David Howard Murdock (born April 10, 1923 in Ohio) is an American businessman. Forbes estimates he is the 183rd richest person in the world, with a net worth of 3.3 billion US Dollars. A high-school dropout from Montgomery Township, Wood County,Wayne Ohio and dyslexic, Murdock was drafted by the U.S. Army in 1943 during World War II.
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Early business career
Returning to Detroit, Michigan after the war, he was homeless and destitute. However, due to a chance encounter with a good samaritan he got a $1,800 loan to buy a closing diner, flipping it quickly for a $700 profit.
He moved to Arizona and began developing there first in housing and then commercial development. In the 1960s when the real estate market collapsed, he moved to Los Angeles where he continued developing and then began a string of acquisitions.
Businesses
In 1985 he took over the nearly bankrupt Hawaiian firm Castle & Cooke, which owned pineapple producer Dole Food Company. As a result of his purchase of Castle & Cooke, Murdock acquired ownership of Lana'i, the sixth largest island in Hawaii. He developed Castle & Cooke's real estate portfolio into residential and commercial properties and turned Dole into the world's largest producer of fruits and vegetables. He took Dole private in 2003. Dole has generated "negative free cash flow (defined as cash flow from operations less dividends and capital expenditures) annually since 2005, the company remained free cash flow negative during the first half of fiscal 2008" (Fitch Ratings, July 30 2008).
Personal life
Murdock is a US citizen. He has been married three times - widowed and twice divorced. He had four children with his first wife, Gabriele, who died of cancer in 1988. Justin Murdock is one of the two surviving children after David Jr. died in an auto accident in 2004. Kenia Justina Murdock is the second. He married Tracy Murdock, his third wife, in 1999, the ex-wife of Fashion Designer Bijan. Tracy Murdock is an interior designer who has influenced Castle & Cooke Aviation's facilities to be well-known and recognized for world-class comfort, quality, and privacy. He is currently divorced.
Recent activities
More recently Murdock has helped contribute to the redevelopment of a 5.8 million square-foot complex in Kannapolis, North Carolina of a biotechnology research center known as the North Carolina Research Campus. The research center is a joint public-private venture, involving major North Carolina universities and private investment. The site of the research center in the middle of Kannapolis was formerly occupied by Plant #1 of Cannon Mills (which became Pillowtex after a series of mergers and acquisitions). Pillowtex filed for bankruptcy in 2003, and closed the once-thriving mill where Cannon towels and sheets were made, and was the basis for the creation of the town of Kannapolis. The closing of Plant #1 resulted in the largest mass layoff of workers in North Carolina history. Murdock acquired the site and demolished the mill, with the demolition completed in 2006.[clarification needed]
Focus on nutrition
After the death of his first wife, Murdock has been deeply committed to finding a cure for cancer, advancing nutrition and life extension. He established the Dole Nutrition Institute to teach the benefits of a plant-based diet to promote health and prevent disease. With the help of UCLA, he oversaw the writing of the "Encyclopedia of Foods, A Guide to Healthy Nutrition." In 2006 he opened the California Health and Longevity Institute (CHLI).
References
- Talevich, Tim (2009 Vol 24 #1). "Mister Murdock's Mission: Promoting Nutrition for Better Living". The Costco Connection.
External links
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