What is Sara Blakely’s net worth
Sara Blakely, the founder of shapewear brand Spanx, has a net worth of $1 billion dollars. In October 2021, she sold a majority stake in Spanx to private equity firm Blackstone for $1.2 billion while retaining a minority stake and overseeing company operations. Blakely and her husband, Jesse Itzler, who founded Marquis Jets, are members of The Giving Pledge and minority owners of the NBA’s Atlanta Hawks.
Sara Blakely’s Early Life and Career
Sara Treleaven Blakely was born on February 27, 1971, in Clearwater, Florida. Her parents were an artist and an attorney, and she had a brother who was also an artist. Blakely graduated from Clearwater High School in 1989 and went on to earn a bachelor’s degree in communications from Florida State University in 1993. While at FSU, she was a member of the Delta Delta Delta sorority.
Blakely initially planned to become a lawyer like her father but her LSAT scores were too low to get into law school. Instead, she briefly worked at Walt Disney World and performed as a stand-up comedian in the evenings.
Sara Blakely: From Fax Machine Sales to Spanx Billionaire
After working at Disney World, Sara Blakely became a national sales trainer for an office supply company. The discomfort of wearing pantyhose in Florida’s heat and humidity inspired her to create Spanx. She spent two years researching and developing her idea and eventually found a hosiery manufacturer who understood and made her shapewear. Neiman Marcus was the first retailer to sell Spanx, and Oprah Winfrey’s endorsement sent sales soaring. Blakely’s marketing strategy relied on word of mouth and public relations rather than advertising. She foresaw competitors copying her product and started with high-end retailer Neiman Marcus to create brand loyalty. In 2007, she partnered with Target to launch a lower-cost line called Assets by Sara Blakely. In 2017, Spanx had estimated sales of $400 million, and Blakely owns 100% of the company without outside investment.
Sara Blakely’s Personal Life and Philanthropy
Sara Blakely married Jesse Itzler, co-founder of Marquis Jet, in Boca Grande, Florida in 2008. They met at a Net Jet Poker Tournament and have four children. Blakely was a contestant on “The Rebel Billionaire” in 2005 and finished second, receiving a $750,000 check from Richard Branson to start her foundation. The Sara Blakely Foundation, launched in 2006, helps women through education and entrepreneurial training. Blakely joined The Giving Pledge in 2013 and has been a guest judge on ABC’s “Shark Tank.” In 2015, Blakely and Itzler were part of the group that bought the NBA’s Atlanta Hawks for $850 million. In 2019, Blakely paid $162,500 for Olivia Newton-John’s black pants from “Grease,” with proceeds benefiting Newton-John’s cancer treatment center in Melbourne, Australia.
Sara Blakely’s Real Estate Investment in Manhattan
In 2008, Sara Blakely made a smart real estate investment in Manhattan. She purchased a three-bedroom, 3,093 square foot condo at 15 Central Park West for $12.11 million. The location of the property was prime, and it was a wise choice for Blakely.
Six years later, in 2014, Blakely sold the same condo for a staggering $30 million. This move was a testament to her investment skills and the increasing value of real estate in Manhattan. Blakely made a massive profit on the sale, proving that wise investments can pay off in the long run.
