Mark Mastrov is a name synonymous with success in the fitness industry. As the founder of 24 Hour Fitness, he revolutionized the way people think about gyms and fitness facilities. With a net worth of an impressive $400 million, Mastrov's journey from a knee injury to a fitness mogul is both inspiring and enlightening. His story is a testament to how innovation and determination can lead to remarkable achievements in business.
Mastrov was born on January 29, 1958, in Oakland, California, where he laid the foundation for a future filled with entrepreneurial spirit. After completing high school at Castro Valley High, he pursued further education at California State University, Hayward. His early experiences shaped his vision for a business that would ultimately change the landscape of fitness in America.
In 1983, while recovering from a knee injury at a local gym named 24 Hour Nautilus, Mastrov saw an opportunity. He negotiated a deal to buy the gym and rebranded it as 24 Hour Fitness, becoming the first major gym chain to operate around the clock. This innovative approach not only catered to busy individuals but also set a new standard for fitness facilities across the nation.
| Category | Richest Business › CEOs |
|---|---|
| Net Worth | $400 Million |
| Birthdate | Jan 29, 1958 (66 years old) |
| Birthplace | Oakland, California, U.S. |
| Profession | Businessman, executive |
| Nationality | American |
What is Mark Mastrov's Net Worth?
Mark Mastrov is an American entrepreneur who has a net worth of $400 million. Mark Mastrov earned his fortune as the founder of 24 Hour Fitness. More recently he has earned accolades as one of the owners of the NBA's Sacramento Kings.
Mark Mastrov was born on January 29, 1958 in Oakland, California. He attended Castro Valley High School then Cal State, Hayward.
In 1983, Mark was recovering from a knee injury at a local gym called 24 Hour Nautilus. He soon struck a deal to buy out the gym's owner and changed the name to 24 Hour Fitness. 24 Hour Fitness was the first major national gym to be open, not surprisingly, 24 hours a day.
Mark and a partner slowly began expanding. In 1996 they acquired several gym franchises around the west coast and Hawaii to expand their facility to around 50 locations.
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Company Transactions: Mastrov sold 24 Hour Fitness in 2005 to private equity firm Frostmann Little for $1.6 billion.
In 2012, 24 Hour Fitness was offered for sale for $2 billion. In May 2014 the company was acquired for $1.85 billion by an investment firm called AEA Investors LP with financial backing from the Ontario Teachers' Pension Plan. Today there are over 400 24 Hour Fitness locations in the US.
In June 2020, at the peak of the COVID-19 pandemic's first wave, the company officially declared bankruptcy.
In January 2013 Mastrov made headlines as one of the potential buyers of The Sacramento Kings NBA franchise. He was ultimately successful as a member of Vivek Ranadive's ownership group.
Real Estate: In 2005, the same year Mark sold 24 Hour Fitness for $1.5 billion, he paid $25 million for a home on Lake Tahoe in Nevada. The 13,000 square foot mansion sits on more than 13-acres of property. He listed the home for sale in March 2016 for $35 million. He did not find a buyer until August 2020 when the property finally sold for $27.5 million.
