Where is Glenn Stearns now? A look at net worth of 'Undercover Billionaire' entrepreneur who became a father at 14
Entrepreneur, mentor and philanthropist, Glenn Stearns' story will make you believe in miracles. In a true rags-to-riches story, the 58-year-old went from an underdog in life to starring in Discovery Channel’s ‘Undercover Billionaire’. With his dedication and the right approach towards his dreams, Glenn knocked off the bumps on the road and climbed the ladder of success.
Born in 1963, he was exposed to an alcoholic upbringing in the lower-income suburbs of Washington DC. Diagnosed with dyslexia, he failed the fourth grade and became a father at 14. Eventually, he paved his path towards triumph and became the founder of Underdog BBQ in Erie, Pennsylvania.
A troubled childhood
Raised in Silver Spring, Maryland, he lived with his father who worked as a printer, and his mother who was a grocery store clerk and housemaid. Socially adept, he struggled in his early years and was never given proper attention or told about his dyslexic problems. After failing his fourth grade, he was humiliated and he also suffered through his parents' divorce when he was 17.
He had a child with a 17-year-old girl named Kathy. His eldest child, Charlene, was born when he was in middle school himself. With great difficulty, he graduated high school and he was in the bottom 10 percent of his class. With the help of mentors, Glenn graduated with a degree in economics from Towson University.
A tragic career trajectory
According to a Forbes report, "Stearns Lending — which is owned by Stearns Holdings — survived the subprime mortgage crisis of 2008 and emerged as one of the country’s largest wholesale lenders by volume, becoming America’s top-rated wholesale residential lenders in a 2013 ranking, published by the trade publication Inside Mortgage Finance. Nonbank lenders like Stearns flourished in the post-crisis environment as traditional banks stepped back, but the often volatile market began to sour by 2014. New mortgages dipped that year and some private lenders were snapped up by larger companies."
Back in July 2019, Stearns Holdings filed for bankruptcy. The report also reads: "Court documents reveal that Glenn Stearns owns 29% of the company, which has assets of $1.22 billion and liabilities of $1.16 billion."
What is his net worth?
Stearns' investments helped him earn a 188-foot yacht, a 9.1% stake in California-based Infinity Bank, and a sprawling real estate empire stretching from Seattle to Maryland. According to Celebrity Net Worth, he is worth $500 million in 2020.
Opening eyes to the real picture, the report said that he isn't a billionaire after all. "While Forbes was unable to value these smaller companies, and Stearns may own other properties and assets beyond what is public knowledge, it’s highly unlikely that they would be enough to raise Stearns’ net worth by the $500 million he would need to hit $1 billion," it detailed.