Real estate tycoon Sam Zell passes away at 81.
Sam Zell, the billionaire real estate investor and founder of Equity Group Investments, has died at the age of 81 due to complications from a recent illness. Zell was known for his blunt personality and his success in real estate, as well as his philanthropic efforts. He popularized the concept of real estate investment trusts and founded companies such as Equity Residential and Equity LifeStyle Properties. While most of his deals were successful, his reputation suffered after the high-profile failure of his debt-fueled agreement to buy Tribune Co. Zell is survived by his third wife, three children, two sisters, and nine grandchildren.
