Thomas Joseph Barrack Jr., better known as Tom Barrack, is an American private real estate investor. He is the founder of the publicly traded international investment firm Colony Capital Inc. Tom was Chairman of the founding committee for former US President Donald Trump. As of 2021, Tom Barack’s net worth is estimated to be around $1 billion.
Tom Barrack was charged and jailed for acting as an unregistered UAE agent on Tuesday, July 20, 2021. He was also charged with providing false information to the FBI and obstructing justice.
|Full Name||Thomas Joseph Barrack Jr.|
|Birth Date||April 28, 1947|
|Birth Place||Los Angeles, California, U. S.|
|Profession||Private equity real estate investor|
|Net Worth||$1 billion|
Tom Barrack was born on April 28, 1947 in Los Angeles County, California, USA. He is of Lebanese origin when his grandfather traveled to the United States from Zahle, Lebanon in 1900. Tom spent his childhood in Culver City, California . His father worked as a shopkeeper and his mother was a secretary.
Regarding his education, he attended the University of Southern California, graduating in 1969 with a Bachelor of Arts. He then enrolled at USC Gould School of Law. There he was editor of Southern California’s leading academic journal, the Law Review. In 1972 he received his law degree from the University of San Diego School of Law.
Tom Barack’s net worth and career
Tom began his professional career in a law firm and worked as a bank clerk for Herbert W. Kalmbach. He was lucky enough to visit Saudi Arabia in 1972 after a law firm sent him there and very soon he became a close friend of the Saudi prince. He also became the squash partner of the Saudi prince. He later he began to work for the Saudi princes.
Tom began working in 1982 with former US Secretary of State James G. Watt as Deputy Assistant Secretary of the Interior. In 1987 he began working with the Robert M. Bass Band. He first met Donald Trump in 1985 when Trump bought a fifth of the Alexander Department Stores real estate fund. Shortly after, he received $410 million from Trump for full ownership of the Plaza Hotel.
Tom founded the investment firm Colony Capital in 1990 with the help of GE Capital investors Eli Broad, Koo Chenfu and Merrill Lynch. He manages a $25 billion asset portfolio through an investment firm. In addition to his real estate project, he has long been a close associate of Donald Trump. He even supported Trump in the 2016 US presidential election.
Barak also served as chairman of the Trump Committee, where he oversaw Trump’s inauguration in 2017. During his inauguration, he was able to raise more than $100 million.
Personal life of Tom Barack
Tom Barrack was married to Rachel Barrack, with whom he has six children. Unfortunately, their married life ended in divorce in 2016. Tom recently got into serious trouble after being indicted by a federal court in New York on July 20, 2021 for acting and participating in a conspiracy as an agent of the United Arab Emirates. (UAE) between April 2016 and April 2018.
He was arrested and jailed for making numerous false statements to FBI agents and obstructing justice. Tom and two others are accused of influencing the foreign policy stance of the 2016 US presidential candidate campaign and the foreign policy stance of the US government in the new administration.
Tom Barack net worth
As of September 2011, Tom Barack’s fortune was approximately $1.1 billion. At the time, he was the 833rd richest person in the world and the 375th richest person in the United States. However, his billionaire status disappeared in 2014. Barak seems to have regained his billionaire status as his current net worth is estimated to be around $1 billion.
In 2014, Tom bought a large property in Santa Monica for $21 million. He subsequently sold the property for $35 million and made a profit of $14 million. In 2017, he bought a huge property in Aspen, Colorado for $15.5 million.