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Wednesday, October 3, 2012

Homeless Billionaire

Yesterday, David Leonard of Bloomberg BusinessWeek reported that twelve years ago, billionaire Nicolas Berggruen (photo) sold his apartment, which was filled with French antiques, on the 31st floor of the Pierre Hotel in Manhattan. He said he no longer wanted to be weighed down by physical possessions. He did the same with his Art Deco house on a private island near Miami. From that point on he would be homeless.

Now he keeps what little he owns in storage and travels light, carrying just his iPhone, a few pairs of jeans, a fancy suit or two, and some white monogrammed shirts he wears until they are threadbare. At 51, the diminutive Berggruen is weathered, but still youthful, with unkempt brown hair and stubble. There’s something else he hung on to: his Gulfstream IV aircraft. It takes him to cities where he stays in five-star hotels. In London, he checks into Claridge’s. In New York, he’s at the Carlyle Hotel. In Los Angeles, he takes a suite at the Peninsula Beverly Hills.

A dual citizen of Germany and the U.S. who speaks three languages, Berggruen makes a point of having lunch and dinner each day with someone intriguing. It could be an author, a famous artist, or a world leader. He prefers to meet them at restaurants near his hotel. He makes reservations for three even when he only plans to dine with one. That way he doesn’t get stuck at a small table. He leaves room for dessert. He adores chocolate.

Homeless or not, Berggruen can afford to live like this because he’s chairman of Berggruen Holdings, a New York-based private equity firm that buys troubled companies and fixes them up. Currently it owns more than 30, including an Australian farming operation, a British life insurer, a Portuguese book publisher, a German department store chain, and real estate development projects in Turkey, Israel, India, and Newark, N.J. According to its website, the privately held holding company’s annual revenue is $5 billion. It throws off $250 million in earnings each year. Berggruen’s personal worth is estimated by Bloomberg Markets to be $2.5 billion.
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