Like all professional sports franchise owners, Bruce Sherman's net worth represents a number of great interest to Miami Marlins fans. After all, the Marlins' salaries are usually at the bottom of the league. The team's success over the past 20 years since its last World Series victory has been mixed at best. So there is a lot of 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 dive deeper into the man currently calling the shots as the Marlins' primary owner.
What is Bruce Sherman's net worth?
As of 2024, Bruce Sherman's net worth is estimated at $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 professional sports franchise.
In a way, this makes his journey to becoming a Marlins owner all the more interesting.
How old is Bruce Sherman?
Sherman was born in New York City in 1948.
In 2024, he will be 76 years old.
Born and raised
Sherman grew up in Queens, New York. He was one of three children – along with 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 earn his MBA from Baruch College. After graduating, Sherman began working at an accounting firm.
Does Bruce Sherman have a family?
Sherman has been married to his wife, Cynthia Khan, since 1999. They do not have any children. However, Sherman has two daughters with his first wife, Marilyn Bluestein.
How did Bruce Sherman get rich?
In his late twenties, Sherman was hired to become CFO of a company owned by the famous Collier family. The Collier family consists of descendants of Barron Collier, once the largest landowner in Florida, as well as the owner of banks, newspapers, hotel chains, and a variety of other businesses. It was Sherman's association with the Collier family that put his career into high gear.
In 1985, Sherman founded Private Capital Management (PCM), a wealth management firm. At the time of the company's founding, the Collier family was Sherman's only client. Eventually, PCM expanded beyond the Collier family to include colleges, government institutions, 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?
Within a few years, billions of dollars in assets controlled by PCM had largely disappeared amid the financial crisis of the late 2000s. A poor investment in Bear Sterns and several newspaper entities reduced the value of PCM to just $2.4 billion by 2009.
Such losses prompted Sherman to retire from that line of work in 2009. At the time, Sherman said he was proud of his investment work during his 23 years at the firm, adding with good humor: “Especially the first 22 years.”
How did Bruce Sherman buy the marlin?
The easy answer to this question is that he did not do it alone. However, Sherman was instrumental in assembling a group of investors that purchased the Marlins in 2017 from former owner Jeffrey Loria for $1.2 billion. Other notable members of that group include Derek Jeter and Michael Jordan.
Jeter, in particular, has taken on a hands-on role with the organization despite owning only a 4% stake in the team. While Sherman was controlling owner, Jeter was 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 making decisions.
What other luxury items does Bruce Sherman own?
Buying a controlling stake in the Marlins isn't all Sherman did with the money he made from PCM. For starters, he owns a yacht called Majestic that was originally owned by Nancy Walton, the youngest daughter of Walmart co-founder Bud Walton.
Sherman purchased the yacht for $69 million in 2010 and spends an estimated $6 million annually to keep the boat running. The yacht is often seen cruising around the south shore.
Is Bruce Sherman a philanthropist?
Rest assured, Sherman isn't just spending money on himself. He and his wife, Cynthia, contribute significant amounts to many noteworthy causes.
Cynthia is the founder of the Holocaust Museum of Southwest Florida. The couple also helped fund urology research at New York University. They also help fund the annual Naples Winter Wine Festival, which aims to raise money for the Naples Children and Education Fund.
How have the Marlins fared since Sherman bought the team?
Under Sherman, the Marlins slowly but surely began to turn things around. Granted, the franchise has yet to win the NL East in more than 30 years. However, Miami made the expanded playoffs during the shortened 2020 season, breaking a drought dating 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 previously mentioned, the Marlins have long been near the bottom of MLB in terms of spending. That hasn't necessarily changed, as Miami's Opening Day payroll in 2024 ranks 28th in the major leagues. That was after the Marlins ranked 26th in spending in 2022 and 23rd in 2023. So, it's hard to argue that Sherman has invested more in the Miami infield product than his predecessor.
