He may not be as famous as his celebrity friends Kate Hudson and Gwyneth Paltrow, but Miami's Jeffrey Soffer is as big time as his Hollywood friends in terms of net worth. Forbes reported that the 47-year-old real estate developer has an estimated $1 billion net worth coming from his hefty stake in Turnberry Associates, the real estate development company founded by his father Donald.
According to the report, his father bought 785 acres of swamp and marshland in northeastern Miami-Dade County in the late 1960s where he built a mall, office buildings and condo towers. The place is now the town of Aventura.
The mall turned out to be one of the highest-grossing shopping centers in America today with sales of $1,642 per square foot when the national average is $474. It houses Emilio Pucci, Cartier, Fendi and the like, the report said.
The report added that the Soffers also own Fontainebleau Miami Beach, an immense hotel with a trendy nightclub and two Michael Mina restaurants. Jeffrey owns 72 percent of the hotel and holds a sizeable stake in Aventura Mall, not to mention the other hotels, office and residential properties that his family also owns.
Forbes estimates that Jeffrey's net worth is at $1 billion. His sister Jackie, who is co-CEO of Turnberry Associates and who also holds a stake in Fontainebleau, has a net worth of less than $700 million, the report said.
Based on the Turnberry website, the company said it "has entered a joint venture with LeFrak to build South Florida''s next iconic neighborhood-a 183-acre master-planned community on the largest remaining South Florida parcel east of Biscayne Boulevard."
"Turnberry also will introduce JW Marriot Hotels and Resorts to Music City with a four-star, JW Marriot Nashville and luxury condominiums on prime downtown land, and building upon its previous Sunny isles, Florida, success, Turnberry has launched the ultra-luxury Turnberry Ocean Club residential tower which will redefine luxury living with its private club prestige," it said.
