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#308 Mark Shoen $5.42B

Random fact: Amerco financed the purchase of his self-storage empire.

Overview

Shoen owns 22 percent of Amerco, the parent company of U-Haul, a moving and storage business with over 21,000 locations across the U.S. and Canada. He and his brother James own self-storage facilities under the U-Haul and Private Mini Storage brands, and through Mercury Partners. The businesses control about 47 million square feet of storage space.

As of July 23, 2017:
Last change +$21.8M (+0.4%)
YTD change -$290M (-5.1%)
Industry Services
Biggest asset SAC Holding Corp.
Citizenship United States
Age 66
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mark Shoen's net worth of $5.42B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Shoen controls about 22 percent of Amerco, owner of the U-Haul moving and storage business, with a network of more than 21,000 locations across the U.S. and Canada, according to the company website. He holds the shares in his own name and through Willow Grove Holdings, which he owns with a brother, Edward Shoen.

The majority of his net worth is derived from his stake in SAC Holdings, a Phoenix-based investment company which controls rental facilities and is managed by Amerco on Shoen's behalf. In the year ended March 2017, SAC's businesses had more than $553 million in revenue, according to data from the Amerco disclosures.

Revenue of the self-storage business is calculated from the fees Amerco collects as a proportion of gross sales at three sets of SAC-related properties that are detailed in its financial reports. According to the contracts disclosed with SEC filings since 1999, two of the three entities -- SAC Holding and Private Mini Storage -- pay up to 6 percent commission. The third, Mercury Partners, pays 4 percent. Mercury is majority owned by Shoen while his brother James and family trusts own a minority interest. Shoen is credited with 51 percent ownership. Amerco spokesman Sebastien Reyes said the company doesn't have more specific information on James's ownership level.

The self-storage businesses are valued on the enterprise value-to-Ebitda and price-to-funds from operation multiples of three publicly traded peer companies: Extra Space Storage, Sovran Self Storage and CubeSmart. The business of renting U-Haul equipment is valued using the price-to-sales multiple of Amerco and Ryder System. A 15 percent liquidity discount is applied to the closely held businesses.

Shoen declined to comment on the calculation of his net worth.

Biography

Birthdate: 11/1950
Family: Married, No children
Education: College of The Holy Cross

Mark V. Shoen was born in November 1950, one of 12 children born to the five wives of his father, Leonard S. Shoen. After serving in World War II, Leonard Shoen moved with his wife to Oregon from California, and recognized an opportunity to offer people one-way trailer and truck rentals. The business, formed in 1945, was U-Haul. It was later renamed Amerco as Shoen added insurance and real estate businesses. U-Haul is the largest equipment-rental company to do-it-yourself movers in North America.

Leonard Shoen had given 92 percent of his ownership of Amerco to his 12 children by 1986. At the time, Amerco was valued at about $4.4 billion, according to court documents. That year, Mark, along with brothers Joe and James, led a proxy battle that landed them control of Amerco. Leonard led one faction of his children against the trio's takeover, the first in more than two decades of family lawsuits. Leonard committed suicide in Las Vegas in 1999 by driving his car into a wooden utility pole, according to an Associated Press report of the time.

Mark, Joe, and James formed closely held SAC Holdings in 1993 to buy self-storage facilities from Amerco, where the three were board members. Joe and James later sold their stakes to Mark. During the next 20 years, about three dozen SAC Holdings subsidiaries and three other related entities -- PM Partners, Galaxy Storage Two and Mercury Partners -- grew to be owners of more than 435 self-storage facilities in the U.S. and Canada. Most or all of the facilities were purchased from Amerco using loans provided by the company, according to regulatory filings and a shareholder lawsuit. James is a minority owner in one entity that holds 78 of the properties.

Shoen, who is Amerco's largest shareholder, lives in Phoenix.

Milestones
  • 1945 Leonard S. Shoen founds U-Haul trailer rentals in Oregon.
  • 1950 Mark V. Shoen is born, one of 12 children of Amerco founder L.S. Shoen.
  • 1973 Father, L.S. Shoen, is discharged from the Navy.
  • 1986 Amerco valued at $4.4 billion. L.S. Shoen gives 92 percent of shares to kids.
  • 1986 U-Haul founder L.S. Shoen forced from company in family proxy battle.
  • 1990 Eva Shoen, wife of Amerco shareholder Sam Shoen, killed in Telluride, Colorado.
  • 1993 Mark, brothers Joe and James, form entity to buy Amerco facilities.
  • 1994 Brother, Joe, becomes billionaire as Amerco shares surge.
  • 1999 L.S. Shoen commits suicide by driving car into Las Vegas utility pole.
  • 2013 Self-storage businesses top $480 million in sales.