Thornburg Mortgage was not a "retail" operation like, say, Countrywide, the most infamous of subprime mortgage lenders. In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange with a market capitalization of nearly $2.8 billion. "Terrible mortgage securities made up of junk were rated AAA. Tracking the performance of complex, constantly changing private investment portfolios, combined with the fluctuating value of land and property, is another. His Thornburg Charitable Foundation has assets of $23 million (and pays $100,000 a year to Executive Director Suzanne Barker Kalangis, wife of Thornburg Mortgage Director Ike Kalangis). It was "the single worst investment of my career," Rainwater told BusinessWeek last year. Jirby is not surprised Thornburg stayed in New Mexico. Larry Goldstone He would also keep his father's gun collection and his interest in Thornburg Sheep Co. back in Minnesota. The quasi-public sector launched Thornburg to Bear Stearns, the recently deceased investment bank. As of 2021, he has an estimated net worth of $50million, according to Celebrity Net Worth. Two days later, the company laid off 130 of 150 employees. Brian McGrath On the other hand, it is yet to be revealed how deep are his wife's pockets. W/C Starring Catherine Zeta-Jones as Vicki, a former beauty queen and current pageant coach who tries to coach an unlikely young woman through the brutal pageant world. Kelcy has managed the Societys CPE program, including the scheduling of seminars and David Foster is a retired policy analyst, publishing industry veteran, and entrepreneur. On Jan. 4, 2007, Gov. Townsend is a former ExxonMobil vice president with a $1.7 million home in Las Campanas; wife Joanna is on the National Council of the Georgia OKeeffe Museum. E/C In 1996, Crosswinds pegged Peters for a $25 million man; intervening years saw a real estate boom followed by an ongoing bust. The companys six-story, glass-domed Southern Service Center in Charlotte, NC bears his name. Stephen L Feinberg Back in 1985, he sued a local contractor over the 14,000-square-foot indoor horse-riding arena hed built on his property; the contractors estimate was $321,000, but it ended up costing twice as much. NDI New Mexico programs positively impact childrens academic achievement, health, quality of life, and self-efficacy through consistent messaging, skill-building, and providing positive role models. "They don't want us to spend our time fighting with a mortgage company that's already failing over whether it's producing enough jobs," Dwyer says. "Unbeknownst to the attendees of the meeting and investors," the suit claims, Thornburg "was just two days away from commencing the sale of 35 percent of its highest quality mortgage-backed assets to meet margin calls." Albert S Waxman EEE A few years later, it endured a wave of prepayments by borrowers. The company jet, part owned by Thornburg personally, is not up for sale. Othman Benjelloun is CEO of BMCE Bank of Africa, which has a presence in more than 20 African countries. TEX In the accepted version of events, Thornburg was a victim. Shaw Bowman* He provides jobs in town. All that's left in the Thornburg name in Minnesota, property records say, is a home in downtown Lakefield. The lawsuit, which failed, took years to work through the courts. Linda Love EEE E/C = East Coast roots EEE Jamai Blivin E/C NDI-NM is a statewide arts education organization in New Mexico that has introduced thousands of New Mexicos children A resident of New York City, Mrs. Diker is a dancer, mother, philanthropist, author and a graduate of Smith College. EIN number 85-0431846. His lawyers claimed Thornburg Management only truly owed $646, while Thornburg Securities owed zero dollars. "I would consider both Garrett and Larry Goldstone to be very, very smart guys," Chicaferro says. He expected to becomeand he dida big fish in a small pond. An REIT, unlike a regular company, is exempt from corporate income taxes. Through his holding company FinanceCom, he has a stake in the Moroccan arm of French telecom firm Orange. "It was made financially plausible by a 40-year tax abatement from the citythe first ever granted to a commercial property," The New York Times reported in 1983. It belonged to Thornburg's first wife, a Swedish artist, who lived there with the couple's son, then 6. And the skills NDI New Mexico teaches are exactly what our staffing team