Episode Details

In this episode of pplpod, we profile Sam Zell (1941–2023), the sharp-tongued Chicago billionaire who made his fortune resurrecting distressed properties. Born to Jewish parents who fled the Nazi invasion of Poland via Japan, Zell displayed an entrepreneurial streak early, managing thousands of apartments while still a law student at the University of Michigan.

We discuss his moniker "The Grave Dancer"—a reference to his strategy of profiting from the mistakes of others—and his uncanny market timing, including the $36 billion sale of EQ Office to Blackstone right before the 2008 financial crisis. We also dive into his complex legacy, ranging from his motorcycle riding with "Zell’s Angels" and massive philanthropic contributions to education and the arts, to the disastrous leveraged buyout of Tribune Media, which resulted in the largest bankruptcy in the history of the American media industry.

Topics Covered:

• The Early Hustle: From reselling Playboy magazines in junior high to managing a real estate empire by graduation.

• The "Grave Dancer" Strategy: How Zell built Equity Residential and Equity Lifestyle Properties by targeting distressed assets and mobile home parks.

• The Tribune Controversy: The $8.2 billion acquisition of the Chicago Tribune and Cubs, the allegations of a toxic workplace culture, and the quick slide into Chapter 11 bankruptcy.

• Life in the Fast Lane: Zell’s love for Ducati motorcycles, his "salty" vocabulary, and his book Am I Being Too Subtle?.