Introduction
James F. Goldstein is an American real estate developer and NBA superfan born on January 5, 1940, in Milwaukee, Wisconsin. He is widely known for his eccentric fashion tastes and colorful outfits at NBA games. James Goldstein’s net worth is estimated at $350 million, and his primary source of income is through real estate investments, mainly mobile home parks in California.
Early Life and Education
James F. Goldstein’s father was the owner of a department store in Racine called Zahn’s. James attended Stanford University, and later received his MBA from UCLA.
Early Career
After graduating from UCLA in 1964, James joined Rammco Investment Corporation, which profited from buying cheap farmland on the outskirts of LA and developing it into neighborhoods. James worked as an acquisitions strategist for the company, focusing on finding properties in Riverside and San Bernardino.
Mobile Homes
Through his job, James was introduced to the surprisingly-lucrative world of mobile home park ownership. In the early 1980s, James set up his real estate investment company and started acquiring properties. He reportedly owns at least a dozen mobile home parks in both Northern and Southern California, which provide his primary source of income. For example, in 2007 he bought a mobile home park in Carson, California for $23 million, using $18 million worth of financing.
Jimmy’s Management Style and Controversies
Managing mobile home parks can be a contentious issue, as they are typically rent-controlled. James has consistently fought to raise rents at his properties, successfully suing several cities that attempted to block his rent hikes. Additionally, he has used a 1893 law that allows landowners to subdivide their properties into separate cities to force his tenants to either buy their properties or move out. Once they move out, he can raise the rent without limitations.
NBA Games
James Goldstein is famously known for attending NBA games in extravagant and outlandish outfits. He is a permanent fixture at over 100 NBA games a season, and he has season ticket floor seats at both LA Lakers and LA Clippers games. He spends over $500,000 every year on custom-tailored clothing, purchasing sports tickets, and traveling to games.
Sheats-Goldstein Residence
James is also well-known for owning the iconic Sheats-Goldstein Residence in the Hollywood Hills, which was designed by John Lautner. He purchased the property in 1972 for $185,001. The house is also famous for being used in many films, TV shows, and photo shoots, including “The Big Lebowski.” James has maintained and restored the property over the years and owns adjacent lots to create a four-acre private jungle. The property boasts an infinity tennis court that overlooks the Los Angeles Skyline and an underground nightclub called “Club James.” The mansion is estimated to be worth over $100 million.
Conclusion
James Goldstein’s net worth is estimated at $350 million, earned through his successful real estate investments in California. He is also widely known as an NBA superfan, attending over 100 games per season, and for his iconic Sheats-Goldstein Residence. Despite controversies over rent increases, James Goldstein’s net worth continues to grow, and he remains one of the most colorful and eccentric figures in American sports and business.
