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SoCal Landmarks is an ongoing project to document the myriad sites, buildings, structures, monuments, and other natural and historical points of importance and/or interest that are considered locally, regionally and/or nationally as landmarks in the ten southern counties of California - Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, Ventura, Kern and San Luis Obispo. The deal produced outrage in Seoul, where the perception was that the most painful parts of the Asian financial crisis were the fault of foreign interests. But if you're local, you will probably have heard of his Surrey property, Pyrford Court. In a stroke of brilliant financial maneuvering Lone Star bundled some of the mortgages into bonds and sold them to investors, immediately booking large profits. Grayken, to his credit, has a masterful way of simplifying the process of both buying and selling assets, says David Hood, who helped found Lone Star and worked there for six years. [2] Early life However, unlike Schwarzman, who employs a small army of professionals to help him and his firm burnish their image through various benevolent causes, Grayken appears to care little about getting good press. These programs have been further tailored for special populations including adolescents and pregnant women. Share. Grayken denied any wrongdoing and argued that the Korean governments actions were arbitrary and discriminatory and ignored Lone Stars role in rescuing a big bank. the Online Archive of California. This, of course, wasnt enough for Grayken, who is now pursuing arbitration to recover billions more in profits he believes he would have gotten in the original deal. RE: Calisphere: Request high-resolution copy of item for Red Cross House, Anaheim. The 70-year-old businessman was born in the Blackheath area and is the founder of Virgin Media Group. This impressive gift will accelerate our battle against addiction, support recovery efforts, and allow BMC to keep doing what they do best.". The home has 15 ensuite bedrooms with local coral featuring heavily in the design. Theres more demand the next tier down slightly less pricey penthouses in the Millennium and condos in shorter but still grand new buildings, such as 50 Liberty in the Seaport. The house has 14 lavish bedrooms, including an entire first-floor suite for Flatley, two climate-controlled wine cellars, a Roman spa, a 20-seat private cinema, an African safari room, a Jameson-designed whiskey room, a three-storey 3,000-volume library, a music room, a gym and various reception rooms, not to mention a reinforced steel, eight-bay garage for the star's collection of Ferraris, BMWs and Rolls Royce cars. Glassblowers were flown in to help create a magnificent chandelier. This story appears in the March 20, 2016 issue of Forbes. He has renounced his US citizenship. All rights reserved. [graphic]. Michael Flatley's Castlehyde Estate. The sale has not yet closed, so no public records were available, and neither Millennium Partners nor a spokesman for Grayken would confirm the deal. The Boston Business Journal, citing anonymous real estate sources, first reported that Grayken was the purchaser on Wednesday. See our terms of use for more tips. #ada-button-frame { For Grayken the key part of any transaction has always been a cheap purchase price, not any magic that happens afterward. When billionaire investor John Grayken signed a contract to buy Bostons most expensive apartment for $30 million, which has beenwidely reported, he added to hisvast real estate holdings that includes a 17,500-square-foot mansion in Londons Chelsea neighborhood, a 20-acre country manor and a 15-room house on a tiny island in Cohasset Harbor on the Massachusetts coast. Inventory is very tight, especially at the high end of the market where a lot of these pricey condos sell, says John Petrowsky, a broker with real estate services firm Compass. The house is listed as Grayken's residence in corporate filings. Unlike Colony, Apollo and other opportunity funds that grew out of the S&L crisis and expanded into other areas, Grayken stayed focused on distressed assets linked to real estate, like delinquent mortgages. After a deal closes, Hudson works out and services the loans. John Grayken, a Cohasset-born billionaire now claiming Irish citizenship, purchased the expansive pad on the tower's 60th floor for around $33 million, according to a Boston Business Journal. It might just all end. But until that happens, the pension funds are happy to deposit more retirement money in the Irish billionaires shadow bank. Schwarzmans Blackstone, which has assets of $336 billion, has comparable average annual returns of 17 percent. New York, Miami, Aspen, Colorado and Beverly Hills, California dominated the report, which looked at sales above $1 million, $5 million and $10 million. [7] The gift is the largest donation in BMC's history. Hollywood legend John Huston and his daughter Anjelica lived there in the 1950s and played host to some of the world's most famous movie stars, including Maureen O'Hara, Gregory Peck and John Wayne. 