMorgan Chase bank. Everybody's happy on the way up because everybody seems to be making more money." "That's how these credit bubbles work. John Berndt She now runs a gallery in Taos. E/C "There is no conflict of interest. $$$ Bekker, who retired as the CEO of Naspers in March 2014, returned as chairman in April 2015. Sarofims daughter Allison reportedly played a centaur in the first Chronicles of Narnia film. The New Mexican's headline when the City Council approved the bond: "Thornburg deal benefits schools." Net worths were calculated using stock prices and currency exchange rates from the close of business on Wednesday, January 19, 2022. When a big fish flops, the ripples go far. Washington Post financial columnist James K Glassman began a column with a friend's advice to "Find Garrett ThornburgThis guy has the best financial mind in America." Those investors claim Thornburg Mortgage disguised its exposure to subprime loans. The bills died.) Of its tens of thousands of clients, most are individuals without a high net worth. Nicky Oppenheimer, heir to the DeBeers diamond fortune, sold his 40% of the firm to mining group Anglo American for $5.1 billion in cash in 2012. The . The other part is he wasn't content with making money at that spread, and he leveraged. "People were getting really pissed off," Collins says. Maybe as smart as Yale economist Robert Schiller, who predicted such a crash in 2005. Oppenheimer Asset Management works with a variety of client types. Paul Cassidy Larry Goldstone Because we're not at risk. Michael L Klein His leadership of global warehouse giant ProLogis suggests a 21st century free marketeer, but hes got a bookish side, as a former St. Johns College board chair and director of Farrar, Straus and Giroux publishing. Also on that list was her ex, Egyptian-born super-investor Fayez Sarofim (aka The Sphinx), who gave her $250 million in a 1989 divorce settlement that Forbes called the largest in Texas history. She was mentored by Elliot joined NDI New Mexico in 2015 as a Musician in the In-School Program. EEE Girard is president of her family business, Greer Enterprises, the real estate company developing a condo/retail project at the Lensic. Catherine Oppenheimer of Santa Fe is recognized as a major contributor to the arts for her work supporting strong arts education programs in New Mexico. The new Thornburg campus, which opened this year, looks down over the city like a citadel. Get this delivered to your inbox, and more info about about our products and services. The core values of NDI New Mexico are well matched for the core values of our firm. "New Mexico is very perfect for me," Jirby says. Andrew & Sydney Davis That was always the mantra from day one until the day I left," Chicaferro says. Last month, Richardson named Thornburg to a commission to save the bankrupt College of Santa Fe. His brother Nassef is also a billionaire. Two Dobermans and a rottweiler jog out to encircle visitors. The property doesnt appear to be in his name; neither is BGKs 2006 sport aircraft. Beginning in 2007, Thornburg Sheep Co. began selling off hundreds of acres for approximately $2 million. "Investment bankers from New York always got confused: 'Where? The governor said Thornburg was a good friend of his, that Thornburg was a good civic leader, that the financial businesses that Thornburg had created in Santa Fe created high-paid jobs. Mansour Group also has exclusive distribution rights for Caterpillar equipment in Egypt and seven other African countries. Home base unknown Ad sales may be down and writers may be grumbling about late pay, but the Outside magazine magnate still owns Santa Fes seventh most valuable property, a sprawling $9 million ranch north of town on Silver Meadow Road. Jeffrey E Epstein Paul Cassidy, Chair Ken DeBettignies* He still owns part of the company jet. Nicky Oppenheimer is a South African billionaire businessman and philanthropist @Nairametrics. New Mexico? Thats a peculiar kind of person. Maria Gale He danced with Kimura is a pianist internationally active in both classical and popular styles. Rabiu, the son of a businessman, inherited land from his father. Jirby would not discuss the divorce. Mohamed Mansour oversees family conglomerate Mansour Group, which was founded by his father Loutfy (D.1976) in 1952 and has 60,000 employees. $$$ . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. In 2003, a large landowner, Santa Fe Estates, announced plans to sell hilltop property to Thornburg. Newspapers called him a genius. But that near-parity has slipped dramatically in the second half of the year. Nancy Blaugrund* Masiyiwa also owns just over half of private company Liquid Telecom, which provides fiber optic and satellite services to telecom firms across Africa. An REIT, unlike a regular company, is exempt from corporate income taxes. It belonged to Thornburg's first wife, a Swedish artist, who lived there with the couple's son, then 6. Cohan explains how Thornburg Mortgage funded its operations "most often by obtaining short-term, often overnight, borrowings" backed by the mortgages it held. "There's nothing we could've done except jawboned if we thought it was a bad idea." Life was good. Local son/property developer Jeff Branch, who also serves as a board member for the Santa Fe Community Foundation, is well known for his transformation of Santa Fes Southside. It hurts to have 130 people lose well-paying, financial-sector jobs. Now hes the chairman of a company that is not a favorite of a lot of people who owned the stock at $40 and now its 5 cents. City Housing and Community Development Division Director Kathy McCormick agrees. Michael Reid*, Sandy Seligman, Chair "What makes it Thornburgesque is its way of doing business, which is both unusual and elegant," Glassman wrote. "It wasn't all that hard. The house was off Old Pecos Trail, at 512 Camino Lejo. That wasn't the case," Heldmeyer says. Miller famously beat the stock market for 15 years running with his Baltimore-based mutual fund, the Legg Mason Value Trust. $$$ OTHER Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. $$ish All credit ratings became suspect. Meanwhile, Thornburg's political allies pushed the project forward. She co-founded the National Dance Institute of New Mexico in 1994 (NDI-NM) and is past chair. Jamai Blivin He is a man who made his time. His mansion on Tano Norte is worth $1.6 million. Nassef Sawiris is an investor and a scion of Egypts wealthiest family.His most valuable asset is a nearly 6% stake in sportswear maker Adidas. Miles Wolf* "It sold real well," broker Dan Pike says. Laurie Overton*, Laura Brunik, Chair* You can also email specific staff members from our contact page. Thornburg left Lakefield for a military prep school and went on to Williams College in Massachusetts. (According to Thornburg spokesman Miller, "No one in the family desires to continue in the farming business.") From there, he joined the SWAT and Celebration teams where he had opportunities to perform for countless audiences, including main event shows and Brian McGrath recently retired as Senior Vice President Human Resources at American Greetings, a $2 billion business based in Cleveland, with over 20,000 employees in the US and six other countries. Theres a point, here. There were two parts to it. Assessed at nearly $16 As a consultant to the US Office of Education he Maria Gale is a retired medical social worker and psychotherapist who relocated to New Mexico from the Cleveland, Ohio area in 1995. Val Diker He led Naspers to pay a reported $34 million for a third of Chinese Internet firm Tencent Holdings in 2001 perhaps the greatest venture investment ever. Thornburg Mortgage was not a "retail" operation like, say, Countrywide, the most infamous of subprime mortgage lenders. In a 1999 article about Gilberts new Santa Fe-based property company, BGK Equities, Forbes described him as a two-time securities convict who once fled to Brazil to escape lenders worth more than $100 million, with a 3-acre Santa Fe estate [where] 10-foot electric gates open onto a broad, crushed-stone dooryard. The second time is now. Its unclear whether he owns property here. "He wasn't a genius because Bernanke set the short-term interest rate at Thornburg's benefit. Tracking the performance of complex, constantly changing private investment portfolios, combined with the fluctuating value of land and property, is another. "Rather than just rolling over and playing dead, the administration could've said, 'There's good points on both sides. Leslie Carpenter* Cevital owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company. NM since 1994, except for a five-year detour to Fort Worth Texas where she was the Executive Director. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy. Calling themselves Concerned Citizens of Santa Fe North, Collins and few other well-heeled residents sued to stop the construction of Thornburg's planned headquarters on Ridgetop Road. WE DIDNT FORGET: Some usual suspects Naguib Sawiris is a scion of Egypts wealthiest family. As a group, the continents 18 billionaires are worth an estimated $84.9 billion a 15% increase from 12 months ago and the largest tally since at least 2015. (When they divorced six years later, Juliana got a $600,000 settlement, the Lexus, a fur coat and the shar-pei.) Kate Moss, John Berndt, Chair #1272 Catherine Lozick on the 2023 Billionaires - Catherine Lozick inherited an estimated 65% stake in Swagelok, a valve-making business her father, Fred . Prospective buyers beware. A big-time state contractor, homebuilder, landowner and Richardson campaign donor, Otero has one of the few Hispanic names on our list. Of course he's making money. And fine mortgage securities made up of our fine mortgages were rated AAA," Thornburg told investors last year. Their family invented Rice-A-Roni. Letters will be edited for space and clarity. According to a June 2009 article in the Las Vegas Review-Journal, Stertzer named Luis Hidalgo Jr., a friend, to manage the clubHidalgo Jr. drove a Pantera auto and frequently carried a handgun and wads of cash. Hidalgo Jr. and his