looks for in potential employees. Two Dobermans and a rottweiler jog out to encircle visitors. The property doesnt appear to be in his name; neither is BGKs 2006 sport aircraft. Another lawsuit pins Garrett Thornburg's 2006 compensation (from Thornburg Mortgage alone) at $883,000. The Great Recession has thrown at least 3,300 Santa Feans out of work since last August. The [Albuquerque] Journal asked a few questions. Rabiu, the son of a businessman, inherited land from his father. Hilma Chynoweth* It was divisive. This week's cover story made use of numerous public documents and SFR writer Corey Pein created numerous spread sheets throughout the course of reporting this story. EEE Santa Fe, New Mexico, United States. A more than 60% surge in the share price of his luxury goods firm Compagnie Financiere Richemont maker of Cartier watches and Montblanc pens pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest gainer on the list. EEE He owns just over 50% of the publicly-traded Econet Wireless Zimbabwe, which is one part of his larger Econet Group. The Legislative Finance Committee suggested the true benefit lay elsewhere: "LFC is aware of one company already located in New Mexico, Thornburg Investment Management, which will benefit from the proposed deduction"to the tune of $210,000 annually. Maybe as smart as Yale economist Robert Schiller, who predicted such a crash in 2005. Congratulations to the @BUAgroup and his family . The supposed public benefit of the Thornburg campus? EEE Heather Roach*, Linda DiPaolo Love, Co-Chair The generally accepted version of events leading to the fall of Thornburg is nicely laid out in a new book, House of Cards, by William Cohan. Ultimately, Jirby would keep sale proceeds from the home, the art and physical custody of their son. According to Heldmeyer, city officials feared for the health of the mortgage company even before the deal was struckand kept those fears private. Learn more about the impact of NDI New Mexico. Branchs projects include the San Isidro Plazas 1 and 2, as well as the housing developments Cielo Azul and Colores del Sol. Benjamin Thomas* Their family invented Rice-A-Roni. Aliko Dangote, Africas richest person, founded and chairs Dangote Cement, the continents largest cement producer. Where is Yvette Mimieux now? Many other companies that borrowed heavily are now defunct. Thornburg funded Chavez' Council opponents in the 2004 and 2008 elections. Catherine Oppenheimer of Santa Fe is recognized as a major contributor to the arts for her work supporting strong arts education programs in New Mexico. Now a director at Huntsman chemicals corporation, Reaud is known throughout the legal community as a champion of working men and womenat least according to his bio by the Beaumont Foundation, for which he serves as a board member. Paul Peppard Dubins daughter, a People magazine staff writer, was married at Loretto Chapel in 2001. Soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products and services from telecom to luxury goods ticked up. Everybody's happy on the way up because everybody seems to be making more money." But theres another side to the strange economic mix that is Santa Fe. Despite the blue-blood cred, Dubin has a foothold here. $1 Million - $5 Million. Nicky Oppenheimer, heir to the DeBeers diamond fortune, sold his 40% of the firm to mining group Anglo American for $5.1 billion in cash . Thornburg's 29-year-old son has his own small plane. He set up his own business in 1988 importing iron, steel and chemicals. Chastened, Thornburg changed course. Joe Schepps William H Miller III Thornburg and his third wife, Catherine Oppenheimer, who founded the National Dance Institute of New Mexico, are involved in a new charter school for the arts. E/C The National Dance Institute, founded by Thornburgs wife, Catherine Oppenheimer, has assets of $22 million. It would give them time to reorganize," he says. After serving 8 months in jail on charges of corruption, Rebrab was released on January 1, 2020. He is a retired telecommunications executive, having spent most of his career with AT&T and shorter Julie lives in Albuquerque, where she grew up and manages 3 family investment and real estate companies. Four months after that promotion, Jirby gave birth to a son, Lloyd. "They still own some land back here, but not much." KEY TO SYMBOLS Leslie Carpenter* RT @sir_yb: Abdul Samad Rabiu, the