Tom Benson Net Worth, Biography, Career and Assets

Tom Benson Net Worth  $2.8 billion

Tom Benson was a self-made billionaire who owned the National Football League’s Saints and the National Basketball Association’s Pelicans in a forty-year reign over an often turbulent pro-sports scene in his native New Orleans.

A dedicated businessman, Mr. Benson owned a string of auto dealerships in San Antonio and New Orleans and a number of Southern banks before breaking the bank to acquire the Saints in 1985 and became reputed and alternately revered and insufferable by local sports fans.

All the while, he maintained the identity of a colorful figure, who found excess delight in dancing on the Superdome field to celebrate victories, a spectacle that became known as the Benson Boogie. More details follow below.

Early Life: Education, Childhood

He was born Thomas Milton Benson Jr. on July 12, 1927, in New Orleans, Louisiana, in the United States. His parents were Thomas and Carmelite Benson.

After serving in the Navy, Tom studied accounting at Loyola University in New Orleans. He then became a salesman at a Chevrolet dealership in the city. Later on, he moved to San Antonio to help turn around a dealership in turmoil and eventually owned many auto dealerships in the two cities.

He also purchased banks, then combined them into the holding company Benson Financial in 1994. He sold it to the Minneapolis-based company Norwest Corporation in 1996.

Professional Life: Business Interests

Tom Benson had been something of a legend in New Orleans for leading the investment group that acquired the Saints for $70 million at a time they never had a winning record since joining the National Football League in 1967.

Under Mr. Benson, the team began a revival and managed to reach the playoffs four times between the 1980s and 1990s, though they lost on each occasion in a wild-card game. Then came Hurricane Katrina in 2005, bringing extensive damage to the Superdome and devastating New Orleans.

Mr. Benson had already been displeased by the Saints’ dire financial situation. He soon became a villain for his decisions but was quick to win back the fans’ favor when he changed his intended plans of moving away from town, gaining a favorable deal with Louisiana State to continue playing at the Superdome, which underwent a substantial renovation later at taxpayer expense.

The Saints finally won a Super Bowl championship in the 2009 season thanks to Mr. Benson’s investment in the team in terms of new caching staff and recruitment of some of the finest players in the league.

In 2012, the businessman extended his sports ownership to professional basketball when he reached an agreement to acquire the New Orleans Hornets for a sum of $338 million paid to the National Basketball Association, which had taken control of the team.

He later renamed them the Pelicans, and the franchise stabilized. In a 2017 estimation by Forbes, it was reported that Mr. Tom Benson and his family were worth a sum of $2.8 billion. He was said to be the richest person in Louisiana. The popular online magazine also valued his Pelicans at $750 million and the Saints at $2 billion.

Tom had several stints with the National Football League owners’ finance committee, serving as its chairman. He also made notable investments in real estate; he purchased an office building next to what is now called the Mercedes-Benz Superdome and renamed it the Benson Tower.

Achievements: Awards & Honors

As a sports team owner, Tom Benson had a Super Bowl victory to his credit, thanks to the Saints winning Super Bowl XLIV (2009).

His contributions to many Roman Catholic entities were rewarded in 2012 when Pope Benedict XVI presented him and his wife with the “Pro Ecclesia et Pontifice” medal for their services to the church and the pontiff.

Personal Life: Family, Charity Donations

In 2014, Mr. Benson donated 11 million dollars to the Professional Football Hall of Fame in Canton, Ohio to fund the expansion of its stadium, which is currently named for him. He joined with his wife in making donations to educational institutions and other charitable endeavors, among them many Roman Catholic entities.

In addition to his wife and his daughter Renee, his survivors include three grandchildren. His daughter Jeanne Marie and son, Robert, both from his first marriage, predeceased him, as did his brothers, A. C., Larry, and Jerome.

He also had four stepchildren, Susan Walker, Mimi Peake, Don, and Ricky, from his marriage to his second wife, Grace Trudeau, who died in 2003.

Controversy, Legal Issues

In 2015, Mr. Benson fired his estranged daughter Renee Benson LeBlanc, and her children, Ryan and Rita LeBlanc, from executive positions with the Pelicans and the Saints and said he no longer wanted them to become heir to the teams, a position which they had been given through a family trust.

His daughter, who had been the Pelicans’ and Saints’ executive vice president, and the two grandchildren, filed a lawsuit in a Louisiana court, seeking to overturn the firings claiming that Mr. Benson was mentally impaired and was working under the influence of his third wife whom he had decided to bequeath all his wealth to.

A judge hearing upheld the firings, acting on findings by psychoanalysts who found that Benson was mentally sound though sometimes forgetful. However, an undisclosed financial settlement was reached between Mr. Benson and his once-presumptive heirs in February 2017.

Tom Benson Net Worth: Salary, Assets, Income Sources

Mr. Tom Benson made his wealth from his ownership of professional sports teams in addition to his auto dealerships. At the time of his death in 2018, this businessman had a net worth of $2.8 billion, all accumulated through diverse business ventures, starting with the fortune assembled by investing in local banks while running several automobile dealerships.

Despite his massive success, Benson continued to retain ownership of many car dealerships, both in New Orleans, Louisiana, and San Antonio, Texas. He passed away on March 15, 2018.