Net worth of Michael Fux The Entrepreneur Who Built the Dream Car?

Michael Fux

Michael Fux and his family immigrated to the United States from Cuba when he was a child, and he has risen from humble beginnings.

According to reports in 2018, the successful entrepreneur now has a net worth of $200.0 million, not to mention his incredible car collection. Fux claims that with that net worth, President Trump’s proposed tariffs on imported cars (which would raise the price by nearly $200,000) will not affect him. Speaking of cars, Fux, 74, recently became the proud owner of the first British-made McLaren Senna, valued at $1.3 million!

Michael Fux came from Cuba

Michael Fux is a Cuban native. His family was impoverished, and he immigrated to the United States when he was 15 years old.

Among the family’s early difficulties was living in a one-room apartment in Newark, New Jersey. There was no air conditioning in the seven-story walk-up. They had Salvation Army furniture, and Fux only had one pair of shoes.

But Michael Fux, the young man, was ambitious.

He started his first business at the age of 17 in order to make a better life for himself. It was a tire and battery store.

Fux started haggling with local auto repair shops to buy their used batteries and tires. He would then recharge the batteries or scrape them for lead before reselling the tires after recapping them.

“I found a two-car garage for rent and got free tire breakers from a company that had switched to automatic ones,” Fux recalled.

He didn’t have the money or the opportunity to attend college, but he had a knack for business. Fux established a number of businesses from his small shop. And by his twenties, he’d bought and sold a few businesses.

The young entrepreneur eventually made his way into retail, selling automotive supplies at Sears. He quickly rose to the position of manager.

Fux gained management experience while working at Bamberger’s and Sanger-Harris. He was 30 years old when he left the former department store chain Hecht’s to start his own business.

He made a Fortune in The Mattress Business

Many people would stuff cash into mattresses, but Michael Fux invested in the mattress industry in a very different way. The entrepreneur experimented with various industries before settling on the memory foam mattress industry, where he made millions.

A job at a Japanese linen company inspired him to create the zippered blanket known as the “snuggle” bag. In its first year, the product generated $72.0 million in sales! However, the company went bankrupt after only three years.

But Fux was able to learn from his mistakes and what went wrong. He wasn’t one to give up, so he returned to retail as a carpet buyer for a Broadway Department Store in Los Angeles. He had a brilliant idea—a customer deferred billing plan!

“Everyone thought I was crazy, but I managed to persuade suppliers and my manager to offer six months of deferred billing on carpeting.” “I paid the interest,” he explained, adding, “The first ad received a tremendous response.” We had lines all the way around the block.”

His novel business model was a success, and he was able to launch MFA Marketing. The company imported rugs and other products from India and profited $500,000 on its first order alone.

Things were going swimmingly until another opportunity presented itself in 1985. His sister-in-law, a BioClinic mattress employee, invited him to help the company expand beyond the hospital sector (who they manufactured egg crate mattresses for).

Fux agreed to represent BioClinic in the consumer market. In just two years, he had earned the company nearly $80.0 million in business transactions.

When the company was sold, Fux used his knowledge of bedding technology to launch his own company, Sleep Innovations. It created convenient packaging for mattresses, pillows, and toppers.

By 2005, the company had grown from $3,000 to $300.0 million in annual sales. Fux sold it for a huge profit at that point!

“Creating something from nothing like that gave me great pleasure,” Fux explained.

Fux’s life slowed down at that point, and he decided to focus much of his energy on giving back. However, after a five-year hiatus, the restless entrepreneur was back in the industry.

He founded Comfort Revolution in Newark, near his childhood home, in 2011. The company created memory foam mattresses, toppers, and pillows using Fux’s patented gel technology.

It wasn’t long before bigger investors came calling, and Fux sold a minority stake in the company to mattress behemoth Sealy. Soon after, they began producing mattresses for well-known brands such as Sealy Posturpedic, Stearns & Foster, and Bassett, allowing him to expand internationally.

Comfort Revolution has since opened a 432,650-square-foot manufacturing and distribution facility in Belmont, Missouri, and has created at least 200 jobs. He was relieved to report that they were only producing a small amount in China at the time. His ultimate goal was to have everything manufactured on American soil.

Michael Fux’s Automobile Collection

Fux, an avid car enthusiast, had aspired to own the finest automobiles since he was five years old. When he was younger, he would even “assist” his grandfather in driving his taxi.