617-638-6841jenny.eriksen@bmc.org, Elissa Snook Want to use any of our images?Looking for a photographer? ", Boston is well-established as the epicenter of medicine and healthcare, where groundbreaking research occurs and where the best and the brightest clinicians train and practice, said Mayor Walsh. Still, their riches pale in comparison with those of Grayken, who rules with an iron fist and has little tolerance for mistakes. View source record on Regulators hassle him, and the homeowners whose mortgages he owns or services despise his tactics. One key aspect of Lone Stars superior returns: Graykens Dallas-based asset management and due diligence arm, Hudson Advisors. His long time number two, Ellis Short, who helped found Lone Star, left in 2007. The Woelke-Stoffel House, one of the oldest and finest Queen Anne style houses in Anaheim, was built in 1894 by retired restauranteur John Woelke. The project wasnt a huge success, but the Tennessee experience cemented Graykens relationship with Bass and introduced him to his first wife, a Nashville native. It's a Grade I listed Tudor manor house which was built in 1525 by Sir Richard Weston, the former courtier of Henry VIII. And if you thought banks behaving badly in America were a thing of the past, Grayken s Texas mortgage company, Caliber Home Loans, has become infamous for its tactics as a servicer of subprime loans, some dating back to before the financial crisis. Lone Star has amassed assets of $64 billion, and since its inception in 1995 its 15 funds have logged average annual net returns of 20%, without a single year in the red. Its editorial board went on to accuse Lone Star of relying on the foreclosure and resale of the homes to make money. New York Attorney General Eric Schneiderman reportedly opened an investigation. Fact: Cult classic 'The Omen' was filmed here in 1975. ", "$25m gift to Boston Medical Center will help launch opioid center", "Grayken Program in International Real Estate at the Wharton School Creates New Opportunities in Global Real Estate Education", "Mobile unit ready to roll: South Shore Health looks to expand bare beyond hospital walls", "Cohasset Philanthropist offers to match donations up to $1 Million to Plymouth, MA-based Hart Speech Foundation", "Couple donate 50m to children's hospital that saved newphew", "Private Equity Giant Lone Star Shakes Up North American Ranks", "Council of Overseers - Huntington Theatre Company", "Producer Eilene Davidson: 'British actors are the best in the world', "The omen for private equity baron Grayken", https://www.pressreader.com/ireland/sunday-independent-ireland/20170402/282368334488896, https://en.wikipedia.org/w/index.php?title=John_Grayken&oldid=1139514030, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 15 February 2023, at 14:49. He divorced his first wife shortly after becoming a tax refugee, changed his mind, got her to take him back within a month of the final divorce decree and then got redivorced six months after that. And if you thought banks behaving badly in America were a thing of the past, Graykens Texas mortgage company, Caliber Home Loans, has become infamous for its tactics as a servicer of subprime loans, some dating back to before the financial crisis. Boston Globe tech reporters tell the story of the region's technology and innovation industry, highlighting key players, trends, and why they matter. Welcome! Whether youre a current employee or looking to refer a patient, we have the tools and resources you need to help you care for patients effectively and efficiently. Follow him on Twitter at @bytimlogan. Many of the other real estate and private equity players are really jealous of John Grayken.. In the aftermath of the late-1990s Asian financial crisis, Lone Star bought a controlling share of Korea Exchange Bank (KEB) in 2003 for $1.8 billion. Surrey is known to be one of the most affluent counties in England, so it's no surprise that billionaires are attracted to it - including the fifth-richest in the world. The bill for the home - said to be Ireland's largest private residence - was said to be close to 20m. Grayken quickly flipped them, making tens of millions of dollars in profits. Has Calisphere helped you advance your research, complete a project, or find something meaningful? Click any thumbnail to open the image gallery, The Woelke-Stoffel House, Anaheim, Orange County. A $4.6 billion fund Grayken raised in 2010 has returned 52 percent per year to Oregon pensioners. The 59-year-old debuts on the FORBES Billionaires list with a net worth of $6.3 billion, making him the second-wealthiest private equity manager in the world, behind Blackstones Stephen Schwarzman. The average sales price of units reached $2.3 million, one of the highest numbers LINK has recorded for Boston. His longtime number two, Ellis Short, who helped found Lone Star, left in 2007. The home, built in the 1820s, was where Edward VIII signed the documents abdicating from