How Millionaire Real Estate Mogul Don Peebles Is Approaching Billionaire Status
By Bandana Babu
Don Peebles, Real estate mogul and one of the most successful African American CEOs in the country, is moving closer towards billionaire status. with his latest venture. The estimated net worth of Peebles, according to Forbes, is more than $700 million, and with several nine-figure developments underway, his fortune is rising to the top.
Currently working as the vice chairman of the Board of Directors of the Congressional Black Caucus Foundation and a member of President Barack Obama’s National Finance Committee, Peebles, 54, is especially known for weaving in $10 million-plus apartments alongside redevelopment projects in some of the most impoverished areas in cities across the Eastern seaboard. He has been in real estate since 1983. He opened RDP Corporation, a residential and commercial real estate appraisal firm.
“The projects we tend to be attracted to are those that have greater impact, greater symbolism,” said Peebles. Our number one focus is that our buildings are vehicles or symbols of opportunity. Our goal is to develop projects that transform communities.”
The Washington, D.C. native has a history of applying his business for social change. His company, Peebles Corporation, has acquired buildings in posh areas of Miami Beach and Boston and at present, Peebles is considering potential developments in the Chelsea and Times Square sections of New York City.
Peebles came from pretty humble beginnings. His father was a car mechanic. After the divorce of his parents and a brief stay with his mother, he started taking interest in politics and became involved in the field as a volunteer during high school.
Keeping real estate at bay, he is known to have a keen interest in politics.He was lucky enough to be mentored by former D.C. Mayor Marion Barry, who appointed him as the city’s chairman of the real estate tax appeals board at the age of 24. In 2009 he was said to be exploring the world of politics as a bid for mayor, but he decided against it to support his wife after his mother-in-law was diagnosed with cancer. Peebles has also helped raise funds for mayoral candidates in Atlanta, as well as New York City.
Peebles’ future appears to be challenging, but bright. In his own words, he provided a hint for what may be in store for him: “Mayor of New York sounds like an interesting job. So does Mayor of Washington, D.C.”