, in which he took issue with the widespread impression that he’s simply a trust fund baby, pointing out the rough shape the economy, real estate and the Crow business were all in when he took over in 1988. “Our company was also in distress,’’ he said. “Our economic value had deteriorated. It’s hard to know if it was zero, but it was low.”reporting on the flamboyant Trammell Crow and his boom-bust-boom-bust empire, support Harlan Crow on that score.
drove the U.S. into the second dip of a recession and oil prices began a decade-long slide in 1981, Crow kept on building. In 1988, Forbes estimated he was worth $775 million . But as Texas real estate cratered, we slashed his estimated net worth to $300 million in 1989, his last year on the list. He died in 2009, at the age of 94, without ever regaining a spot.
Harlan Crow spread the pain beyond family and partners–to lenders, too. In 1993, the Crow operation defaulted on $170 million in debt on their headquarters, the Trammell Crow Center in downtown Dallas. In 1994, lenders holding $580 million in debt on the Crows’ prized Dallas Market Center foreclosed on the property; Harlan went to court and eventually got them to accept $175 million. .
Harlan's brother, Trammell Crow Jr., sports a ponytail and styles himself as a"green Republican." He's shown here in 2016.Today, their Crow Holdings owns and manages nearly $30 billion in real estate projects both completed and under construction. Harlan Crow and his two younger brothers Trammell Jr. and Stuart, are listed on Securities and Exchange Commission filings as majority owners of Crow Holdings Capital. Harlan was CEO of the family operation for nearly three decades.
The three Crow brothers’ registered investment advisory firm, Crow Holdings Capital, runs $14 billion through pooled investments—they put up at least $1 billion of the money, according to an investor document, but much of it belongs to institutional clients, who pay a 1.5% annual fee, plus 20% of profits. Other assets are managed through partnerships. It’s unclear from securities filings what percentage of their managed real estate the Crows own themselves–and they’re not talking.
Another trustifundarian.
How to rebuild a family empire: Step 1: Buy a judge.
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