the British throne in 1936 before setting off for his new life with Wallis Simpson. Lone Star and Caliber declined to comment. John Grayken - 30th - 5.87 billion You might not have heard of John Grayken, an American-born Irish billionaire financier, the founder and chairman of the private equity firm Lone Star. Fact: Cult classic 'The Omen' was filmed here in 1975 The 15-bedroom house on 20 acres was last on the market in 2010, with a price tag of 25m. Unlike other major private equity firms, which generously share equity among partners, Grayken has a tight grip on his firms ownership. Or by navigating to the user icon in the top right. which has since closed down in 2020 due to the pandemic. Grayken is also the owner of a 15-bedroom manor house on 20 acres outside of London that was featured in The Omen, a 1976 horror film starring Gregory Peck. The 13,000-square-foot unit atop the 60-story Millennium Tower in Downtown Crossing is under contract to John Grayken, an investment fund manager whom Forbes magazine recently dubbed one of. Distressed investor is a sanitised version of less flattering terms from bygone Wall Street eras: Vultures, grave dancers, robber barons. Schwarzmans Blackstone, which has assets of $336 billion, has comparable average annual returns of 17%. But there's more: discover your full benefits now. He eventually married his secretary in London, and the couple have four children. Discover your full benefits as a Premium subscriber. Miami, which is enjoying one of the hottest condo markets in the country, currently lists more than a dozen condos on the market for $20 million and more, the Coldwell Banker report finds. [graphic], : Armbruster Residence, Anaheim [graphic], : Langenberger Residence, Anaheim [graphic], : Theodore Rimpau Residence, Anaheim. His wife owns a mansion in Surrey, which is his link to the county. As a leading academic institution shaping public policy on addiction disease treatment, the BMC Grayken Center team will train leaders in the field to disseminate proven approaches from these programs around the world.. To make matters worse, another Lone Star e mployee in Korea was caught embezzling $11 million from the private equity firm. View our statement on digital primary resources. The pre-Palladian house was built in 1716 and features a garden designed by Capability Brown. It is listed on the National Register of Historic Places. A 65th floor penthouse in Chicago sold for $18 million last year, while a 42nd floor penthouse in Los Angeles sold for $22.5 million. Ajit Isaac and the necessity of a clear vision to create long-term impact with philanthropy, Family philanthropy is spreading its wings in India, From Balenciaga to Vivienne Westwood and Paco Rabanne, Paris Fashion Week coloured by scandal and grief, Good design, killer engine but the Keeway V302C keeps you wanting for more, Startup Fridays S4 Ep7: Bala Srinivasa on the great middle Indian opportunity for startups and VCs. And hes anything but a patriot: In an effort to avoid taxes, he renounced his US citizenship in 1999. Grayken stayed in Dallas, raised some $400 million and called his new operation Lone Star Funds. Limerick billionaire JP McManus also has an extensive residential property portfolio. According to pension fund documents, he is the sole owner of Lone Star and its affiliated asset management firm, Hudson Advisors. German Khan comes 20th on the Sunday Times Rich List for 2021 and is a Ukrainian-Russian billionaire businessman. Next, Bass put Grayken in charge of a $130 million partnership called Brazos (named after a Texas river where the Bass family is based) that worked with the FDIC to purchase 1,300 bad bank assets. 3. the UK's most expensive homes in London's Chelsea district . As Chairman and CEO of the general partner of Brazos Partners, Mr. Grayken led the operation. To visit our Archives, click here. Hawkes said shes hopeful that having the most expensive condo on the market locked up will bolster the confidence of would-be buyers for other pricey properties. They also own the 'Fort Belvedere' stately home in Surrey, close to Windsor Castle. Many of the other real estate and private equity players are really jealous of John Grayken.The Oregon Public Employees Retirement System has invested $2.2 billion in many of Lone Stars funds. Weve seen a lot of construction but its not nearly enough to keep up with this market.. Lone Star has bought these loans at a discount from the governmentin effect, they got principal reduction. Menu Sections. Its sixth real estate opportunity fund raised $4.6B in June 2019, . His pension clients, including the Employees Retirement System of Rhode Island, the New York State Teachers Retirement System and Dallas Fire & Police Pension System, have yet to make a peep about Graykens sleazy subprime mortgage operation. His latest Lone Star fund is now raising $5 billion trained on real estate in Europe, where banks are still rapidly deleveraging. When the U.S. economy was doing well, he would set his sights on countries where