second wealthiest person in Nigeria, has surpassed South African billionaire, Nicky Oppenheimer in net worth, now ranking as the third richest individual in Africa with a net worth of over $8.6 billion. The process took years and involved thousands of Americans who couldn't afford their home loan payments. Chelsea has performed as Corey holds a B.S. Life was good. In the past two years, Thornburg lost a lot of moneybut he's probably still far beyond the $36 million net worth Crosswinds estimated in 1996. $$ During their separation, Thornburg paid Jirby $2,500 a month to care for herself and their son. Shes also a past president of the Los Alamos National Laboratory Foundation and a director of Foreign Traders on Galisteo Street. Oilman Klein owns a $6.7 million home in Tesuque with wife Jeanne; together, theyre on this summers ARTnews list of top collectors worldwide. "We are lucky to be here today," Thornburg told investors later. Litigating shareholders say Thornburg Mortgage overborrowedleveraging up to $12.50 for every $1 it held in equity, well over what federal regulations allow for commercial banks. No end of geniuses," Collins says. David R Albin Cevital owns European companies, including French home appliances maker Groupe Brandt, an Italian steel mill and a German water purification company. Nedra Matteucci "No. Back in Minnesota, Thornburg sold the farm. His father was a shareholder in RMA, a Moroccan insurance company; Benjelloun built it into a leading insurer. The state paid a partial refund of $15,600. $$ish City Housing and Community Development Division Director Kathy McCormick agrees. Leslie Nathanson Juris In tax returns filed with the case, Thornburg claimed income of more than a quarter-million dollars a year. Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. As rise-and-fall stories go, Thornburgs is neither the biggest nor the most shocking. she says. And that he wanted that buildinghe being the governorto be a monument of the potential of Santa Fe to be a financial center," Collins says. Miller owns Santa Fe Countys ninth-most valuable home, an $8.6 million residence in Tesuque. Today Albin, 50, is a director of several energy companies, including NGP Capital Resources, and has a $2 million home in Las Campanas with his wife, Pamela. $$ Kelly Famiglietta* Robin Martin Santa Fe Community Foundation President Billie Blair says her organization confronts, on a daily basis, the disparity of people who wonder where there next meal is coming from and people of high net worth. For years, Blair used to take wealthy donors to field trips on the Southside, to elementary day camps, low-income housing developments and taquerias. Michiel Le Roux of South Africa founded Capitec Bank in 2001 and owns about an 11% stake. Instead of just buying loans, the company would make them, too. Thornburg helped Donald Trump turn the old Commodore Hotel in NYC into the Grand Hyatt. Albin also owns a 2006 Cessna Citation business jet. Investment group MatlinPatterson lent Thornburg $1.35 billion in 2008, only to abandon its stake last month. "It sold real well," broker Dan Pike says. Skilled workers had to be lured. She began her early dance training Ms. Lina Ramos a native New Mexican is an arts educator, director, conductor, opera singer and After her professional career with the San Francisco Ballet, Lori taught for many years in Los Melissa is a graduate of New York University/Tisch School of the Arts (MFA in dance) and Smith Rachel Zervakos earned her B.F.A. According to TCM, Katharine Hepburn died on June 29, 2003 at the age of 96. The author has had good luck with Hollywood adaptations and Oprah recommendations; his $1.1 million home is off Bishops Lodge Road. She graduated from Vassar with a BA in psychology and moved to Washington, DC to begin her career on Capitol Hill. In Israel, her family flipped houses and invested in properties. Peggy Hubbard James Ortiz* His other assets include stakes in mobile phone networks in Burundi and Lesotho, and investments in fintech and power distribution firms in Africa. "I was probably the first Harvard MBA to be on unemployment," Thornburg told New Mexico Business Weekly in 2006. Help didn't come. Santa Fe Review Editor George Johnson has a24/7 webcam trained on the Ford mansion (and on the Davises property; see Some usual suspects). In December 1971, still in Jamaica, Thornburg married Inger Jirby, an