Gary Tharaldson Net Worth

What is Gary Tharaldson's net worth?

Gary Tharaldson is an American entrepreneur who has a net worth of $1.2  billion. For much of the decade between 2010 and 2019, Gary Tharaldson's net worth ranged between $600 and $900 million. In June 2019, his net worth finally topped billionaire status for the first time in his life. He is the richest person in North Dakota and the state's first official home-grown billionaire.

Early Life and Education

Gary Tharaldson was born in 1945 in Dazey, North Dakota, a small town of about 100 people located 90 minutes west of Fargo. He attended Valley City University, where he graduated with dual degrees in Business Administration and Physical Education. Afterward, he pursued graduate studies at North Dakota State University while teaching physical education and bookkeeping on the side.

In his early 20s, Tharaldson worked as a high school P.E. teacher while also selling insurance part-time. When he realized he could make more money selling insurance than teaching, he transitioned into the business full-time. By age 24, he was already thinking about investments, using his insurance income to purchase motels as a way to offset taxes.

Building Tharaldson Companies

In 1982, Tharaldson bought his first Super 8 Motel. By his early 40s, he had acquired 16 small properties, focusing on affordable motels in small towns. When tax reforms in the 1980s stripped away many of the incentives for hotel ownership, most investors pulled out of the industry. Tharaldson, however, doubled down. He partnered with local banks to develop new low-cost motels, often smaller than the industry standard, and even launched his own construction company to keep costs low. His model proved highly successful, and Tharaldson Companies grew into one of the country's most prolific hotel developers.

Major Sale and Billionaire Status

In 2006, Tharaldson sold 130 hotels to Goldman Sachs's Whitehall Real Estate Fund in a $1.2 billion cash deal. Rather than retire, he reinvested heavily in land, commercial properties, and new ventures, including a $280 million ethanol plant in Casselton, North Dakota. The facility became a major economic driver in the state, buying corn from thousands of local farmers and raising crop values across the region.

Return to Hotels and Las Vegas Ventures

Even after his massive sale to Goldman Sachs, Tharaldson could not stay away from the hotel industry. In 2008, he began developing a new portfolio of properties, focusing heavily on the fast-growing extended-stay sector. Today, Tharaldson owns dozens of hotels nationwide, with more than two-thirds catering to long-term business travelers.

Although deeply loyal to his North Dakota roots, Tharaldson has also invested heavily in Las Vegas. He maintains an office there, owns several hotels, and is involved in multiple real estate developments. He even purchased a luxury condo on the 45th floor of the Waldorf Astoria on the Las Vegas Strip, signaling his increasing ties to Nevada.

Personal Life and Legacy

Despite his billionaire status, Tharaldson has kept a relatively low profile compared to other moguls. Two of his children are involved in the family business, and many of his top executives have remained with him for decades. Known for his discipline, frugality, and vision, Tharaldson continues to expand his holdings well into his seventies, showing no intention of retiring.

From his humble beginnings as a small-town gym teacher to becoming North Dakota's wealthiest resident, Gary Tharaldson embodies the classic American entrepreneurial story. His ability to spot opportunities where others saw obstacles has not only built him a billion-dollar fortune but also left a lasting impact on the economic fabric of his home state.

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