Bob Corker Net Worth
How much is Bob Corker worth? It is estimated that Bob Corker’s net worth is approximately $50.0 million.
This makes Corker one of the wealthiest senators in the country. In addition, he is one of the few senators that would be given the label of being a self-made millionaire from his prior career as an entrepreneur and investor.
This article will go through how Corker made his money and take a more in-depth look at Senator Bob Corker’s net worth, all of which was made through running and selling-off businesses. Before getting into the nitty-gritty of Corker’s net worth, let’s go through a quick bio of who he is.
A Brief Bio of Bob Corker
Bob Corker is the Junior Republican Senator from Tennessee and is the chairman of the Committee on Foreign Relations.
There was one point when Bob Corker considered working with Donald Trump and becoming his running mate in the 2016 presidential election. But after a meeting with Trump in New York, Corker withdrew his name from any consideration.
Corker withdrew his name because he thought he was more suited for another purpose with his time and life. More recently, Corker announced in September 2017 that he will not run for re-election in 2018 for the Senate seat. This may have meant that Corker always had a plan to retire and took the meeting with Trump out of respect. Another possibility is that when Trump and his team took residence in the White House, Corker started to get a dislike for Trump and the administration, which resulted in him stepping down as Senator.
Now let’s take a look at how Corker built his wealth and what he could do with all the extra time he has on his hands in the coming years.
How Did Bob Corker Make His Money?
In an interview with Esquire, Corker revealed how he became a multi-millionaire. It all began with his father making Corker believe in himself and that he could do anything in life as long as he put his mind into it. (Source: “What I’ve Learned: Senator Bob Corker (R, Tenn.),” Esquire, October 18, 2010.)
Corker started working when he was 13 years of age. The work wasn’t the greatest but Corker did generate some cash flow from working hard. He was picking up trash and bagging ice. As Corker got older, he worked at Western Auto as a construction laborer.
While working as a construction worker, Corker set aside $8,000 in order to start his own business venture, a construction company. At the time, Bob was only 25 years of age. The company was growing from the getgo, operating in 18 different states and seeing annual growth of 80%. The entire company was eventually was sold in 1990.
The sale of the construction business helped get the ball rolling for creating wealth for Corker. He also gained a lot of knowledge about himself in terms of what he is capable of and confidence that there are endless possibilities in the world.
With the sale of the business, Corker wanted to invest his money in another business venture and real estate piqued his interest. Less than a decade after selling his construction company, Corker was on the other side of an acquisition deal. He purchased two of the largest real estate companies in Chattanooga, Tennessee: Osborne Building Corporation and Stone Fort Land Company.
In 2006, he once again sold off the business he owned to a local businessman. Looking back now, the timing was perfect. This was a year or two before the real estate market was impacted by the financial crisis. It is also more likely that the valuation of the company was higher in 2006 than if he had sold it later on.
These two business dealings are the largest contributors to Corker’s total net worth. Since the businesses were sold off, Corker has been investing his money in other areas, which still contributes to his bottom line.
Present Investments
One of Corker’s largest investments may be his home, which is located in Chattanooga, Tennessee. The house is worth millions of dollars and is known as the Anne Haven Mansion. The mansion once belonged to Anne Lupton and Frank Harrison, the heirs to the Coca-Cola Bottling Co Consolidated (NASDAQ:COKE) fortune. The Anne Haven Mansion is just one home Bob owned in his portfolio.
In addition, Corker has made investments into NLL Holdings and McGowin Park LLC, which is focused on developing shopping complexes. (Source: “Wealth of Congress Index,” Roll Call, November 2, 2015.)
A more interesting investment by Corker in his portfolio is in the fast and healthy food chain Sweetgreen. Initially, the company was founded and operated in Washington. It quickly expanded, and as of October 2017, there are more than 75 total restaurants across the country, including areas such as New York, California, Illinois, and Massachusetts.
The investment in Sweetgreen can continue to grow because restaurants that have a great brand and are in the healthy food space are growing tremendously. Corker is not the only investor in the restaurant company; there are venture capital firms and billionaires such as T. Boone Pickens.
Corker also has investments in cash, trust accounts, and in the stock markets. The trust accounts are set up for his two daughters.
How Much Does Bob Corker Make?
Bob Corker’s salary in 2017 was approximately $175,000 for serving as a senator for Tennessee. This is nothing compared to his total net worth but it still helps to pay the bills. Previously, Corker also served as the mayor of Chattanooga, which also would have paid him in the six figures.
A Venture Close to Corker’s Heart
When Corker was in his twenties, he was involved in a mission trip to Haiti. The purpose of the trip was to help upgrade the housing situation in Haiti. The trip opened his eyes to do more for other people and inspired him to be more active in his home community.
After returning home, Corker helped create a non-profit organization of his own to help the community, Chattanooga Neighbourhood Enterprise. The intent of the organization is to provide low-interest home loans and educating homeowners about general maintenance on their homes. Even though this does not add wealth to Corker’s bottom line, it helps other people build their wealth thanks to Chattanooga Neighbourhood Enterprise.
Future Outlook of Bob Corker’s Net Worth
The purpose of investing is deploying capital and expecting the capital to grow over time. It is not always the case that a higher dollar amount of investment capital could be expected.
When taking a look at Corker’s assets, it is quite possible to see his net worth increase further. The first reason is the exposure to the real estate development assets. This is due to the fact that capital is received on the back end of the transactions dealings. Meaning, once construction is completed, there will be a large inflow of capital.
Another contributor that could inflate Corker’s net worth is his interest in Sweetgreen restaurants. The restaurant chain is expecting to expand across the entire country. Eventually, there is always the possibility of looking across borders for further expansion plans. The reason for the growth is that healthy food restaurants are becoming more popular due to more health-conscious people.
The last reason would be the real estate held. This is because real estate is an inflation-protected asset, so as time passes, so does the value of the land and property.
There is no telling what else could influence Corker’s net worth since he is a well-connected individual. There could be another investment opportunity that arises once he steps down from his position as the senator of Tennessee.
What Will Bob Corker Do in Retirement?
Since Corker will not be doing his daily duties as senator any longer, he will have a lot of time on his hands. There are a few possibilities of how he can spend his time going forwards.
For one thing, he could spend a lot more time working on his non-profit organization. He could give up his time for others as he has done in the past. Another possibility is that he spends more time on business dealings. This means he looks for more investments to add to his investment portfolio. This simply means he will have a more hands-on approach in terms of his investments.
Since Corker is a husband, father, and grandfather, more of his time could be allocated towards his family. Corker has lived a life in the public’s eye and now could be the time to live a more private life.
All of these above scenarios are quite possible; Corker has managed his time very well in regards to being a senator, businessman, family man, and volunteering in the past. In the end, it could be possible that Corker does multiple things as he has more time since he’s not running for re-election and is officially retiring as a senator.