The Real Deal Miami

Emperors-in-waiting: Richard LeFrak grooming sons to take over empire

March 18, 2013 11:00AM

From left: Harrison LeFrak, Richard LeFrak and James LeFrak (Image c/o the Star-Ledger)

Real estate titan Richard LeFrak is focused on grooming his two sons to be future leaders of the sprawling family business, the Wall Street Journal reported.

LeFrak took the helm at the LeFrak Organization when his father and legendary builder Sam LeFrak passed away. LeFrak expanded his father’s holdings to include energy and banking in recent years, bringing the family fortune to $5.4 billion, according to Forbes. “He was a big personality,” LeFrak told the Journal about his father. “Sometimes there’s only room for one of those in the room.” [more]