Rahr is the billionaire owner of the drug wholesaler Kinray. He’s also known for the $45 million house he purchased in the Hamptons and his regular appearances in gossip columns.
An NYU law school dropout, Rahr started wholesaling products to other drugstores out of his father’s Brooklyn pharmacy in the late 1960s. He ultimately built the business into the privately-held behemoth Kinray, which now pulls in a whopping $4 billion a year in sales. The company offers 36,000 products—from drugs to bandages to first aid cream—sold under the Preferred Plus Pharmacy brand and distributed to more than 3,000 small pharmacies in seven Northeastern states. All those generic prescriptions and packages of gauze have added up nicely for Rahr. He’s worth $2 billion, according to Forbes, which makes him the 227th richest man in America. But while it’s been a great ride so far, it may not last. The increasing popularity of mail-order pharmacies poses a threat to Kinray’s business and the SEC recently cracked down on the practice of stockpiling drugs before prices go up, a maneuver that wholesalers like Kinray have used in the past to generate millions in profits.
Drama
In the past couple of years Rahr’s made several notable appearances in the tabloids. In 2006, he hit the gossip pages after he dispatched underlings to pass out fliers at the office of Upper East Side dermatologist Steven Victor. He vowed that the fliers—which read, “Dr. Steven Victor, Dermatologist, May Make Your Skin Crawl”—would continue until the doc repaid the billionaire a $200,000 loan.
Pet causes
Rahr pledged $1 million to the Children’s Hospital Trust of Boston, in honor of Katie Couric, whose husband died of cancer. He also handed over a $1 million to the Robin Hood Foundation.
Personal
Rahr and his wife, Carol, have two kids: Robert, who once worked for the family business and now works in private equity, and Felicia. The couple’s taste for expensive real estate has earned them plenty of press over the past few years. In 2005, they paid $45 million in cash for a 25-acre, waterfront East Hampton estate called Burnt Point.
Stewart Rahr, a pharmaceutical distributor, paid $45 million for this 18,000-square-foot waterfront estate on 25 acres in Wainscott, N.Y.
Stewart Rahr, a pharmaceutical distributor, got one this week when he paid more than $45 million for an 18,000-square-foot waterfront estate in Wainscott, part of East Hampton. Real estate brokers in the Hamptons and Manhattan called it the most expensive home ever sold in New York State.
The sale eclipses Rupert Murdoch’s purchase of a $44 million penthouse on Fifth Avenue once owned by Laurance S. Rockefeller, who died in July.
Mr. Rahr said he had simply fallen in love with the place. “I had no intention of competing in a price war or setting a record,” Mr. Rahr said in a telephone interview from Florida. “I just found that out today.”
The estate, named Burnt Point, comes with a private dock and a sailboat. It sits on 25 acres, has a half-mile of waterfront, and overlooks Georgica Pond, a jackknife-shaped body of water whose shores are home to Calvin Klein, Steven Spielberg and flocks of endangered birds.
Perhaps not surprisingly, Rahr’s basement “rec room” supposedly features hundreds of photos of him posing with celebrities. A pal of Donald Trump, Rahr also owns a 30th floor apartment, for which he paid $13 million in 2004.In the refinished Hotel Delmonico, now the Trump Park Avenue, at 59th Street, and has a home in Sagaponack, part of Southampton
Trump isn’t the only real estate mogul Rahr is close to; an avid golfer, he hits the course regularly with his buddy Richard LeFrak.
No joke
Despite the fact that he regularly brags about driving a 10-year-old Jeep—a detail that’s slipped into countless articles in publications like Forbes and Crains—there’s no record of a Jeep registered in his name. He does, however, own a 2006 Aston Martin convertible, a 2006 Porsche Cayenne, and a 2005 Mercedes.
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