tough times meant easier pickings. BMC is a tremendous asset in our nations fight against one of the great challenges of our time the addiction and opioid overdose epidemic. A good number of Calibers mortgages were purchased by Lone Star Funds at a deep discount70 cents on the dollarduring auctions held by wards of the state Fannie Mae and Freddie Mac and the Department of Housing & Urban Development. Fact: It's the former home of Ireland's first President Douglas Hyde. The 59-year-old debuts on the Forbes Billionaires list with a net worth of $6.3 billion, making him the second-wealthiest private equity manager in the world, behind Blackstones Stephen Schwarzman. He tells PERE what they are. http://ark.cdlib.org/ark:/13030/kt3199q2rj. Public records show that a Grayken-managed company organized in Bermuda owns a 2.3-acre private island off the Cohasset waterfront, on which sits an 18-room, three-story mansion spanning 14,202 . The Sunday Times released its rich list last month and here are eight of the richest billionaires that are from or have links to the county. John's Biography. The stunning house was used in the finale of the BBC hit drama Sherlock starring Benedict Cumberbatch, featuring as the home of an evil newspaper baron. This story appears in the March 20, 2016 issue of Forbes. Learn more about the collections in Calisphere. At the same time Caliber offered temporary loan modifications to distressed borrowers that consisted of five-year interest-only payment plans but failed to offer the homeowners any permanent relief through principal reduction. But in 2004 and 2007 Grayken spent a total of $16.6 million, through a Bermuda holding company, to buy a 15-room house on a tiny island in Cohasset Harbor, according to Norfolk County property records. [9], In April 2017, John P. Grayken gave a leadership gift to the Wharton School of the University of Pennsylvania to fund the Grayken Program in International Real Estate at the Wharton School. He was knighted as a Sir in 2020. 1956 John Patrick Grayken (born June 1956) is an American-born Irish billionaire financier, the founder and chairman of the private equity firm Lone Star Funds. Over the decades John has had phenomenal returns and executed a very disciplined investment strategyhe is in a league of his own, says Nori Gerardo Lietz, a Harvard Business School professor who ran one of the largest firms that advise pension funds on their private equity investments. [2], John Patrick Grayken was born in June 1956,[3] and was brought up in Cohasset, Massachusetts, a suburb of Boston. As a South Dakota Investment Council member recently put it, I am concerned about what happens when John passes away. He may have friends and family he might want to share it with. Forbes said Grayken has been based in the United Kingdom since the late 1990s, when he renounced his US citizenship for tax purposes and took an Irish passport. The German press called Lone Star the Executioner from Texas after the firm bought a boatload of non performing loans that resulted in homeowner foreclosure proceedings. In 2013, for example, it committed $180 million in Lone Star Fund VIII and has already posted annualized net returns of 29%. The fifth-richest man in the world has links to Surrey, Sign up to our free email alerts for the top Guildford stories sent straight to your e-mail. There were legal and regulatory investigations into whether the stock prices of KEB and a separate credit card operation were manipulated downward to enable their discounted purchase. Its even doubtful Grayken, who refused to comment for this story, is well liked within his own firm. Every item on Calisphere has been contributed to the site by a California institution. In 2013, for example, it committed $180 million in Lone Star Fund VIII and has already posted annualised net returns of 29 percent. His net worth is a reported $6.3 billion, and the main affiliate of his private equity firm, Lone Star Funds, has $38 billion in assets, according to Bloomberg. We'd love to hear about it; please send us a message. Like short-sellers, they are often despised because they prey on the weakcompanies and individuals who made bad bets or got in over their heads. Full Coverage Of Money Masters Continues Here. Lone Star has no interest to propel someone into insolvency. He is the executive chairman of the world's largest steelmaking company, ArcelorMittal, and chairman of stainless steel manufacturer Aperam. The house passed through several owners and eventually was purchased by Peter Stoffel, a successful citrus . It might just all end.. This, of course, wasnt enough for Grayken, who is now pursuing arbitration to recover billions more in profits he believes he would have gotten in the original deal. And of those there might be five people in the world who would actually consider buying it.. Bass then backed Grayken in a bigger bad-loan fund, which Grayken transformed into about $160 million in profits. It also steps in with legal and accounting help. The house was preserved and