His passion grew with him, and he frequently purchased “clunkers” because that was all he could afford. He vowed that one day he’d be able to afford all of his dream cars.

Fux’s first automobile was a 1949 Dodge Coupe. His first high-end vehicle was a $100,000 BMW. He now has over 160 vehicles in his collection, including some of the most limited edition luxury, performance, and functional models.

Aston Martin DBSs, Phantom Dropheads, a Lamborghini Murcielago, a Lamborghini Aventador, a Spyker C8 Laviolette, a Mercedes SLR McLaren, an Alfa Romeo, a Saleen S7, a Ferrari Enzo, a Ferrari F12, a McLaren P1, and a Bugatti Veyron are among the highlights (some in multiples) in this auto addict’s fleet.

Fux also owns approximately 25 Ferraris, a Porsche Carrera GT, as well as 12 other Porsches, and six Rolls-Royces.

His $2.0 million Ferrari FXX is one of only 30 worldwide! But it’s his latest car purchase that has gotten him back in the news!

Fux recently purchased the first McLaren Senna, which cost more than $1.0 million! It is one of only 500 pre-sold units. It was reportedly delivered to the first owners on July 17—Fux being the first!

One Ferrari Enzo was lost in his collection. The beauty, one of only 400 ever built, was destroyed when a mechanic took it for a test drive, lost control, and crashed into a bridge wall. Both Ferrari mechanics escaped relatively unscathed.

However, the Senna, designed to be a racetrack beast, will not be putting all that horsepower to use. The majority of Fux’s candy-colored fleet is housed in garages across the country, with the largest fleet residing at his Milford, New Jersey estate.

His cars are cared for by a dedicated team. Depending on the make, each car’s maintenance costs more than $8,000, and insurance costs even more!

Fux regards every machine as a “work of art” that will never be depreciated, but he rarely drives them all. He usually displays them at charity events and travels in a chauffeur-driven white Rolls-Royce Phantom.

His cars are known to have a garish aesthetic taste. As a result, car manufacturers customize and patent the color of the body to suit their tastes. Rolls-Royce once created the purple hue of a pansy flower that piqued Fux’s interest for the Phantom he had ordered. Rolls-Royce has its own line of patented paints named Fux!

McLaren also borrowed Rolls-exact Royce’s paint formula to match the Spider he purchased. Both companies did the same thing to match their vehicles to an orchid he liked. The emerald green Senna was also painted in the same color as one of Fux’s leather shoes.

A mint green Rolls-Royce Wraith painted both inside and out is one of his most infamous custom paint jobs.

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His house is Situated on an 85-acre Estate

In Milford, Fux has a house to match his massive car collection. The sprawling 85-acre estate includes a 6,000-square-foot mansion and four hangar-sized barns with a total garage space of 30,000 square feet.

The primary residence has four bedrooms, four bathrooms, and a restaurant-style kitchen. There is also a basketball court, a sauna, and a commercial kitchen on the property.

The home was still on the market in 2017 for $8.7 million, down from the original list price of $10.4 million.

Fux is currently residing at One Beacon Court in Manhattan, where the Senna was delivered. Houses in the Midtown building (where Beyoncé once lived) range in price from $7.0 million to $26.0 million.

He also owned a Miami penthouse, which he sold in 2013 for $16.0 million.

He got into The Beverage Business

In order to expand their brand, Positive Beverage, LLC received a significant investment and partnership from Fux in 2015.

“Michael Fux brings expertise and innovation to our business, as well as critical funding, so that we can not only enter, but thrive within the market!” said the Delaware-based company in a statement.

He is Involved in Philanthropy

Fux is inspired to give back to the underprivileged after working his way up the ladder from nothing to achieve his dreams. He established the Michael Fux Foundation to fund other charitable endeavors.

The foundation has given to organizations such as the Breast Cancer Research Foundation, Operation Smile, and the Make-A-Wish Foundation, among others. It has also invested $20.0 million in childhood illness research.

The Miami Children’s Hospital is a major beneficiary of his philanthropy. He created a cutting-edge facility within the hospital for the families of sick children, complete with an entertainment center, a movie theater, a massage room, and a workout room. He also gave Christmas gifts to approximately 400 families there.

Michael Fux even brings out his car collection for charitable purposes. He intends to turn his car collection into a museum, with admission fees benefiting the hospital.

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