What is Mikhail Prokhorov’s Net Worth?
Introduction
Mikhail Prokhorov is a Russian billionaire and politician.
Prokhorov was the former owner of the Brooklyn Nets. After graduating from the Moscow Finance Institute, Prokhorov worked in the financial industry. He became one of Russia’s top industrialists. He owned major stakes in multinational corporations working in the precious metals field. Prokhorov was once chairman of Polyus Gold.
Mikhail Prokhorov’s net worth was estimated at $13.5 Billion as of July 2022.
Early Life
Mikhail Dmitrievitch Prokhorov is a Moscow native. He was born on 3 May 1965. Prokhorov has one older sibling. Anna Belkina was Prokhorov’s maternal grandmother and a microbiologist. She remained in Moscow through World War II.
Prokhorov’s paternal grandparents were very wealthy peasant farmers who were persecuted by the Bolsheviks. His father, who lost everything in his family’s death, was made poor and fled Siberia to begin a new life.
Career
After a notorious Christmas party held in Courcheval, France, Prokhorov made headlines. French police held him for four days. He was eventually released by French police without any charges. However, Mikhail had to sell his Norilsk share because of the scandal.
Prokhorov then offered to purchase Villa Leopolda (a 20-acre French Riviera estate built by Belgian King Leopold I). After paying a $55 million deposit to secure the sale price of $750 million, Prokhorov got cold feet and fled. According to French law, he would have his entire deposit forfeited.
Prokhorov received approval in 2010 to purchase the New Jersey Nets NBA franchise. Prokhorov changed the name of the team to Brooklyn Nets and moved them into new stadiums. He paid $223million and took on $160 million of debt in order to purchase an 80% stake and 45% of the arena.
Bruce Ratner was the real estate developer who shared the team at the time of the deal. Jay-Z used to own a small portion of the team. Prokhorov agreed to sell his nearly 100% stake in the stadium and team for $3.5B in 2019.
Mikhail Prokhorov’s net worth was estimated at $13.5 Billion as of July 2022.
How Does Mikhail Prokhorov Spend Money
Mikhail Prokhorov invests his money in vacations, real estate, and other investments.
Prokhorov owns a beautiful home in Villefranche-sur-Mer, France. It is considered to be one of the most expensive houses in the entire world.
Prokhorov has been seen numerous times flying in luxury in his private jets, taking him to exotic destinations. In addition to his pro-sports career, Prokhorov also has a luxurious lifestyle that includes supermodel girlfriends and two mega-yachts. He also owns a private jet that is ultra-luxurious, as well as a successful political career.
Highlights
Here are some highlights from Mikhail Prokhorov’s career.
- Brooklyn Nets ex-owner
- He is the former chairman at Polyus Gold
Three Business Lessons From Mikhail Prokhorov
Now that you’re familiar with Mikhail Prokhorov’s net worth, and how he became successful, let’s examine some of his lessons.
1. Businesses
It is impossible for anyone in large business to avoid having contact with government regulators and policymakers.
2. Be Smart
Prokhorov learned early from his parents that it is important to remain intelligent to succeed in life.
3. Plan Your Future
Always have a backup plan.
Favorite Quotes From Mikhail Prokhorov
Sometimes, I can appeal to officials for help at the government level if necessary. As an example, President Medvedev raised concerns about my purchase of the New Jersey Nets with President Obama. Obama supported the idea, which is always a great thing.
Many people believe that the reason I’m not married is that I don’t understand small businesses. A family is the most difficult small business in the entire world. If you feel happy, fulfilled, and satisfied with your life, why would you want to marry?