Rich Dudes│Barbara Corcoran's $90 Million Net Worth in 2023

Barbara Ann Corcoran is an investor and TV personality known for her work on NBC's Shark Tank and Millionaire Broker, a show she hosts on CNBC. Worth an estimated $90 million in 2022, Corcoran founded her first successful business in 1973.

Her road to riches was unconventional to say the least. Corcoran grew up in Edgewater, New Jersey, right across from New York City, the second eldest of nine siblings. Far from showing early promise, Corcoran has gone on the record about her dyslexia and lack of academic prowess in her early years. Her high school transcript is full of D’s and she worked at 22 different jobs before turning 23.

Barbara Corcoran’s humble beginnings growing up in an Irish Catholic household are well-documented. What the now-TV personality and investment mogul lacked in high school achievements she more than made up for with her instincts, work ethic, and street smarts in the years to come.

In interviews, Corcoran cites her mother’s work ethic as an inspiration. After all, caring for and feeding 10 children while dealing with a tumultuous marriage required a massive effort. Her father was unable to hold down jobs, and the Corcoran family even depended on help from a neighborhood grocer to deliver them food on credit.

Growing up in poverty certainly gave Corcoran a resourcefulness she still taps into today. She later found ways not to repeat this financial cycle. A graduate of St. Thomas Aquinas College, she earned a degree in education in 1971.But when that career didn't pan out for Corcoran, she worked multiple jobs to make ends meet.

This led to a waitressing gig that set her on her path to riches. Through this job, she fell in love with an older man, Ramone Simone. He lent Corcoran $1,000, and with it she founded The Corcoran-Simone Group and got her start in real estate. The name of her firm was changed from to The Corcoran Group after the relationship ended in 1978.

In the 1980s, The Corcoran Group became a well-respected New York City real estate firm. After a successful run at its helm, Corcoran sold her firm for $66 million to NRT in 2001. Having proven her leadership skills, business acumen, and willingness to take risks, Corcoran still takes advantage of any opportunities that come her way.

At 73 years old, she’s now a celebrity entrepreneur, investor, and empathetic TV personality. Corcoran’s expertise continues to be in demand. In the 1970s, she started publishing monthly content on real estate market trends called The Corcoran Report which continues today as the Inhabit blog. Barbara has been able to translate skills into sizable wealth. Here’s how.

Corcoran’s first major source of wealth was her brokerage firm. She sold the Group for $66 million in 2001 and benefitted from NRTs staff of 38,000 brokers at the time this sale was finalized. She owned about half the company, and an estimated tax impact of 50% puts her net profits at $16.6 million. That's a pretty good return on a $1,000 investment.

She also co-founded Barbara Corcoran Forefront Venture Partners. Its investment portfolio includes apps and businesses such as Calm, Boundless, and Social Rewards. While not everything on her investment portfolio is public, many of Corcoran’s investment wins (and misses) are on television for the world to see.

Startups 

Corcoran has invested in apps such as Calm, Paycom, Bring Me That, and Inkshares. These are all innovative in their fields and solve problems their competitors don’t address. Not all of these investments are flashy, but they don’t all have to be.

In December 2020, TechCrunch reported that the Calm app raised $75 million and had a valuation of $2 billion. Not all apps announce IPOs, let alone become a billion-dollar business, but this sets Corcoran up to benefit should Calm decide to take this step.

Real estate

Real estate is Corcoran’s bread and butter. As a broker, Corcoran’s expertise continues to be sought after in the real estate market. In March 2022, Corcoran advized homebuyers on how they should react to soaring home prices. She correctly surmised that increasing rents were creating a more competitive market for homebuyers and potential rate increases would only affect potential buyers.

Corcoran has also invested in businesses such as AptDeco (that lets people buy and sell used furniture), NoiseAware, Movr, Remoov, and All The Rooms. All these companies are tied to renters, ensuring comfortable noise levels, moving, and short-term rental price assessments. She has gone on the record about being slightly down on her Zillow investment, but it isn't as clear what personal properties Corcoran owns.

Food and restaurant industry

Other investments Corcoran made in the food and beverage industry were able to meet or exceed expectations, such as Cousins Maine Lobster, Pork Barrel BBQ brand, and Daisy Cakes.

First, Corcoran invested in Daisy Cakes, and had a 25% share in the online cake ordering and delivery service worth around $300,000 today. Second, Corcoran owns 50% of Pork Barrel BBQ, a barbeque restaurant with average annual revenue of $122,000. Since the company is worth around $300,000, her share is worth about $125,000—a 250% return on a $50,000 investment.

Finally, Corcoran's investment in Cousins Maine Lobster, a nationwide lobster food truck business, is her best performing one in the food industry. She has a 15% share in the $20 million company, making her stake worth $3 million. That makes her share is worth more than 50x her initial $55,000 investment.

Corcoran doesn’t publicize everything about her investments, revenue, or other activities. This is an estimate of Corcoran’s portfolio returns based on public data.

Corcoran’s street smarts, emotional intelligence, and risk tolerance are key to her success. Now a wealthy TV personality, growing up in poverty taught her to value her potential and to have the willingness to prove herself.

These days, it's easier to start small as an investor before going big. Success in real estate requires hard work, ambitions, and an uninhibited entrepreneurial attitude. It took Barbara Corcoran years to cultivate the things that made her a millionaire, but there are steps you can take today to get closer to the finish line.

Platforms like Elevate Money and Equitymultiple are excellent ways to diversify your portfolio with real estate. Elevate Money lets you invest in fractionalized commercial or residential properties starting at $100. You can also use Lofty to gain exposure to rental homes for just $50. Equity multiple is a great way for accredited investors to gain exposure for as little as $5,000. These platforms have opened opportunities for you to take the leap into real estate investing.

1. Teamwork makes the dream work

Corcoran told Farnoosh Tarabi that most successful companies she’s invested in are run by two people. This includes food truck Cousins Maine Lobster, Pipsnacks, and Daisy Cake, to name a few.

2. Focus on solutions, not complaints

Even the best investors and business people make mistakes, so it’s important to think on your feet and take failures in stride. As she grew her empire in the early days, Corcoran devised how to figure out if potential employees might be complainers. She weeds them out of her portfolio and puts her energy into mentoring and investing in ambitious people.

3. Don't waste time worrying

Stress never leads businesses to success, so there's no time to waste worrying about trivial matters. Don't be preoccupied with what's going wrong. Your energy is better spent solving problems and overcoming obstacles.

4. Be patient

In 2014, Corcoran told Business Insider that it took four years to finally make a profit on her first investments in the Tank. That’s how long it can take to turn great ideas into a profitable long-term business. She also admitted that she only profited on her very first investments on the show after four years. Don’t be afraid to invest early and wait a few years.

5. Know when and how to take risks

Risk-taking gets a bad rap, but it can pay off if you learn from every mistake you learn along the way. Corcoran wasn’t initially hired to be a cast member on Shark Tank, but an email to the producer persuaded the show to hire her. Another example of her risk-taking? Corcoran has invested in businesses, ventures, and strategies that didn’t always pan out. These include a failed marketing campaign that cost her an estimated $70,000.