Herb Kohl Net Worth

What was Herb Kohl's Net Worth?

Herb Kohl was an American businessman and politician who had a net worth of $400 million at the time of his death. Not to be confused with Herbert Kohler Jr., another late legendary Wisconsinite who earned his fortune as the heir to the Kohler fawcet fortune. Herb Kohl was the heir to the Kohl's Corporation. From 1970 to 1979, Herb served as president of Kohl's, and from 1985 to 2014 he was the owner of the NBA's Milwaukee Bucks. As a politician, Kohl chaired the Democratic Party of Wisconsin from 1975 to 1977 and served as a US senator from Wisconsin from 1989 to 2013.

Early Life and Education

Herb Kohl was born on February 7, 1935 in Milwaukee, Wisconsin to Mary and Max, both Jewish immigrants from Eastern Europe. As an adolescent, he attended Washington High School. Kohl went on to attend the University of Wisconsin-Madison, from which he earned his BS degree in 1956. He subsequently went to Harvard Business School, obtaining his MBA in 1958.

Business Career

After graduating from Harvard Business School, Kohl invested in real estate and the stock market. To manage his assets, he established his own company called Kohl Investments. Later, in 1970, Kohl became president of his family's Kohl's Corporation, which owned the Kohl's department stores, grocery shops, and pharmacies. He headed the company until it was sold to BATUS in 1979.

In 1985, Kohl became involved in sports team ownership when he bought the NBA's Milwaukee Bucks from Jim Fitzgerald for $18 million. As a Milwaukee native, he did this to prevent the team from leaving the city. Kohl continued to ensure the Bucks would remain in Milwaukee when he sold the team to billionaire businessmen Wes Edens and Marc Lasry for $550 million in 2014. Under Kohl's ownership, the Bucks cycled through six head coaches and never reached the NBA Finals.

Political Career

Kohl became active in Wisconsin state politics in the 1970s, first as a major donor and fundraiser for Democrat Patrick Lucey, who was elected the state's governor in 1970. In 1975, Kohl was named chairman of the Democratic Party of Wisconsin, succeeding Bill Gerrard. He had a brief but highly successful tenure as chairman, leading the Democratic Party to historic victories in the 1976 election by reaching a supermajority in both legislative chambers. Moreover, the Party gave its electoral votes to the Democratic presidential candidate for the first time in over a decade. Kohl stepped down as chairman in mid-1977.

In 1988, Kohl ran for the US Senate seat being vacated by incumbent William Proxmire from Wisconsin. After winning the Democratic primary, he beat Republican Susan Engeleiter in the general election. Kohl won reelection, against Robert Welch, in 1994. He was reelected again in 2000 by defeating John Gillespie, and for a third time by beating Robert Lorge in 2006. In the spring of 2011, Kohl announced that he would not be running for reelection in 2012, saying that he didn't want to remain in office too long and that the office should belong "to the people of Wisconsin."

Herb Kohl (MANDEL NGAN / AFP / Getty)

Philanthropy

On the philanthropic side of things, Kohl established the Herb Kohl Educational Foundation Achievement Award Program in 1990 to provide annual grants to students, teachers, and schools in Wisconsin. Later, in 1996, he donated $25 million to his alma mater the University of Wisconsin-Madison for the construction of the Kohl Center, a multi-purpose arena on campus. Opened in 1998, it is the second-largest indoor venue in Wisconsin, after Fiserv Forum in Milwaukee. Kohl continued his legacy at the university in 2016 by donating $1.5 million to its Robert M. La Follette School of Public Affairs, for the creation of the Herb Kohl Public Service Research Competition.

Personal Life and Death

Kohl resided in his hometown of Milwaukee, where he was the city's wealthiest resident. He was also among the wealthiest members of the US Senate during his tenure.

On December 27, 2023, Kohl passed away at his home. He was 88 years of age.

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