Net Worth Ranker
What Is Craig Jackson’s Net Worth?
Craig Jackson, an American entrepreneur, has accumulated a substantial net worth, estimated to be around $300 million. This wealth is primarily derived from his ownership and leadership of Barrett-Jackson Collector Car Auction, a highly successful venture in the collector car industry.
The Barrett-Jackson Empire and Its Contribution to Craig Jackson’s Net Worth
Barrett-Jackson Collector Car Auction is the cornerstone of Craig Jackson’s wealth. The company has facilitated the sale of over $1.5 billion worth of cars to date. The auctions attract over 200,000 attendees annually, demonstrating the brand’s strong appeal and reach within the collector car market.
On average, Barrett-Jackson’s auctions generate between $100 million and $150 million in gross sales each year. Barrett-Jackson derives a portion of its revenue from each sale. The company’s flagship annual auction in Scottsdale, Arizona, is a major contributor to its overall sales figures, often generating around $100 million over several days. The “no reserve” auction format, pioneered by Barrett-Jackson, has played a significant role in the company’s success, attracting bidders from around the world. Furthermore, Barrett-Jackson’s auctions are broadcast to over 200 countries, increasing visibility and attracting a global audience, with millions of viewers tuning in.
Barrett-Jackson has also expanded its reach into the online car auction market through its ownership of Car Collector Network, which encompasses AutoHunter.com and ClassicCars.com. These platforms provide additional revenue streams and contribute to the company’s overall value.
In August 2022, talent agency Endeavor, which owns UFC and WWE, acquired a 51% stake in Barrett-Jackson for $261 million. The transaction involved a payment of $249 million in cash and 563,935 shares of Endeavor stock. This deal valued Barrett-Jackson at approximately $520 million, highlighting the significant value of the company.
Early Life and Career Beginnings
Craig Jackson was born in Arizona in 1959. His father, Russell Jackson, was born in Pontiac, Michigan, and attended the General Motors Institute in Flint before becoming a car salesman. Russell served as a Chief Mechanic in the Air Force during World War II, stationed at various bases across the country. He married Nellie in 1940, and they had two sons, Brian and Craig. From 1940 to 1960, the family resided in Michigan, where Russell and Nellie owned and operated a country store. They frequently vacationed in Scottsdale, Arizona, during the cold Michigan winters, which eventually led to their decision to relocate there permanently in 1960.
In Scottsdale, Russell opened a car wash and secured a contract with the city’s police department. Nellie managed the company’s finances. Within a few years, they established Classic Carriage House, a business focused on buying, selling, and restoring classic cars. This venture laid the foundation for their future involvement in the collector car industry.
In 1963, Russell discovered an advertisement in the local newspaper placed by Tom Barrett, another car enthusiast. Barrett’s ad featured a 1933 Cadillac V16 Town Car that had once belonged to actress Joan Crawford. Russell contacted Barrett, and although they didn’t reach an agreement on the Cadillac, their encounter sparked a lasting friendship and the seeds of a future business partnership were sown.
In 1967, Russell and Tom launched the “Fiesta de los Autos Elegantes,” an auction initially created to raise funds for local charities. The event’s popularity grew, and in 1972, they began auctioning off cars. The first car they auctioned was Adolf Hitler’s armored Mercedes-Benz 770K, which sold for over $150,000, equivalent to approximately $1.2 million today. This sale was considered a significant amount for a vintage car in the early 1970s.
The auction and business evolved into the Barrett-Jackson Collector Car Auction, which is known today. Both Brian and Craig Jackson began working for their father’s company as children. Russell Jackson passed away in 1993 at the age of 78 from colon cancer. Tom Barrett retired soon after, and Brian and Craig Jackson took over the company. Tragically, Brian Jackson died of colon cancer in 1995 at the age of 49. Craig Jackson became the sole Chairman and CEO in 1997. Tom Barrett died in 2004 at the age of 75. In that year, Barrett-Jackson generated approximately $40 million in gross sales.
Craig Jackson’s Assets and Investments
Craig Jackson’s personal car collection is housed in a multi-million dollar garage that took two years to construct. The garage features a circular rotunda showroom that can display up to 17 cars at a time. The rotunda’s design was inspired by the wheel of a 1967 Shelby Cobra. The walls are covered in leather, and the floor is terrazzo-coated. The showroom features a turntable to allow for easy car movement. The garage also includes a custom heating and cooling system.
He owns a wide array of muscle cars, including a dozen Shelby Cobras. In addition to the rotunda, he has a separate “man cave” showroom, which showcases the history of Barret-Jackson and a car shop for maintaining and storing additional cars.
Some of the notable cars in his collection include:
- 1970 Hemicuda convertible (one of only 14 made)
- 1988 Porsche factory slope nose
- 1969 Camaro ZL1 Rally Sport (one of two)
- 1961 Chevy Impala custom coupe
- 1965 Shelby Mustang GT 350
- 1997 Dodge Viper
- Ferrari Daytona
- 1932 Ford custom Roadster
- A custom Bugatti
In April 2006, Craig Jackson purchased a 12,255-square-foot mansion in Paradise Valley, Arizona, for $6 million. The property, built in 1991 and set on over six acres, includes his custom garage. The value of this property is estimated to be between $10 million and $15 million today.
