Saul Steinberg (businessman) Biography, Age, Height, Wife, Net Worth and Family

Age, Biography and Wiki

Saul Steinberg (businessman) (Saul Phillip Steinberg) was born on 13 August, 1939 in New York City, U.S., is a businessman. Discover Saul Steinberg (businessman)'s Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is He in this year and how He spends money? Also learn how He earned most of networth at the age of 73 years old?

We recommend you to check the complete list of Famous People born on 13 August. He is a member of famous businessman with the age 73 years old group.

Saul Steinberg (businessman) Height, Weight & Measurements

At 73 years old, Saul Steinberg (businessman) height not available right now. We will update Saul Steinberg (businessman)'s Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.

Who Is Saul Steinberg (businessman)'s Wife?

His wife is Barbara Herzog (m. 1957-1974) Laura Sconocchia Fisher (m. 1974) Gayfryd McNabb MacLean Johnson (m. 1983)

Saul Steinberg (businessman) Net Worth

His net worth has been growing significantly in 2022-2023. So, how much is Saul Steinberg (businessman) worth at the age of 73 years old? Saul Steinberg (businessman)’s income source is mostly from being a successful businessman. He is from New York. We have estimated Saul Steinberg (businessman)'s net worth , money, salary, income, and assets.

Saul Steinberg (businessman) Social Network

Timeline

Steinberg died on December 7, 2012, at the age of 73, on the same day as his mother, Anne Steinberg.

Reliance filed for bankruptcy in 2001 and entered into a long process of liquidation. Steinberg was forced to sell his extensive art collection along with his 17,000 square-foot, 34-room duplex apartment at 740 Park Avenue in Manhattan, which was bought for "slightly above or below $30 million" in 2000 by Stephen A. Schwarzman of the Blackstone Group.

In 2000 Steinberg donated a large painting, The Death of Adonis (1614), by Peter Paul Rubens, to the Israel Museum in Jerusalem.

In 2000 Steinberg sold his apartment at 740 Park Avenue in Manhattan to financier Stephen A. Schwarzman of The Blackstone Group for a reported $37 million. The apartment had once belonged to John D. Rockefeller, Jr.

Steinberg's brother, Robert or "Bobby" worked as a senior executive at Reliance, helping Steinberg run the company for many years. In 1999, as Reliance encountered severe financial problems, Saul Steinberg fired his brother and the brothers became estranged from one another. In 2000, Steinberg's mother, Anne Steinberg, sued Saul for $5 million that she says he borrowed from her in 1997 and promised to repay on December 1999. She also sued her son Robert for $1.5 million, a debt that also came due in December.

In 1995, Steinberg had a serious stroke. He was forced to step back from management of Reliance. The leverage, low pricing on insurance policies led Reliance to financial problems. Management attempted to sell the company. Reliance Group negotiated a transaction to be sold to Leucadia National in 2000 for stock and the assumption of debt. However, this transaction fell apart in July 2000.

In 1989, Steinberg hosted an opulent 50th birthday party for himself, that included live models depicting his favorite Renaissance paintings.

At Reliance, Steinberg hired dealmaker Henry Silverman, who later became the CEO of HFS Inc. and later Cendant Corp. In 1986, while Silverman was at Reliance, he and Steinberg were involved with television executive, Joseph Wallach, in acquiring Spanish language television stations, and creating the Spanish-language media company, Telemundo.

Steinberg also successfully took over Pergamon Press from British businessman Robert Maxwell. The two initially got along, but the relationship quickly soured and Steinberg was able to rally British investors to oust Maxwell from his position. However, Maxwell bought Pergamon back with borrowed funds in 1974.

In 1969, Steinberg attempted to take over Chemical Bank, then one of the nation's largest financial institutions. The attempt failed.

In 1961, at the age 22, Steinberg founded Leasco Data Processing Equipment Corporation, a computer leasing company that leased IBM computers. While at Wharton, Steinberg had written a paper about IBM Corp., and he had learned that IBM was charging premium prices to lease its computers. Steinberg discovered that he could offer computer leases that would undercut IBM's prices and still obtain bank financing for the entire purchase price of the computers by using the signed leases as collateral with lenders. Leasco grew rapidly, and in 1965 went public.

Saul Phillip Steinberg (August 13, 1939 – December 7, 2012) was an American businessman and financier. He became a millionaire before his 30th birthday and a billionaire before his 40th birthday. He started a computer leasing company (Leasco), which he used in an audacious and successful takeover of the much larger Reliance Insurance Company in 1968. He was best known for his unsuccessful attempts to take over Chemical Bank in 1969 and Walt Disney Productions in 1984.

Steinberg was born to a Jewish family on August 13, 1939, and grew up in Brooklyn, New York the son of Julius and Anne Cohen Steinberg. He had one brother, Robert Steinberg, and two sisters, Roni Sokoloff and Lynda Jurist. Steinberg finished a degree from Wharton School of the University of Pennsylvania in Philadelphia. He was listed as a member of the class of 1959, although some accounts have said that he graduated in two years at age 18.

Leasco bid to acquire Reliance Insurance Company, a Philadelphia insurance company ten times the size of Leasco. Reliance had been in business 150 years, having been established in 1817 to provide fire insurance. It was managed conservatively. Insurance companies have much capital, which is just what computer leasing companies need. Steinberg offered the Reliance shareholders a combination of convertible subordinated debentures and common stock warrants (rather than cash). Reliance management resisted but eventually capitulated, and Leasco was successful in assuming control of Reliance in 1968. Steinberg was 29 when he took over Reliance.

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