What was Alexander Spanos' Net Worth?
Alexander Spanos was an American real estate developer and sports team owner who had a net worth of $2.4 billion at the time of his death in 2018. A self-made billionaire, Alexander Spanos built his fortune thanks to his firm, A.G. Spanos Companies, a builder of multifamily residences, commercial buildings, and communities. But he was probably most famous for being the owner of the Los Angeles Charges of the NFL (previously known as the San Diego Chargers).
Early Life
Alexander Gus Spanos was born on September 28, 1923, in Stockton, California, to Greek immigrants. He was only eight years old when he started working at his parents' bakery. Later in life, he dropped out of college, joined the Army Air Force, and served as a tail gunner during World War II. After the war, he spent some time as an amateur golfer.
Career
In 1951, Alexander Spanos founded a catering company with an $800 loan. The business was soon thriving, and he made his first million dollars by 1955. Over time, he funneled his earnings into real estate, eventually starting the A.G. Spanos Companies. Today his company is one of the country's largest apartment developers.
In 1984, he bought a 60% stake in the Chargers for $48 million. He became the full owner over the next decade by buying out the shares of several small co-owners, bringing his control of the team up to 97%. Today, his son Dean oversees the team and serves as its Chairman and President. As of August of 2022, the Los Angeles Chargers were valued at $3.875 billion.
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Philanthropy
After a seven-way heart bypass surgery in 2000, Spanos donated $10 million to Sacramento Mercy General Hospital to help them construct a new state-of-the-art heart center.
Alexander Spanos donated $500,000 to renovate the Fox Theatre in downtown Stockton, which he renamed the Fox California Bob Hope Theatre.
Spanos was a top five GOP donor in 2004. He contributed $5 million to George W. Bush's re-election campaign, and President Bush appointed Spanos to the Kennedy Center board.
In 2005, Spanos was inducted into the California Building Industry Hall of Fame. He also received the AHEPA Award that recognizes members of the community for contributions and achievements in their chosen field.
Personal Life
Alexander Spanos married Faye Papafaklis in 1948. Together, they had four children: Dean, the Chargers' team president, Michael, the Chargers' vice president, Alexis Ruhl, a vice president of A.G. Spanos Companies, and Dea Berberian, a vice president of A.G. Spanos Companies. He always credited his wife for his success. Faye Spanos passed away on August 7, 2018 at the age of 92.
Spanos lived in Stockton, California, but also owned property in Las Vegas, Nevada. He wrote a book titled "Sharing the Wealth: My Story" detailing his rise from being moneyless for 27 years to being a billionaire.
Alexander Spanos died on October 9, 2018, at the age of 95 due to complications from dementia that was diagnosed ten years earlier.
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