moved to Founders Park, managed by Anaheim Heritage Services, along side The Mother Colony House. The Korean government blocked the sale, and Lone Stars man in Korea, Paul Yoo, was convicted of manipulating the stock of the credit card unit and sentenced to three years in jail. Sunderland FC owner Ellis Short is another Texan with Irish citizenship. And hes anything but a patriot: In an effort to avoid taxes, he renounced his U.S. citizenship in 1999. Its editorial board went on to accuse Lone Star of relying on the foreclosure and resale of the homes to make money. Grayken has personally invested $250 million in the fund, his 16th, adding to the $1.3 billion he already has invested in Lone Stars other funds. Its even doubtful Grayken, who refused to comment for this story, is well liked within his own firm. This new center will make that possible by developing and disseminating the most effective new models of care. It contains 3 bedrooms and 2 bathrooms. Most of the benefits, however, went to Bass. 48 reviews #124 of 519 Restaurants in Anaheim $$ - $$$ Japanese Sushi. Fact: Madonna and Guy Ritchie married here in 2000. A 65, floor penthouse in Chicago sold for $18 million last year, while a 42. floor penthouse in Los Angeles sold for $22.5 million. 617-638-6823elissa.snook@bmc.org, The Grayken Center for Addiction Medicine Aims to be World Leader in Battling Epidemic. Practitioners of distressed investing are a special Wall Street breed: Bottom-fishers with steel constitutions and a penchant for rushing into fire sales. Buying and holding la Buffett is for suckers, according to Graykens philosophy. John Grayken's Pyrford Court. Shortly after the meeting, South Dakota agreed to invest $300 million in Lone Stars newest investment fund. And the torrid pace of sales is showing little sign of abating. Yetthe purchase of the 13,000-square-foot penthouse atop the 60-story Millennium Tower in Bostons Downtown Crossing district is also shining a light on one of the countrys most robust markets for condominiums. (This story appears in the 01 April, 2016 issue of Forbes India. Teams at Hudson are responsible for performing full financial analyses and reviews of investment opportunities after Lone Stars managers have identified them. The project is supported by contributions from a collaboration of photographers with varying levels of skills and experience, but a common interest in the place we all call home - Southern California. For More Information, Contact: [13], Grayken divorced his first wife soon after he became a "tax refugee"; they reunited within a month of the final divorce decree, but divorced again six months later. Evidence of the mysterious buyer can be found in a Massachusetts state court, where the home is listed as Graykens address in a probate filing. 2023 Boston Medical Center. In addition to this commitment, our robust research and teaching programs keep our hospital on the cutting-edge, while pushing medical care into the future. As the Toll from Opioids Grows, Who's Giving for Addiction Medicine? If not we will take appropriate action. After the interview Grayken spent $775 million in 2012 to buy TLG Immobilien, an East German owner of 800 buildings held by the government. Youll find him on our list as a citizen of Ireland. Starting with Canada, Grayken also ventured into international markets. Clontarf engineering magnate, David McMurtry, spent around 36m building a futuristic eco home in North Nibley, Gloucestershire. In September the New York Times reported that many of the delinquent mortgages Loan Star bought have ended in foreclosure. The one group that loves Grayken: pension fund managers, who consider him an alpha god and who happily overlook his sins. Technically speaking, the federal government does not require Graykens operation to offer principal reduction, but there has been a roar of voices claiming that Lone Star is abusing the situation. His latest Lone Star fund is now raising $5 billion trained on real estate in Europe, where banks are still rapidly deleveraging. They own lavish properties around the world, including the exclusive Windsor Resort at Lake Vero in Florida, where they have a vast beach pad. When Millennium announced in February that the penthouse was under contract, it said the condo would be used as a family residence. But its not entirely clear how much time Grayken, who is married to a British woman and has four children, will spend there. By the end of the 1990s Grayken had moved into troubled European nations like Germany and France. The Russian-Israeli businessman and politician owns private investment company Millhouse LLC as well as Chelsea F.C. If he owns it and visits from time to time, it wouldnt necessarily rise to that level, said Steven Meyer, an international tax attorney at Posternak Blankstein & Lund in Boston. View the full list of the 2016 billionaire rankings here. The couple, along with their four children, currently reside in Boston. If there's one thing that Ireland's wealthy really like it's property. The Oregon