What is Mark Mastrov’s Net Worth?
Mark Mastrov is an American entrepreneur who has a net worth of $400 million. Mark Mastrov earned his fortune because the founding father of 24 Hour Fitness. More lately he has earned accolades as one of many homeowners of the NBA’s Sacramento Kings.
Mark Mastrov was born on January 29, 1958 in Oakland, California. He attended Castro Valley High School then Cal State, Hayward.
In 1983, Mark was recovering from a knee damage at an area health club referred to as 24 Hour Nautilus. He quickly struck a deal to purchase out the health club’s proprietor and adjusted the identify to 24 Hour Fitness. 24 Hour Fitness was the primary main nationwide health club to be open, not surprisingly, 24 hours a day.
Mark and a accomplice slowly started increasing. In 1996 they acquired a number of health club franchises across the west coast and Hawaii to increase their facility to round 50 places.
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Company Transactions: Mastrov bought 24 Hour Fitness in 2005 to personal fairness agency Frostmann Little for $1.6 billion.
In 2012, 24 Hour Fitness was supplied on the market for $2 billion. In May 2014 the corporate was acquired for $1.85 billion by an funding agency referred to as AEA Investors LP with monetary backing from the Ontario Teachers’ Pension Plan. Today there are over 400 24 Hour Fitness places within the US.
In June 2020, on the peak of the COVID-19 pandemic’s first wave, the corporate formally declared chapter.
In January 2013 Mastrov made headlines as one of many potential consumers of The Sacramento Kings NBA franchise. He was finally profitable as a member of Vivek Ranadive’s possession group.
Real Estate: In 2005, the identical yr Mark bought 24 Hour Fitness for $1.5 billion, he paid $25 million for a house on Lake Tahoe in Nevada. The 13,000 sq. foot mansion sits on greater than 13-acres of property. He listed the house on the market in March 2016 for $35 million. He didn’t discover a purchaser till August 2020 when the property lastly bought for $27.5 million.
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