Robert Sarver Net Worth: How Rich is the Phoenix Suns Owner?

Publish date: 2024-06-14

Robert Sarver is an American businessman and sports team owner who has a net worth of $800 million1. He is the co-founder of Southwest Value Partners, a real estate development company, and the former owner of the Phoenix Suns NBA team, Phoenix Mercury WNBA team and the RCD Mallorca La Liga Spanish football team2. How did he accumulate his wealth and what are his sources of income? Here is a look at his biography, career, and net worth.

Early Life and Education

Robert Gary Sarver was born on October 31, 1961, in Tucson, Arizona. His father, Jack Sarver, was a successful businessman, banker, and hotel developer, who died of a heart attack in 1979. His mother, Irene Sarver, was an antiques dealer. Robert Sarver is Jewish2.

He attended Sabino High School in Tucson and graduated in 1979. He then went to the University of Arizona, where he majored in Business Administration and graduated in 1982. He became a certified public accountant in 19832.

Career in Banking and Real Estate

Sarver started his career in banking at the age of 16, when he went to work for his father’s company, American Savings and Loan2. In 1984, he founded the National Bank of Tucson, which he expanded statewide and changed the name to the National Bank of Arizona. He sold it to Zions Bancorporation in 1994, after it had grown to become the largest independent bank in Arizona2.

He then acquired Grossmont Bank, one of San Diego’s largest community banks, in 1995. He sold it to Zions Bancorporation in 1997. He also led Zions Bancorporation’s acquisition of Sumitomo Bank of California in 1998. In 2003, he became the chairman of Western Alliance Bancorporation based in Phoenix2.

In 1990, he co-founded the real estate company Southwest Value Partners with Millard Seldin. The company has been involved in various projects across the U.S., such as buying and selling office buildings, hotels, land parcels, and residential properties. In 1995, Southwest Value Partners purchased the Emerald Plaza in San Diego. In 2004, the company sold the Emerald Plaza and two other San Diego office buildings to Triple Net Properties for $274.5 million2.

Career in Sports Ownership

Sarver has been a lifelong sports fan and basketball enthusiast. His interest in owning an NBA team began with a conversation with University of Arizona basketball coach Lute Olson, who referred him to Steve Kerr, a former player at Arizona and a 15-year NBA veteran3. In 2004, he purchased the Phoenix Suns from Jerry Colangelo for a then-record $401 million2. He also promoted Kerr to the team’s general manager position in 20073.

Under Sarver’s ownership, the Suns have had some successful seasons, especially during the Steve Nash era (2004-2012), when they reached the Western Conference Finals three times but never made it to the NBA Finals. However, they have also faced criticism for their “penny-pinching” ways and instability within the organization. Some of their young talent has left due to contract disputes or trades, such as Joe Johnson, Shawn Marion, Amar’e Stoudemire, Goran Dragic, Isaiah Thomas, and Eric Bledsoe3.

In 2021, the Suns ended an 11-year playoff drought and advanced to the NBA Finals for the first time since 1993 with a core of Chris Paul, Devin Booker, Deandre Ayton, Mikal Bridges, and Cameron Johnson. They lost to the Milwaukee Bucks in six games. In 2022-23 season, they are expected to contend for the title again but face uncertainty over Ayton’s contract extension talks with Sarver

In addition to the Suns, Sarver also owns the WNBA’s Phoenix Mercury, who have won three championships (2007, 2009, and 2014) under his ownership. He also owns RCD Mallorca, a Spanish football club that plays in La Liga2.

Personal Life and Philanthropy

Sarver is married to Penny Sanders since 1988. They have three sons: Max (born in 1990), Jake (born in 1993), and Zach (born in 1996). They live in Paradise Valley , Arizona5.

Sarver is also involved in various charitable causes and organizations. He has donated funds to his alma mater’s heart research center , which was renamed the Sarver Heart Center in honor of his father2. He has also supported Save the Children, Make-A-Wish Foundation, Habitat for Humanity, and Oceana5.