What is Peter Ueberroth's Net Worth?
Peter Ueberroth is an American business executive who has a net worth of $300 million. Peter Ueberroth is probably most famous for being the chairman of the United States Olympic Committee (serving from 2004 to 2008) and the sixth Commissioner of the MLB (serving from 1984 to 1989). Most importantly, Peter co-owns the Pebble Beach Golf Course with Clint Eastwood, Arnold Palmer and a group of partners. The consortium acquired the Pebble Beach Golf Links and other properties in the area in 1999. Their investment secured the famous golf links and resort, preventing the risk of excessive development and preserving the natural beauty of the iconic California coastline.
Peter Ueberroth began his career as the Vice President and shareholder of Trans International Airlines and as founder of the First Travel Corporation which he sold in 1980. He then became the organizer of the 1984 Summer Olympics and was given the title of Man of the Year by Time Magazine as well as receiving the Olympic Order in gold. As baseball Commissioner Ueberroth settled many labor disputes with the team players and Major League Umpires Association. During his first year as Baseball Commissioner he expanded the League Championship Series from best of five to best of seven and found a way to get large companies to sponsor the MLB by having the players endorse their products.
In 1989 Ueberroth stepped down as commissioner after it was revealed that he spearheaded a secretive agreement between the owners that blocked players from becoming free agents. But during his time as commissioner for the MLB there were many improvements, including anti-drug campaigns, alcohol and crowd control, record attendance and financial improvement.
He also ran for Governor of California, but pulled out of the race in 2003. He has also held the positions as director of the Coca-Cola Company, director of Adecco S.A., chairman of the Contrarian Group, director of Hilton Hotels, co-chairman of the Pebble Beach Company, chairman of Ambassadors International, chairman of the U.S. Olympic Committee Board of Directors and Life Trustee of the University of California.
Salary
During his time as baseball commissioner, Peter Ueberroth earned a base annual salary of $450,000, twice the amount earned by his predecessor.
Early Life and Career Beginnings
Peter Ueberroth was born in Evanston, Illinois in 1937 and attended Fremont High School and the San Jose State University. Ueberroth began his professional life in the travel industry. After earning his degree in Business Administration from San Jose State University, he co-founded the travel company First Travel Corporation in 1962. The company expanded rapidly, becoming one of the largest travel services in North America. His innovative approach to business management laid the foundation for his later professional successes.
1984 Los Angeles Olympics
In the late 1970s, Ueberroth was appointed the President of the Los Angeles Olympic Organizing Committee, tasked with planning and executing the 1984 Summer Olympics. Despite initial concerns over costs and potential boycotts, Ueberroth orchestrated one of the most successful and profitable Olympic Games in history. His use of corporate sponsorships and stringent cost-control measures turned a predicted deficit into a surplus of nearly $250 million. This achievement earned him the title of Time Magazine's Man of the Year in 1984.
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Commissioner of Baseball
After his success with the Olympics, Ueberroth was named Commissioner of Major League Baseball in 1984, a position he held until 1989. During his tenure, he focused on improving the financial health of the sport, increasing corporate sponsorships, and promoting the game internationally. However, his term was also marked by controversy, particularly due to the handling of player strikes and collusion between team owners to suppress player salaries.
Pebble Beach
After leaving baseball, Ueberroth, Clint Eastwood, Arnold Palmer and a handful of additional partners purchased the Pebble Beach golf course for $820 million. Each of the three, Ueberroth, Eastwood and Palmer chipped in around $20 million to the purchase. They raised the majority of the remaining funds from investors like the General Electric Pension Fund and various other private investors who chipped in $2 – $10 million for stakes. Those stakes have since tripled in value, conservatively.
Personal Life
He is married to Ginny Ueberroth and together they founded the Sage Hill School. Their son, Joseph, took over the position of director of Ambassadors International in 2006.
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