Public Employees Retirement System has invested $2.2 billion in many of Lone Stars funds. Coldwell Bankers report on the top 20 cities in the U.S. for luxury condo sales ranked Boston number 20. Youll find him on our list as a citizen of Ireland.Since the Great Recession Grayken has made a specialty of buying up distressed and delinquent home mortgages from government agencies and banks worldwide. While there are obvious ones such as Sir Richard Branson, who grew up in Surrey, there are other less-obvious links that you might not have heard of. Hes also picked up a major payday lender, a Spanish home builder and an Irish hotel chain. One Boston Medical Center Place At the time the billionaire Bass brother (see sidebar, p. 58) had been successfully investing his inherited fortune with the help of a talented group of future Wall Street titans that included David Bonderman and Thomas Barrack. Secretive John Grayken debuts on the Forbes Billionaires List with the second-biggest fortune in private equity, $6.3 billion. @ 46.40984739, 6.28118074. The 7,300-square-foot home, called 'The Sanctuary', was bought back in 1997 and has dramatically increased in value. Grayken wanted to be a real estate developer and eventually found a job working for Texas billionaire Robert Bass on an office-tower deal in Nashville. We offer diagnosis and treatment in over 70 specialties and subspecialties, as well as programs, services, and support to help you stay well throughout your lifetime. David McMurtry's futuristic home. Independent.ie. Industry Finance ; 2017 Worth 6.13 bn . Fact: The finale to the BBC's 'Sherlock' was filmed here. Leaving meat on the bone for others is fine. The Grayken Center, announced earlier this month, is funded by the largest gift in the hospital's history: $25 million from billionaire investor and South Shore native John Grayken and his wife . The Center also serves pregnant and post-partum women facing behavioral health and substance use disorders. The generous gift, the largest donation in BMCs history and the biggest private gift in the US in the last decade for addiction treatment and medicine, will create the BMC Grayken Center for Addiction Medicine. So it should come as no surprise that the buyer of the Millennium penthouse is a billionaire with ties to Boston, said Sue Hawkes, a marketing consultant for luxury housing developments. You wont find any libraries or schools or hospitals with his name on them. Im enormously grateful to the Grayken family for bestowing this generous gift, he said. Distressed investor is a sanitized version of less flattering terms from bygone Wall Street eras: vultures, grave dancers, robber barons. The sale of the Millennium penthouse, Hawkes said, is a big statement for this city. Whether it's purchasing property or being brought up in the county, Surrey has plenty of links to the mega rich. The private equity mogul is also said to have bought the 'La Bergerie' - the sprawling mansion overlooking Lake Geneva - from Switzerland's richest man Ernesto Bertarelli for around 40m in 2010. Record $25 Million Gift from Grayken Family Advances Boston Medical Centers Leadership in Treating and Preventing Opioid Use Disorder, We use cookies and other tools to enhance your experience on our website and to analyze our web traffic. At the same time Caliber offered temporary loan modifications to distressed borrowers that consisted of five-year interest-only payment plans but failed to offer the homeowners any permanent relief through principal reduction. After Penn he got his M.B.A. from Harvard Business School in 1982 and then landed in investment banking at Morgan Stanley. While his top employees have become multimillionaire-rich, a number of key lieutenants have departed as Grayken has apparently never valued anyone enough to offer significant ownership in his operation. Fact: Has an artificial lake, a cinema and an 18m pool. : Red Cross House (Historically the Residence of John G. Woelke), Anaheim [graphic], : Residence of John G. Woelke, Anaheim [graphic], : Reiser Residence and Vineyard, [graphic], : Theodore Reiser Residence, Anaheim [graphic], : John B. Stewart Farm and Residence, Anaheim [graphic], : Residence on South Philadelphia Street, Anaheim. Cohasset native John Grayken is founder and chairman of Lone Star Funds, a global private equity firm. Condo prices in some of Bostons most expensive areas for property hit a new record $1,380.45 average per-square-foot sales price in the first three months of this year, according to LINK, a Boston real estate information service. Perhaps one of the most recognisable names on the list for Surrey locals is Sir Richard Branson, who grew up in the county before he made his billions. He studied economics at the University of Pennsylvania, where he was a defenseman for the hockey team. Review. While his top employees have become multi millionaire-rich, a number of key lieutenants have departed as Grayken has apparently never valued anyone enough to offer significant ownership in his operation.