Like all owners of pro sports franchises, Bruce Sherman’s net worth is a number of great interest for Miami Marlins fans. After all, the Marlins’ payroll is usually toward the bottom of the league. The team’s success over the last 20 years since its last World Series triumph has been mixed at best. Therefore, there is great interest in Marlins ownership.
Who is Bruce Sherman?
So who is Bruce Sherman? How did he come to own the Marlins? What did he do before owning the franchise?
Let’s dig a little deeper into the man who’s currently calling the shots as the principal owner of the Marlins.
What is Bruce Sherman’s Net Worth?
As of 2024, Bruce Sherman’s net worth is an estimated $550 million. Not only is he not among the richest MLB owners but he has one of the lowest net worths of anyone who is the principal owner of a major pro sports franchise.
In a way, that actually makes his journey to becoming owner of the Marlins more interesting.
How Old is Bruce Sherman?
Sherman was born in New York City in 1948.
In 2024, he will turn 76 years old.
Born and Raised
Sherman was raised in Queens, New York. He was one of three sons – alongside brothers Joel and Peter – of Michael and Sylvia Sherman. By all accounts, he had a typical middle-class upbringing.
After high school, Sherman attended the University of Rhode Island and then returned to New York to get his M.B.A. from Baruch College. Upon graduation, Sherman began working for an accounting firm.
Does Bruce Sherman Have a Family?
Sherman has been married to his wife Cynthia Kahn since 1999. The two don’t have any children. However, Sherman has two daughters with his first wife Marlene Bluestein.
How Did Bruce Sherman Become Rich?
In his late 20s, Sherman was recruited to become the CFO of a company owned by the famous Collier Family. The Collier family is made up of descendants of Barron Collier, who was once the largest land owner in Florida, as well as the owner of banks, newspapers, hotel chains, and a variety of other businesses. It was Sherman’s connection to the Collier family that put his career into overdrive.
In 1985, Sherman founded Private Capital Management (PCM), a wealth-management firm. At the time the company was founded, the Collier family was Sherman’s only client. Eventually, PCM expanded beyond the Collier family to include colleges, government organizations, and other clients. By 2005, two decades after Sherman founded the company, PCM’s assets were worth an estimated $31 billion.
What Happened to Bruce Sherman’s Fortune?
In a few short years, the billions of dollars in assets controlled by PCM largely disappeared amidst the financial crisis of the late 2000s. A bad investment in Bear Sterns and several newspaper entities dropped PCM’s worth to a mere $2.4 billion by 2009.
Such losses prompted Sherman to retire from that line of work in 2009. At the time, Sherman said that he was proud of his investment work during the 23 years of the company, adding in good humor: “especially the first 22 years.”
How Did Bruce Sherman Buy the Marlins?
The easy answer to this question is that he didn’t do it alone. However, Sherman was key in putting together a group of investors who bought the Marlins in 2017 from previous owner Jeffrey Loria for a price of $1.2 billion. Other notable members of that group included Derek Jeter and Michael Jordan.
Jeter, in particular, took a hands-on role with the organization despite only owning a 4% share of the team. While Sherman was the controlling owner, Jeter was the CEO, overseeing the day-to-day operations of the franchise. In early 2022, Jeter sold his stake in the Marlins and left the franchise after four years of calling the shots.
What Other Luxury Items Does Bruce Sherman Own?
Buying controlling interest in the Marlins isn’t all that Sherman did with the money he made with PCM. For starters, he owns a yacht called Majestic that was originally owned by Nancy Walton, who is the youngest daughter of Walmart co-founder Bud Walton.
Sherman bought the yacht for $69 million in 2010 and spends an estimated $6 million annually to keep the boat running. The yacht is frequently seen cruising around South Beach.
Is Bruce Sherman a Philanthropist?
Rest assured, Sherman doesn’t just spend money on himself. He and his wife Cynthia contribute large sums of money to several noteworthy causes.
Cynthia is the founder of the Holocaust Museum of Southwest Florida. The couple has also helped to fund urology research at New York University. They also help to fund the annual Naples Winter Wine Festival, which aims to raise money for the Naples Children and Education Fund.
How Have the Marlins Done Since Sherman Bought the Team?
Under Sherman’s leadership, the Marlins have slowly but surely started to turn things around. Granted, the franchise still hasn’t won the NL East in more than 30 years. However, Miami made the expanded playoffs during the shortened 2020 season, breaking a playoff drought that dated back to the team’s World Series championship in 2003. The Marlins even won the Wild Card Round that year before losing in the Division Series. Miami returned to the postseason in 2023 but lost to the Phillies in the Wild Card Round.
As mentioned, the Marlins have long been near the bottom of MLB in spending. That hasn’t necessarily changed, as Miami’s opening day payroll in 2024 ranked 28th in the big leagues. That was after the Marlins ranked 26th in spending in 2022 and 23rd in 2023. Therefore, it’s tough to argue that Sherman has invested more in Miami’s on-field product than his predecessor.
