Forbes Estimates Net Worth of $1.5 Billion for Nicholas Schorsch

Forbes has published a revealing piece today on Nicholas S. Schorsch, REIT potentate and industry titan, famous for his hand in a number of huge business deals.

Included in the article are some lesser-known facts about Schorsch’s early life and his rise to his current position. The 53-year old grew up in Philadelphia where he and his brother managed their father’s metals fabrication business.

Dropping out of college didn’t hinder Schorsch’s success.

At 23 he worked to improve another company, Thermal Reduction, which he sold in 1994 for over $10 million. A multi-millionaire by 34, Schorsch attempted to retire but then delved into an M&A practice with his wife.

From there, Schorsch purchased 105 bank branches of CoreStates Financial which had just been purchased by First Union Bank. In 2002, with help from Lew Ranieri, Schorsch’s bank properties were turned into a REIT.

Eventually, he found his way to non-traded REITs where he has built a sizeable empire around the American Realty Capital brand. Forbes estimates Schorsch’s net worth to be around $1.5 billion, based on fee income and ownership stakes of his many companies.

The exposé goes on to detail some of Schorsch’s companies’ more questionable decisions and the current state of his REIT investments. It wraps up somewhat ominously by reminding buyers to beware.

To read the Forbes article, click here.