We write about a lot of billionaires here at Celebrity Net Worth. Tech billionaires. Hedge fund billionaires. Real estate billionaires. These tend to be the most popular categories. And then, once in a while, someone who made their billions doing something totally unique comes along. Eric Smidt sold enough $50 discount chainsaws to become a billionaire.
Born in Los Angeles in 1960, Eric Smidt's early life was marked by significant challenges. His father was a peddler in the San Fernando Valley, balancing the demands of work and home life while caring for a wife with multiple sclerosis. At the young age of nine, Eric was sent to an orphanage, but he found his way back to family and independence by the time he was 16. Graduating from Grant High School, he launched Harbor Freight Tools with his father in 1977, marking the beginning of an incredible journey.
Initially starting as a mail-order tool business that imported products from Japan, Eric envisioned transforming it into a retail powerhouse. His vision led him to make connections with suppliers in Japan at just 17 years old. This drive and ambition turned Harbor Freight Tools into a significant discount retailer known for its affordable yet quality products, particularly their $50 chainsaws. Today, the company boasts around 500 stores across 46 states, generating a remarkable $2 billion in annual revenue.
Biography of Eric Smidt
| Detail | Information |
|---|---|
| Full Name | Eric Smidt |
| Date of Birth | 1960 |
| Place of Birth | Los Angeles, California, USA |
| Net Worth | $1 billion |
| Company | Harbor Freight Tools |
| Philanthropy | Alliance Susan & Eric Smidt Technology High School, Tools for School Program |
| Residence | Beverly Hills, California |
Philanthropic Efforts and Contributions
Eric Smidt is not just a successful businessman; he is also a dedicated philanthropist. In 2012, he funded the establishment of the Alliance Susan & Eric Smidt Technology High School, emphasizing his commitment to education. His contributions extend further, having donated $1.4 million worth of tools to the Los Angeles Unified School District after learning about budget cuts in their technical education program. Through his "Tools for School" initiative, he expanded educational support to various regions, including Dillon County, South Carolina, and the Chicago Public School System.
In addition to educational causes, Eric's company, Harbor Freight Tools, initiated a program in 2014 aimed at funding requests from non-profits that support veterans, police, fire departments, and public education. This reflects his belief in giving back and supporting essential services within the community.
Personal Life and Interests
Eric Smidt resides in an impressive mansion in Beverly Hills, purchased for $46 million but now valued at $250 million following renovations. This luxurious 25,000-square-foot property, which once belonged to singer Kenny Rogers, features 13 bedrooms, 12 bathrooms, two pools, a tennis court, and multiple guest houses. In addition to his main residence, he also owns property in Malibu and an apartment in Manhattan.
When he’s not running Harbor Freight Tools or engaging in philanthropic activities, Eric enjoys collecting modern art. His passion for art led him to serve on the boards of the Los Angeles County Museum of Art and the Portland Art Museum, further illustrating his diverse interests and commitment to cultural enrichment.
Again, we remind you, Eric Smidt's fabulous life and billion-dollar fortune was built on the sale of $50 chainsaws.
