The Crown family has become one of America‘s wealthiest dynasties through their savvy leadership and investment in a range of businesses, especially defense contracting, real estate, manufacturing, and hospitality. Over the course of 100+ years and across 3 generations, the Chicago-based Crowns have accumulated a net worth surpassing $10 billion.
The story begins with patriarch Henry Crown, who founded a successful building materials company in 1919 that later merged with General Dynamics, giving the family a powerful foothold in the defense industry. Henry‘s son Lester Crown inherited and expanded the family empire into real estate, banking, ski resorts, and beyond. Today, the Crowns‘ wealth stems from their long-term positions in General Dynamics and substantial ownership of properties in major metro areas.
Building a Fortune in Sand and Gravel – The Early Success of Henry Crown
Growing up the son of a contractor, Henry Crown recognized the opportunity in building materials and founded Material Service Corporation in 1919 with his brothers. In the growing suburbs of post-World War I Chicago, Material Service mined and supplied sand, gravel, ready-mix concrete, and other necessities of development.
With Henry‘s vision and skill for business growth, Material Service expanded across the United States through the acquisition of local mineral and supply companies. By 1959, revenues reached $200 million annually ($1.8 billion today) from the production of 20 million tons of sand and gravel. Henry also steered the company into related opportunities like highway construction.
Beyond Materials Service, Crown made other savvy moves to diversify the family fortune. He acquired substantial real estate in downtown Chicago, including developing the Empire State Building and Pan American Life Building. Henry also founded a banking firm that eventually merged into JP Morgan Chase, where the Crowns remain major shareholders today.
Merging with General Dynamics – A Pivotal Deal for the Crowns
In 1959, Henry Crown pulled off a monumental deal by orchestrating a merger between Material Service and the struggling defense contractor General Dynamics. This provided stability for GD and gave the Crown family effective control of the combined entity with Henry‘s son Lester Crown as Chairman.
Over the ensuing decades under Crown guidance, General Dynamics flourished into one of the Pentagon‘s largest contractors. The company today generates over $37 billion in annual revenue with a market cap exceeding $50 billion. Through it all, the Crown family has maintained an ownership stake of approximately 21%, forming the foundation of their multibillion dollar fortune.
Some of General Dynamics‘ most pivotal acquisitions under Crown leadership include:
- Gulfstream Aerospace – For $560 million in 1999
- Chrysler Defense – For $1.48 billion in 1982
- Cessna Aircraft – For $600 million in 1985
With these aerospace and defense industry additions, General Dynamics cemented its status as a preferred contractor for the U.S. government for ships, tanks, munitions, IT systems, and more.
Expanding the Fortune under Lester Crown
After the passing of Henry Crown in 1990, his son Lester Crown became the family patriarch, further growing assets into real estate and other industries. Some of Lester‘s most consequential moves include:
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Purchasing the Aspen Skiing Company for $110 million in 1993, which now comprises 4 elite ski resorts in Aspen, Colorado.
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Leading an investment group that acquired the Willis Tower (formerly Sears Tower) for $840 million in 2004, making it the flagship property of the family‘s Crown Realty portfolio.
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Serving on the board of JP Morgan Chase since 1991, where the Crown family still holds a significant stake from Henry Crown‘s early banking investments.
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Founding a venture capital fund that invests in high-growth sectors like healthcare and financial technology.
Under Lester‘s leadership until the early 2000s and more recently with his children‘s generation at the helm, the Crowns have maintained their General Dynamics shares and expanded into new areas – especially real estate.
Crown Family Assets and Net Worth Today
The Crown family assets today include an array of investments and businesses, dominated by their long-held stake in General Dynamics. Major elements of the current Crown family fortune include:
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21% ownership stake in General Dynamics valued at over $7 billion – This equals over 90 million shares generating hundreds of millions in dividends annually.
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Over $3 billion in commercial and residential real estate holdings, largely found in prime downtown Chicago locations. Major properties include the Willis Tower, John Hancock Center, and the company‘s namesake Crown Plaza Building.
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Over $1.5 billion valuation for the Aspen Skiing Company, which encompasses multiple ski resorts and lodges visited by over 1.5 million skiers annually.
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A venture capital portfolio with over 50 investments focused largely on Fintech, biotech, and healthcare companies.
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Significant shareholdings in JP Morgan Chase, Sara Lee, Deerfield Management, and others due to early Crown family investments.
Altogether, it is estimated the Crown family has a net worth surpassing $10 billion today. Other prominent billionaire family members beyond Lester Crown include his siblings Susan Crown and James Crown, and children Amanda Crown and Sarah Crown Star.
While not as widely known as publicly-traded empires like Walmart or Mars, the Crown family has quietly built one of the largest private fortunes in America. Their story reflects the power of long-term decision-making and investing behind proven core businesses – a success template for family wealth management. If trends continue, expect the Crown empire to continue prospering through the 4th and 5th generations of this storied Chicago dynasty.
