LEE ANDERSON • Net Worth $3 Billion • House • Yacht • Private Jet • API Group

Name:Lee Anderson
Net Worth:$ 3 billion
Source of Wealth:API Group
Born:June 22, 1939
Wife:Penny Anderson
Children:Katharine Anderson, Andy Anderson
Residence:Lake Nisswa, Minnesota
Private Jet:Bombardier Global 5000 (N702LK)

Who is Lee Anderson?

Known for his prodigious entrepreneurial acumen, Lee Anderson is a renowned figure in the worlds of business and philanthropy. With a business empire spanning across construction, energy, safety, and real estate, Anderson’s trajectory is a testimony to his relentless drive and business acumen. The owner of the luxury yacht Katharine, he was the mastermind behind the success of the API Group before its sale in 2019 for an impressive $3 billion. Born in June 1939, Anderson is married to Penny Anderson and they have two children: Katharine and Andy.

Key Takeaways

  • Lee Anderson, born in June 1939, is a billionaire businessman and philanthropist, and was the former owner of the API Group.
  • The API Group, started as Asbestos Products Inc, grew into a leading specialty contractor in North America, housing more than 40 independently managed companies.
  • Anderson was also a significant player in the banking sector, owning 18 banks before selling them for $700 million in Wells Fargo shares, which subsequently doubled in value.
  • He is a real estate developer through A&L Properties, which he co-founded with Rob Link.
  • With an estimated net worth of $3 billion, Anderson is also an art collector, owning works by renowned artists such as Monet and Renoir.
  • Anderson, alongside his wife Penny Anderson, is a noted philanthropist, donating millions to the University of St. Thomas and the Department of Veterans Affairs, among other causes.

The API Group: From Small Beginnings to Global Presence

The roots of the API Group date back to 1926, when it was founded by Anderson’s father. The company’s initial foray into business was as a modest insulation contracting and distribution company, then known as Asbestos Products Inc. Over the years, however, the company evolved and expanded its reach to become one of the largest specialty contractors in North America.

Today, API is a formidable holding company, overseeing more than 40 independently managed life safety, energy, specialty construction, and infrastructure companies. With a global footprint that spans over 200 locations, its investment portfolio includes the American Fire Protection Group, United Piping, and the API Construction Company.

The API Group has secured its position as the second-largest supplier of Life Safety Services in the United States, and is the largest in Canada. In 2019, it was sold for an impressive US$ 2.9 billion, a testament to its tremendous growth and success.

Building a Banking Empire

Anderson’s business acumen isn’t limited to the construction and energy sectors. In the 1980s and 90s, he ventured into the banking industry, acquiring 18 banks in central and northern Minnesota over a span of two decades. His strategic divestment of his banking assets in 1997 for US$ 700 million paid in Wells Fargo shares proved to be another masterstroke, as these shares doubled in value within a year, propelling Anderson to billionaire status.

Diversifying into Real Estate

Anderson’s business portfolio also includes a significant stake in the real estate industry through A&L Properties. Co-founded with his business partner Rob Link, A&L Properties represents Anderson’s dedication to diversifying his investment portfolio, further solidifying his status as a successful real estate developer.

Lee Anderson’s Fortune: An Estimate

Thanks to his extensive business ventures, Anderson’s net worth is estimated to be around $3 billion, although the true figure could potentially be higher. An avid art collector, Anderson owns works by renowned artists such as Monet and Renoir, further contributing to his significant wealth.

Philanthropy: The Andersons’ Legacy

More than just successful entrepreneurs, Lee and his wife Penny Anderson are also well-known philanthropists. Over the years, they have donated generously to various causes, notably contributing US$ 60 million to the University of St. Thomas in 2007, which funded the construction of the Anderson Student Center. They also donated US$2.5 million for the construction of the Defenders Lodge, a facility for veterans seeking care at the Department of Veterans Affairs.

In 2023, the Andersons once again made a notable contribution, donating $75 million to the University of St. Thomas for the construction of a new basketball and hockey arena. Named in their honor, the Lee and Penny Anderson Arena will provide a venue for about 4000 hockey patrons, 5000 basketball spectators, and 6000 attendees of concerts and university commencements.






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Yacht Katharine Owner

Lee Anderson

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Anderson yacht Katharine

He is the owner of the CRN motor yacht Katharine. Katharine is named after Lee and Penny’s daughter Katharine. The $40 million yacht was built as Numptia for Mario Sbarro, owner of the Sbarro pizza chain.

The KATHARINE yacht is a stunning 62-meter superyacht built by CRN, the leading luxury yacht builder in Ancona, Italy. Originally named Numptia, this vessel boasts a striking design by Studio Scanu and can comfortably accommodate up to 12 guests in 6 cabins, with a crew of 16.