Introduction
Mark Shoen is the Chairman and largest shareholder of Amerco, the parent company of U-Haul. However, despite his high-profile position, Shoen has managed to keep a low profile. This has made him one of the most mysterious and elusive billionaires in the world. But just how much is he worth? Let’s take a look at Mark Shoen Net Worth.
Early Life and Career
Mark Shoen was born in 1949 in Phoenix, Arizona. He is a graduate of Arizona State University and began his career in the family business, U-Haul, in 1971. U-Haul was started by his grandfather, L.S. Shoen, in the 1940s, and Mark’s father, Sam Shoen, helped grow the company into the largest truck rental company in the world.
Expansion of U-Haul
After joining U-Haul in 1971, Mark Shoen focused on growing the company. He oversaw the expansion of U-Haul beyond the United States, into Canada and then Europe. He also helped introduce new services, such as U-Box, U-Haul’s portable storage solution. These initiatives helped U-Haul become a more diversified company with a broader global reach.
Mark Shoen’s Holdings in Amerco
Mark Shoen owns 40% of Amerco’s outstanding shares, which translates to over 22 million shares. As of this writing, Amerco’s stock price was around $540 per share, making his stake worth over $12 billion. In addition to his shares in Amerco, Shoen also owns 2.5 million shares of U-Haul Real Estate Investment Trust (REIT) and has an interest in the company’s equipment leasing business.
Real Estate Holdings
Mark Shoen’s fortune is not just tied to his holdings in Amerco. He also has a significant real estate portfolio, which includes properties in Arizona and California. Some of his notable holdings include the former airplane hangar of Howard Hughes, which he turned into a luxury car display room, and the famous Wrigley Mansion in Phoenix.
Philanthropy
Mark Shoen is a philanthropist who supports various causes, including education and healthcare. He has donated millions of dollars to universities and hospitals throughout the United States. His philanthropic efforts are focused on supporting programs that improve the lives of children and those in need.
Assets Owned by Amerco
Amerco owns several subsidiaries and assets that further contribute to Mark Shoen’s net worth. These include Oxford Life Insurance Company, Republic Western Insurance Company, and a portfolio of real estate properties. Amerco also owns a portion of the Self-Storage Association and operates over 1,500 self-storage facilities in the United States and Canada.
Succession Planning
Mark Shoen is known to keep a tight grip on U-Haul and Amerco operations. Nonetheless, the question of succession planning arises, given his age and the need for continuity in leadership. However, no public statement has been made concerning his succession plans.
Conclusion
As a private individual, Mark Shoen has kept details about his personal life quite hidden from the public. However, what is evident is that he has amassed a vast fortune through his stake in Amerco, his real estate holdings, and his philanthropic efforts.
FAQs
Q1: What is Mark Shoen’s Net Worth?
A1: Mark Shoen’s Net Worth is estimated at over $12 billion.
Q2: What is Mark Shoen’s role in U-Haul?
A2: Mark Shoen is the Chairman of Amerco, the parent company of U-Haul.
Q3: What is Amerco?
A3: Amerco is the parent company of U-Haul and other subsidiaries, including Oxford Life Insurance Company and Republic Western Insurance Company.
Q4: What is Mark Shoen’s philanthropic focus?
A4: Mark Shoen supports education and healthcare programs that improve the lives of children and those in need.
Q5: What are Amerco’s key assets?
A5: Amerco owns several subsidiaries, including Oxford Life Insurance Company and Republic Western Insurance Company, a portfolio of real estate properties, and a portion of the Self-Storage Association.