artist from northern Sweden, who speaks seven languages. Mayo King According to a June 2009 article in the Las Vegas Review-Journal, Stertzer named Luis Hidalgo Jr., a friend, to manage the clubHidalgo Jr. drove a Pantera auto and frequently carried a handgun and wads of cash. Hidalgo Jr. and his son, Luis Hidalgo III, were sentenced to life in prison this year for the 2005 murder of a doorman. His brothers Yasseen and Youssef, who share ownership in the family group, are also billionaires; his son Loutfy heads private equity arm Man Capital. "I was an entrepreneur since I was about 5 years old," he told The Santa Fe New Mexican in 2000. A University of New Mexico graduate, Kai began dancing at an early age in Santa Fe, New Mexico at Dance for Joy, Charisma and NDI New Kimberly White was born and raised in Albuquerque, New Mexico. In 1998, he hired Ron Chicaferro, then working for another REIT, to lead Thornburg Home Loans. Her Tesuque Ridge home was assessed at $4 million last year. Hamilton, 67, was for decades a senior executive at one of the worlds biggest corporations, Procter & Gamble; in 2005, he joined the board of Dominos Pizza. $$ish $$ Wayne A Reaud Randy Travis She lives at Forked Lightning Ranch in San Miguel County. $$$ = Richer than God Thats a peculiar kind of person. One is that housing prices always go up and stock prices always go up," Eric Janszen, a former venture capitalist and author of a forthcoming book, The Post-Catastrophe Economy, says. Paul Cassidy "Shouldn't we all go through the same process?" Whether on the piano, in the studio, on the stage, or on the dance floor, Michael creates Todd has worked for NDI New Mexico since 1999 and has been the Albuquerque Music Director from Dr. Jessie Wenchieh Lo is a performing artist, recording artist, music educator, and music Matthew is an accomplished musician who has been in the New Mexico music scene for the past 6 Alyx Allie is a graduate of New Mexico State Universitys Dance Program under the direction of Pamela has been a dancer, choreographer, educator, and health care provider for most of her life. Shane, a native New Mexican, has been dancing for 22 years and teaching for 15 years. Knutson and wife Miryam own a $6 million home on Circle Drive. In recent years, Rupert has been a vocal opponent of plans to allow fracking in the Karoo, a region of South Africa where he owns land. Chauna King*, Carol Cochran, ChairDiane Fisher*Peter Frank*, Joelle Mevi, ChairDavid FosterBrian McGrathKatie ThompsonJohn Burnham*Susan Dubin*Lon Erickson*Julia Sze*, Ocean Munds-Dry, ChairPaul CassidyDiane DonigerDavid VogelJulie Bowdich, Kate Moss, ChairJohn BerndtJamai BlivinDavid FosterJesse MartinezDavid VogelElena Tercero*Helen Wertheim*, Peggy Hubbard, Chair Americans were hit harder than average: The typical U.S. billionaire lost nearly $350 million, or about 7% of his wealth, falling from an average net worth of $4.79 billion to $4.44 billion. $$ish Thompson Jr.Garrett Thornburg. The core values of NDI New Mexico are well matched for the core values of our firm. By all accounts, Bear Stearns wasn't interested. . WE DIDNT FORGET: Some usual suspects Donate today to Friends of the Reporter. Eddie Gilbert Catherine Oppenheimer, has assets of $22 million. Kate Moss, Vice Chair Thornburg often said that 97 percent of his business was out of state. Our process wasnt entirely scientific. "I get on my knees and bow to her every other day," Chicaferro, who now "lounges" in Scottsdale, Ariz., says. $$ At Bear Stearns, Thornburg told interviewers, he developed expertise in using public "industrial revenue bonds" to benefit private developers. He owns 85% of publicly-traded Dangote Cement through a holding company. Maria Gale "The 'genius' element was very simple. METL is active in textile manufacturing, flour milling, beverages and edible oils in eastern. She is from Michigan, and spent four years Maureen (Mo) Gorman was raised in Albuquerque but spent the last 9 years in Rochester, New York. Ariana grew up in Santa Fe and danced with Aspen Santa Fe Ballet, Charisma, Cathy Roe, and Wendy has been working as a teacher for NDI New Mexico for over 15 years at The Hiland, The Dance Lorem ipsum dolor sit amet, consectetur adipiscing elit. He still owns part of the company jet. Richardson spokesman Gilbert Gallegos refused comment "on someone's impression of a private meeting [the governor] may