Robert I. Toll

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Robert I. Toll
Born
Robert Irwin Toll

(1940-12-30)December 30, 1940
Philadelphia, Pennsylvania, U.S.
DiedOctober 7, 2022(2022-10-07) (aged 81)
New York City, U.S.
NationalityAmerican
EducationB.A. Cornell University
L.L.B. University of Pennsylvania Law School
OccupationBusinessman
Known forCo-founder of Toll Brothers
SpouseJane Toll
Children5
Parent(s)Albert Toll
Sylvia Steinberg Toll
FamilyBruce E. Toll (brother)

Robert Irwin Toll (December 30, 1940 – October 7, 2022) was an American businessman who co-founded the luxury homebuilder company Toll Brothers.

Biography[edit]

Robert Irwin Toll[1] was born to a Jewish family, the son of Sylvia (née Steinberg)[2][3] and Albert Toll, he grew up in Elkins Park, Pennsylvania.[1] His father, who emigrated from Ukraine,[4] was a millionaire investor who lost everything in the stock market crash of 1929.[5] His first job was at Camp Powhatan in Otisfield, Maine where he was a counselor; it is now known as Seeds of Peace and is dedicated to bringing together Arab, Israeli, Indian, and Pakistani teenagers to promote peaceful conflict resolution.[1] In 1963, he graduated with a B.A. from Cornell University; and in 1966, he earned an LL.B. degree, cum laude, from the University of Pennsylvania Law School.[6] In 1967, Toll and his brother Bruce E. Toll founded Toll Brothers with a focus on building luxury homes ($500,000+)[5] starting with a plot of land in Chester County, Pennsylvania given to them by their father.[7] They grew the business using a conservative financial model always including a 10 percent cushion into all their projects and never assuming price appreciation during construction.[7] Bruce was responsible for the book-keeping and Robert the legal side of the business.[5] In the late 1980s, they expanded out of the Northeast to Washington, D.C. and in the mid-1990s, to California.[5] The Tolls are credited with mass-producing luxury housing by taking a few standard home styles and increasing the scale several fold.[7] Toll Brothers later expanded into building “active-adult” communities for the elderly affluent and urban high-rises for the newly affluent (Toll Brothers City Living).[7]

In 2010, Toll stepped down as CEO of Toll Brothers although he still remained active in its management.[8] In November 2013, Toll Brothers purchased Shapell Homes (founded by Nathan Shapell) for $1.6 billion.[9]

Philanthropy and accolades[edit]

In 1990, the Tolls sponsored 58 third graders in a program called Say Yes to Education guaranteeing a college education to each of them.[6] He served on the board of directors of the Cornell Real Estate Council, the Metropolitan Opera, Seeds of Peace, and Beth Shalom Synagogue in Elkins Park, Pennsylvania.[6] He was a long-time fundraiser for the American Red Cross and the American Cancer Society.[10]

Toll was a member of the Democratic National Finance Committee during the Obama campaign.[6][11] Toll also served on the Board of Overseers at the University of Pennsylvania Law School and as a trustee of the University of Pennsylvania where he established the Albert & Sylvia Toll Scholarship Foundation, named after his parents.[6] In 2005, Toll was named CEO of the Year by Professional Builder Magazine. In 2007, 2008, and 2009, he was named the "Best CEO in the Homebuilders & Building Products industry" by Institutional Investor magazine.

Personal life and death[edit]

Toll was married twice.[1] In 1975, he married his second wife Jane (née Snyder Goldfein).[12] They lived in Miami Beach, Florida.[6] She has one son from her first marriage; Toll had two daughters from his first marriage; and they had a son and daughter together.[5] As of March 2018, he was worth an estimated $1 billion.[13]

Toll died in New York City from complications of Parkinson's disease on October 7, 2022, at the age of 81.[14][15]

References[edit]

  1. ^ a b c d the Real Deal: "Bob Toll" by Lauren Elkies retrieved November 7, 2013
  2. ^ New York Times: "Paid Notice: Deaths TOLL, SYLVIA (NEE STEINBERG)" October 14, 2001
  3. ^ Philly Magazine: "House of Girth" May 15, 2016
  4. ^ Philadelphia Inquirer: "As a New Era Comes Together Bruce E. Toll: "Anybody can call me," the new chairman invites" By Bob Fernandez June 25, 2006
  5. ^ a b c d e USA Today: "CEO Profile: Defensive mind-set keeps Toll Bros. going" by Noelle Knox January 28, 2008
  6. ^ a b c d e f Toll Brothers website: Executive Biographies retrieved November 7, 2013
  7. ^ a b c d Upstart Business Journal: "Master Overbuilder" by Andrew Rice September 18, 2008
  8. ^ New York Times: "Chief to Step Down at Toll Brothers" May 17, 2010
  9. ^ Fox Business: "Toll Brothers to Buy Shapell Homes for $1.6B, 4Q Revenue Soars" By Matthew Rocco November 07, 2013
  10. ^ BusinessWeek Executive Biography: "Robert I. Toll" retrieved November 7, 2013
  11. ^ Seeds of Peace website: "Robert Toll" retrieved November 7, 2013
  12. ^ New York Observer: "McMansion Master Robert Toll Loses $2.2 M. Penthouse to Son Jacob" By Max Abelson February 12, 2008
  13. ^ Peterson-Withorn, Chase (March 6, 2018). "Meet The World's 259 Newest Billionaires". Forbes. Retrieved March 6, 2018.
  14. ^ "Toll Brothers Co-Founder Robert I. Toll Passes Away, Leaving Unmatched Legacy of Excellence in the Home Building Industry". Globe Newswire. 7 October 2022. Retrieved 9 October 2022.
  15. ^ "Robert I. Toll, innovative cofounder, chairman emeritus of Toll Brothers builders, and philanthropist, has died at 81". 13 October 2022.
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