What Is Jeffrey Soffer's Net Worth?
Jeffrey Soffer is an American real estate developer who has a net worth of $1 billion. Soffer is the son of Donald Soffer, the founder of Florida real estate empire Turnberry Associates. The elder Soffer made his first real estate fortune after developing Aventura, which would eventually grow into one of the wealthiest private communities in Florida. Today, Turnberry Associates has real estate projects in cities across the United States, including Las Vegas, Orlando, and Arlington. They also have a project on Paradise Island in the Bahamas.
Turnberry builds and manages condos, shopping centers, and commercial offices, and to date they have developed 20 million square feet of retail space, 1.5 million square feet of office space, 2000 hotel rooms, and more than 7000 condos. In total, Turnberry has developed over $7 billion worth of property. Jeffrey served as Turnberry's Chairman and CEO until 2019 when he and his sister, Jackie, divided the company's assets, and he became the sole owner of JW Marriott Turnberry Miami, the Fontainebleau Miami Beach, Turnberry Ocean Club, Turnberry Isle Marina, and the Big Easy Casino. The Soffer family has been ranked as one of America's Richest Families.
Early Life
Jeffrey Soffer was born Jeffrey Miller Soffer in 1968 in Miami, Florida. He is the son of Donald and Carol Soffer, and his sister, Jackie, is the CEO of Turnberry Associates. Donald has been married five times, and Jeffrey has five half-siblings, Marsha, Jill, Brooke, Abigail, and Rock. Soffer began working for his father when he was 17 years old, and since he didn't enjoy school, he dropped out of college and founded a boat dealership, Champion Marine, in 1986.
Career
In 1967, Donald Soffer founded Turnberry Associates and purchased a 785-acre tract of undeveloped land in Florida's Miami-Dade County. On the land, he built a mall, condos, and office buildings, and in 1995, the area became an incorporated city known as Aventura. Aventura Mall, which was built in 1983, became one of America's highest-grossing shopping centers and is the fifth-largest mall in the country. Jeffrey joined Turnberry Associates in 1987 after selling Champion Marine, and his father put him in charge of new condo developments in the '90s. In 1997, Soffer was the first developer to propose the idea of building high-rise condos in Las Vegas, and he has said that Turnberry Place, his first project, earned over $1 billion in sales. In 2005, Soffer purchased the Fontainebleau Hotel for $325 million and redeveloped it as the Fontainebleau Miami Beach after spending nearly $1 billion to renovate it, adding more than 500 rooms and a 40,000 square foot spa and making space for 11 nightclubs and restaurants. In 2008, he hosted a $5 million party for the Fontainebleau's grand reopening, which featured a Victoria Secret's fashion show and a Mariah Carey concert.
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Jeffrey later sold a 50% interest the Fontainebleau to the Dubai-based resort company Nakheel Leisure for $375 million to help fund the Fontainebleau Las Vegas, but his lenders cut off funding when the resort/casino/theater was 70% finished. Soffer subsequently sued the lenders for the rest of the loan money he had been promised, and several title companies that had insured the loans filed lawsuits against him. In 2015, "Forbes" reported that Jeffrey had reached billionaire status. In 2022, he spoke to "Hotel Business" about his new company, Fontainebleau Development, stating, "Fontainebleau Development's portfolio includes properties in the hospitality, residential, retail, commercial and luxury services sectors, including premier assets, such as Fontainebleau Miami Beach, JW Marriott Turnberry Resort & Spa, JW Marriott Nashville, Hilton Nashville Downtown, SoLeMia Miami, and numerous residential landmarks, such as Turnberry Ocean Club, Turnberry Ocean Colony, Porto Vita, the Tresor and Sorrento towers at Fontainebleau Miami Beach. Our luxury services division includes Fontainebleau Aviation, Turnberry Marina, Turnberry Isle Country Club and some of the highest-grossing and well-known food, beverage and wellness destinations in the world." In the interview, Soffer also shared his business principles: "Create what is extraordinary. We should not be limited by what was done before us, but learn from the past and push to see what is possible."
Personal Life
Jeffrey began a relationship with supermodel Elle Macpherson in 2009, and they split up in early 2012 and reconciled that November after Soffer was injured in a helicopter accident in the Bahamas. Jeffrey suffered a fractured vertebrae and a few broken bones in the crash, and sadly, his friend Lance Valdez did not survive. Jeffrey and Elle married in July 2013, and they decided to divorce four years later. Soffer was married to a woman named Kimberly before his relationship with Macpherson, and he has three children from previous relationships. In December 2013, Jeffrey was sued for wrongful death by Valdez's widow, who alleged in the $100 million lawsuit that Soffer "was recklessly flying and controlling the helicopter at the time of the helicopter crash without an up-to-date and valid helicopter pilot's license." The lawsuit was dismissed two years later.
Jeffrey threw himself a $2 million party for his 40th birthday, and Prince and KC and the Sunshine Band performed at the event. Lesley Abravanel, an entertainment columnist for the "Miami Herald," said of the birthday bash, "It wasn't just a quick sampling of Prince's greatest hits, either. It was a mind-blowing, full-blown concert." In a 2022 interview with "Hotel Business," Soffer was asked how he maintains his work/life balance, and he responded, "Find things you are passionate about. It is important to have hobbies that take you out of work. Some of my best ideas come from just being outside with my family. Relationships with family, friends and loved ones are, by far, the greatest source of inner satisfaction. If your job or career is damaging your personal relationships, both areas will ultimately suffer."
Real Estate
During their marriage, Jeffrey and Elle lived in a $26 million estate that Soffer purchased in 2000. The Mediterranean-style home is located in Indian Creek, Florida, and measures nearly 25,600 square feet. Jeffrey has also owned a ranch in Aspen, Colorado, and a 257-foot yacht that reportedly cost him $170 million.
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