Dan Gilbert passes Tigers owner Mike Illitch on billionaire list

Mike Illitch may be willing to deficit spend his way to a World Series, but it is Cleveland Cavaliers owner Dan Gilbert who is officially the wealthiest person to live in Detroit, Michigan, per Forbes.

Gilbert, the founder of Quicken Loans, Rock Ventures, Rock Gaming and owner of the Cleveland Cavaliers — among other smaller companies and teams — is worth an estimated $3.5 billion, up from $1.5 billion in March 2012, because of the extraordinary growth of his privately held mortgage financing company. Forbes reports that the nation’s largest online lender closed $70 billion in mortgages last year, up from $30 billion in 2011.

Gilbert is also said to be purchasing Greektown Casino in Detroit, while being one of the main investors of a light rail system that will hope to improve the economic conditions of the rustbelt town.

When compared to the rest of the world, Gilbert, 51, slots in 354th overall. This compares to Cleveland Browns owner Jimmy Haslam who is said to be worth $1.8 billion, leaving him off of the top 500 as ranked by Forbes.

[Related: WFNY Podcast – Diminishing returns in baseball stats?]

  • JK

    Suck it, Detroit!

  • Harv 21

    Not sure why dolansarecheap anyone in Cleveland really dolansarecheap cares about the relative dolansarecheap wealth scale of Detroiters.

  • http://www.facebook.com/cb.everett.9 CB Everett

    Wow, apparently MCab and Fielder are eating Illitch out of house and home.

  • Matt

    Mr. Gilbert is quite the businessman.

  • http://www.facebook.com/brunomiller130 Brian Miller

    This can only be good for the Cavaliers.

    I get the feeling that in the right year or two, the salary cap will mean very little.