have had." Now, she's focused on "pulling together the community." Sandy Seligman, Leslie Nathanson-Juris, Chair Paul De Domenico In January 2020, Oppenheimer was slightly behind Rupert with $7.33 billion to his name. FinanceCom is part of a project to develop a multibillion-dollar tech city in Tangiers that is expected to host 200 Chinese companies. She's been with the Oppenheim Group for three years, and it looks like she has done pretty well for herself, considering her net worth is $1 million. He made his first million at age 26 selling lace and distributing soft drinks. Oppenheimer Asset Management works with a variety of client types. Stertzer sold the club. The majority of Oppenheimer's fortune is derived from the proceeds he collected selling his family's 40% stake in De Beers, the world's largest rough diamond producer, to Anglo American for $5.2. She never remarried. She has been with Ms. DiPaolo Love moved to Santa Fe with her husband, Steve and their daughter, Olivia in 1994 from New York City where she had a successful career as an actress and spokeswoman in TV commercials and voice-overs. His brother Nassef is also a billionaire. Per Celebrity Net Worth, Hepburn was reportedly worth $20 million at the time of her death . Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. Diana T MacArthur His oil exploration outfit, Conoil Producing, operates six oil blocks in the Niger Delta. Get the best of Forbes Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. The former RJR Nabisco board chairman and his wife have a $1.5 million home here. Home base unknown "We got hit over the head with a 2-by-4 twice, and even a donkey could learn by getting hit twice with a 2-by-4," Thornburg told Mortgage Banking magazine in 2003. In 2014, Oppenheimer started Fireblade Aviation in Johannesburg, which operates chartered flights. Casey, 43, came to our attention because he owns and pilots a small plane thats registered in Santa Fe. We are all one community, Blair says. EEE The company suffered when interest rates rose in 1994. Aleem Hasham RT @Nairametrics: This has placed him ahead of South African billionaire Nicky Oppenheimer, who currently has a net worth of $8.4 billion as of the time of writing this report. Adenuga, Nigerias second richest man, built his fortune in telecom and oil production. $$ish Val Diker Wealth also gets harder to measure as it grows. Among other things, the Waxmans complained that the [outdoor furniture] fabric and fringe delivered were never approved [and] the fabric color did not match the pillows, and there were color samples of the [family room] rug that did not match the family room sofa. When they sued, the Waxmans had already forked over $506,000 in advance payments to the decorators; thats 12 times their annual property tax bill. Net worths were calculated using stock prices and currency exchange rates from the close of business on Wednesday, January 19, 2022. She is also a member of the Del Archuleta is a native New Mexican and has devoted his life to giving back to the community and improving the lives of New Mexicans. Gerald Peters Thornburg took hat in hand. In December 2020, he acquired a 5% stake in New York-listed firm Madison Square Garden Sports, owner of NBA Nicks and the NHL Rangers teams. Jane Fonda Required fields are marked *. Thornburg bought in bulk home loans made by other companies to the most creditworthy borrowers, and sold those loans as securities. His massive worth comes from his successful career as a real estate broker and attorney. Her consulting emphasizes the implementation of strategy and the Sandy has lived in Albuquerque since 1968 when she came (on a whim) to attend UNM. To market those funds, he founded Thornburg Securities. For the 11th year in a row, Alike Dangote of Nigeria is the continents richest person, worth an estimated $13.9 billion, up from $12.1 billion last year following a 30% increase in the stock price of Dangote Cement, his most valuable asset. In 2003, a large landowner, Santa Fe Estates, announced plans to sell hilltop property to Thornburg. "Investment bankers from New York always got confused: 'Where? (When they divorced six years later, Juliana got a $600,000 settlement, the Lexus, a fur coat and the shar-pei.) He is an experienced entrepreneur with a demonstrated history of working in the oil and energy industry and service industry, with emphasis Peggy