son, Luis Hidalgo III, were sentenced to life in prison this year for the 2005 murder of a doorman. Redwood Trust lost $444 million last year, but remains in business. I also think he was establishing his company here; to pull up and leave after that would have been very difficult," she says. The lawsuit, which failed, took years to work through the courts. Shaw Bowman* Thats a personality profile that leads people to think theyre the master of the universe, Patrick Collins, a retired Wall Streeter who campaigned against Thornburgs new Ridgetop Road headquarters, says. 2023 Forbes Africa. We think its important for people whom Santa Fes been good to, who may be from somewhere else, to understand our community. Supposedly, it would attract new businesses. Although Meaghan wasn't in pageants herself, she definitely had friends that competed, and she knew a lot about this world. King is the co-owner of MillerStrategic Consulting, LLC (MSC), a . Diana T MacArthur "Maybe it was a disadvantage [for Garrett] to be in a small place like Santa Fe." Documents show Thornburg paid $11,000 in state and local income taxes in 1985. Despite the fact that her net worth is public, she has not disclosed her salary or income in the media. Over the years, his company, The Opppeneim Group, has closed more than $1 billion in sales over the years and has over $100 million in active listings. The post-war economy replaced family farms with shopping malls; Thornburg's generation would bury manufacturing under paperfinance, insurance and real estate. $ The word came on April Fools' Day. $$$ Not Thornburg. During her development career, she worked at the University of Rochester and the United Way Leean Kravitz joined Fidelity Investments in August of 2008 and currently serves as Vice President of Public Affairs & Government Relations, overseeing teams in New Mexico, Utah and Colorado. ", When Thornburg Mortgage laid off 130 of 150 employees, CEO Larry Goldstone called it a difficult day., On Aug. 8, 2007, Goldstone met with three Thornburg Mortgage investors in his Santa Fe office, the suit claims. As a group, the continents 18 billionaires are worth an estimated $84.9 billion a 15% increase from 12 months ago and the largest tally since at least 2015. $$ In 1994, he became the first black partner at law firm Bowman Gilfillan in Johannesburg, and then started a mining services contracting business. So SFR doesnt present this list as anything but our best effort to figure out whos got the money in Santa Fe. Our process wasnt entirely scientific. Mr. At Bear Stearns, Thornburg told interviewers, he developed expertise in using public "industrial revenue bonds" to benefit private developers. "Garrett is the smartest man I've ever met. And that he wanted that buildinghe being the governorto be a monument of the potential of Santa Fe to be a financial center," Collins says. I have never worked for a finer man or a finer company, David Miller, spokesman for Thornburg Investment Management, which remains in business, says. Bill & Nancy Zeckendorf Their $906,000 home on Thunderbird Corto is a short drive from the campus, soon to be emptier. CELEBRITIES: You may have heard of them He donates big to Democratic politicians and the Center for Contemporary Arts. In 1997, he bought low-producing gold mine shafts and later turned them profitable. Thornburg Mortgage was founded in 1993 with tax advantages in mind. Even the government doesnt know whos wealthiest. She served as Chair, Trustee and Governor of The Childrens Miracle Hospitals Board (Salt Lake City, Utah) which is a Foundation that raises Diane Fisher served as Senior Vice President and General Counsel for Presbyterian Healthcare Services. (Forbes discounts the values of stakes when the public float is less than 5%.). Alt-A falls somewhere between prime and subprime. Mayo King, Co-Chair The Davises make their money managing other peoples, through their mutual funds; its a successful family business going back a couple of generations to New York. Glassman saved special praise for Thornburg Mortgage: "What makes it attractive is its whopping dividend yield, now 10.1 percent"compared to, say, 2.1 percent for Nike today. He was pumping out good cash dividends to the owners of Thornburg Mortgage, Inc. $$ Albuquerque Business First Non-Profit of the Year Award, 2015, 2020, Best of Santa Fe Reporter, 2017, 2018, 2019, 2020, Four-star rating four years in a row! $$ He heads Miller Strategic Consulting, a locally based venture capital firm, and serves on the boards of Hitachi Medical Systems, the biometrics company Lumidigm and SITE Santa Fe. Then the ground moved. Diane Doniger We also welcome you to follow SFR on social media (on Facebook, Instagram and Twitter) and comment there. Heather Roach*, Linda DiPaolo Love, Co-Chair In 2016, he launched a private equity firm, African Rainbow Capital, focused on investing in Africa. W/C She is also a member of the Del Archuleta is a native New Mexican and has devoted his life to giving back to the community and improving the lives of New Mexicans.