How much is Robert Kraft's net worth? Charges against New England Patriots owner dropped in sex spa case
Kraft has amassed much wealth mainly from his ownership of the New England Patriots football team, a franchise worth billions
Florida prosecutors dropped a misdemeanor charge against football team New England Patriots owner Robert Kraft saying they could not go forward after courts blocked their use of a video that allegedly shows him paying for massage parlor sex.
Palm Beach County State Attorney Dave Aronberg stated in an online press conference on September 24 that without the video recordings of Kraft and two dozen men paying for sex at the Orchids of Asia Day Spa, there was no sufficient evidence to convict them. "We are ethically compelled to drop all cases," he said, according to an AP report.
Kraft’s attorneys have already filed a motion asking that the recordings be destroyed so they could never be released to the public. According to the Guardian, Kraft and the others were charged in February 2019 in a multicounty investigation of massage parlors that included the secret installation of video cameras in the spas’ lobbies and rooms. The report claimed that, at that time, police alleged that the recordings showed Kraft and other men engaging in sex acts with women and paying them. However, all charges against him have been dropped.
No sooner did the news drop about the new development that the Internet went abuzz. A user wrote, "I reckon you could say Robert Kraft got off multiple times." Another concurred, "Charges against Patriots owner Robert Kraft dropped. Bet THAT cost him a pretty penny." A person wrote on Twitter about his status, "Robert Kraft, another rich old white guy 'let off' by the system."
Charges against @Patriots owner Robert Kraft dropped. Bet THAT cost him a pretty penny.— ISupportFirstResponders (@krmjo) September 24, 2020
I reckon you could say Robert Kraft got off multiple times.— Tex McGruder (@TexMcGruder) September 24, 2020
While many alleged that he is another "rich" man getting away with the charges, here is a look at his net worth and the fortune he has earned.
Robert Kraft’s net worth
Kraft was interested in business at an early age and eventually played football as a college freshman. The kid who watched a black-and-white Dumont television at home later became chairman of the NFL Broadcast Committee. Currently, he is the chairman and chief executive officer (CEO) of the Kraft Group. This is a diversified holding company with assets in paper and packaging, sports, entertainment, real estate development and private equity.
In 2019, Robert Kraft’s net worth was between $6.35 billion to $6.9 billion, according to a report by The Street. The site further reported that he has amassed this wealth mainly from his ownership of the New England Patriots football team, a franchise worth $4.1 billion.
Coming to the start of his career, Kraft got into the business by going to work for his father-in-law, Jacob Hiatt, who ran a company that manufactured paper packaging called Rand-Whitney. The Street reported that Kraft expanded his business beyond the packaging industry. In 1975, as part of a partnership, he bought an interest in a tennis team called the Boston Lobsters and also gained control of the television station WNAC-TV in 1982.
In 1996, he founded a soccer team called the New England Revolution. Further, it was in 1998 that he formed the Kraft Group as a holding company. While this company's holdings are still heavily drawn towards paper-product firms, it now also comprises Kraft's athletic teams, real estate holdings and e-sport franchises.
However, Kraft’s biggest fortune came when he bought the football team New England Patriots for $172 million in 1994. Today, the team is worth $4.1 billion and has six Super Bowl wins, according to Forbes.
Kraft is also known for his philanthropy work. The Street reported that Kraft has spent his money on numerous charitable causes. His most notable investments are in health care initiatives and givings for Jewish organizations. In 2019, Kraft pledged $20 million to fight hate crimes and Antisemitism in the wake of the Tree of Life shooting in October 2018.