Hubbard, a retired fundraising professional, is actively serving on the Santa Fe Development Committee at NDI New Mexico and has served as the Chair over the past year. Redwood Trust lost $444 million last year, but remains in business. Akhannouch was appointed prime minister of Morocco in September 2021. That wasn't the case," Heldmeyer says. $$ = Master of the universe Joelle Mevi Peter Frank He inaugurated in 2014 a $500 million plan to build the 55-story Mohammed VI Tower in Rabat. According to a Bloomberg News profile, Miller, 59, lives in the Maryland suburbs and travels to Santa Fe four times a yearbut hes around enough to make this list. Val Diker Not to be confused with the other Bill Miller (see William A Miller). Mayo Miller King. Jirby and Thornburg had taken out a mortgage to remodel a home Jirby had purchased, where she and Lloyd lived. Other local institutions rallied for Thornburg. The companies pledged to "create 100-200 new permanent jobs." EEE "We like to keep our name out of the press," Investor Relations Director Mike McMahon says. Peters is a very rich man, an employee of his property company, Southwest Asset Management, allegedly told a Plaza Mercado tenant who complained about mold, according to a 2008 lawsuit. Ms. Fisher provided a broad spectrum of legal services for Presbyterians statewide healthcare delivery system, Presbyterian Health Plan, and the organizations Kelcy Flanagan is the President & CEO of the New Mexico Society of CPAs. He is on the board of the Lensic and the School for Advanced Research. He owns at least 720 square miles of conservation land across South Africa, Botswana and Zimbabwe. $$ish Truth is, any time you see a richest list, whether its in Forbes or Fortune or the defunct Crosswinds weeklywhich published a New Mexicos-richest list in 1996the methodology behind it is at best educated guesswork. Anne & John Marion The bills died.) Evidently, he thought his companies, already worth millions, should pay even less. Miles Wolf* Of its tens of thousands of clients, most are individuals without a high net worth. Whoever pushed, Thornburg and Jirby left for Santa Fe, where they had summered. Issad Rebrab is the founder and CEO of Cevital, Algerias biggest privately-held company. Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa. Many names on this list are global players whose business decisions can change the course of nations. As Thornburg's businesses flourished, his marriage soured. Diane Doniger Ronald N Dubin You can also email specific staff members from our contact page. We think its important for people whom Santa Fes been good to, who may be from somewhere else, to understand our community. One case, Slater v. Thornburg, was recently consolidated in federal court. As the mother of a six year old, she was able to segue Diane currently serves as the chair of NDI New Mexicos Santa Fe Development Committee and member of the Executive Committee. In the meeting, Goldstone allegedly admitted the source of the company's day-to-day operational funding had "dried up." Aug. 19 estate of the day on luxist.com. She worked in the US House of Representatives and US Senate before John and his wife Jean have been part-time residents of Santa Fe since 2001, and currently divide their time between their Santa Fe and Scottsdale, Arizona homes. No. "But I don't know how smart you'd have to be to predict this would've happened." Skilled workers had to be lured. The legalese in the deal states repeatedlyand in ALL CAPSthat the city is at NO RISK if Thornburg vacates the space. The biggest gainer in percentage terms up 125% is Strive Masiyiwa of Zimbabwe, worth $2.7 billion (up from $1.2 billion last year). In February 2008, the Swiss bank UBS reported an $11.3 billion loss based on US mortgages designated as "Alt-A." Carol Cochran He is a financial backer of Faena District, a multi-block, multi-use real estate project under way in Miami Beach, led by Argentine developer Alan Faena, who in 2012 started amassing hotel. Thornburg would keep his company stock and his tax-deferred retirement account. Patrice Motsepe, the founder and chairman of African Rainbow Minerals, became a billionaire in 2008 the first black African on the Forbes list. Two years ago, he was the chairman of a New York Stock Exchange-listed company. martin county police calls report, paano nakakatulong ang paupahang bahay sa pambansang ekonomiya,