Robert I. Toll
Robert Irwin Toll | |
---|---|
Born | 30 December 1940 |
Residence | Miami Beach, Florida |
Nationality | United States |
Education |
B.A. Cornell University L.L.B. University of Pennsylvania Law School |
Occupation | businessman |
Known for | co-founder of Toll Brothers |
Religion | Judaism |
Spouse(s) | Jane Toll |
Children | five |
Family | Bruce E. Toll (brother) |
Robert Irwin Toll (December 30, 1940)[1] co-founded the American luxury homebuilder company Toll Brothers.
Biography
Born to a Jewish family, the son of Sylvia (née Steinberg)[2] and Albert Toll, he grew up in Elkins Park, Pennsylvania.[1] His father, who emigrated from Ukraine,[3] was a millionaire investor who lost everything in the Stock market crash of 1929.[4] His first job was at Camp Powhatan in Otisfield, Maine where he was a counselor; it is now known as Seeds of Peace and is dedicated to bringing together Arab, Israeli, Indian, and Pakistani teenagers to promote peaceful conflict resolution.[1] In 1963, he graduated with a B.A. from Cornell University; and in 1966, he earned a LLB degree, cum laude, from the University of Pennsylvania Law School.[5] In 1967, Toll and his brother Bruce E. Toll founded Toll Brothers with a focus on building luxury homes ($500,000+)[4] starting with a plot of land in Chester County, Pennsylvania given to them by their father.[6] They grew the business using a conservative financial model always including a 10 percent cushion into all their projects and never assuming price appreciation during construction.[6] Bruce was responsible for the book-keeping and Robert the legal side of the business.[4] In the late 1980s, they expanded out of the Northeast to Washington, D.C. and in the mid-1990s, to California.[4] The Tolls are credited with mass-producing luxury housing by taking a few standard home styles and increasing the scale several fold.[6] Toll Brothers later expanded into building “active-adult” communities for the elderly affluent and urban high-rises for the newly affluent (Toll Brothers City Living).[6]
In 2010, Toll stepped down as CEO of Toll Brothers although he still remains active in its management.[7] In November 2013, Toll Brothers purchased Shapell Homes (founded by Nathan Shapell) for $1.6 billion.[8]
Philanthropy and accolades
In 1990, the Tolls sponsored 58 third graders in a program called Say Yes to Education guarantying a college education to each of them.[5] He served on the Board of Directors of the Cornell Real Estate Council, the Metropolitan Opera, Seeds of Peace, and Beth Shalom Synagogue in Elkins Park, Pennsylvania.[5] He has been a long-time fundraiser for the American Red Cross and the American Cancer Society.[9]
Toll was a member of the Democratic National Finance Committee during the Obama campaign.[5][10] Toll also served on the Board of Overseers at the University of Pennsylvania Law School and as a trustee of the University of Pennsylvania where he established the Albert & Sylvia Toll Scholarship Foundation, named after his parents.[5] In 2005, Toll was named CEO of the Year by Professional Builder Magazine. In 2007, 2008, and 2009, he was named the "Best CEO in the Homebuilders & Building Products industry" by Institutional Investor magazine.
Personal life
Toll has been married twice.[1] In 1975, he married his second wife Jane.[11] They live in Miami Beach, Florida.[5] She has one son from her first marriage; Toll has two daughters from his first marriage; and they have a son and daughter together.[4]
References
- 1 2 3 4 the Real Deal: "Bob Toll" by Lauren Elkies retrieved November 7, 2013
- ↑ New York Times: "Paid Notice: Deaths TOLL, SYLVIA (NEE STEINBERG)" October 14, 2001
- ↑ Philadelphia Inquirer: "As a New Era Comes Together Bruce E. Toll: "Anybody can call me," the new chairman invites" By Bob Fernandez June 25, 2006
- 1 2 3 4 5 USA Today: "CEO Profile: Defensive mind-set keeps Toll Bros. going" by Noelle Knox January 28, 2008
- 1 2 3 4 5 6 Toll Brothers website: Executive Biographies retrieved November 7, 2013
- 1 2 3 4 Upstart Business Journal: "Master Overbuilder" by Andrew Rice September 18, 2008
- ↑ New York Times: "Chief to Step Down at Toll Brothers" May 17, 2010
- ↑ Fox Business: "Toll Brothers to Buy Shapell Homes for $1.6B, 4Q Revenue Soars" By Matthew Rocco November 07, 2013
- ↑ BusinessWeek Executive Biography: "Robert I. Toll" retrieved November 7, 2013
- ↑ Seeds of Peace website: "Robert Toll" retrieved November 7, 2013
- ↑ New York Observer: "McMansion Master Robert Toll Loses $2.2 M. Penthouse to Son Jacob" By Max Abelson February 12, 2008