Net Worth Ranker
What Is Michael Fux’s Net Worth?
Michael Fux, a Cuban-American businessman and philanthropist, has accumulated a substantial net worth estimated at $450 million. This wealth stems primarily from his success in the bedding industry, where he founded and developed companies like Sleep Innovation and Comfort Revolution. Beyond his business ventures, Fux is renowned for his extensive collection of supercars, boasting over 160 vehicles housed across five garages. He also dedicates his resources to philanthropic endeavors, notably through the Michael Fux Foundation, which supports seriously ill children and their families.
The Foundation of Michael Fux’s Wealth: Bedding Industry Ventures
Fux’s entrepreneurial journey began with ventures beyond the bedding industry, including selling used tires and batteries from a garage in Newark. He later honed his business skills working at Sears and other department stores, eventually rising to a vice president position at the Hecht Company in Washington, DC, by the age of 30. However, it was his entry into the textile industry that sparked his passion, leading him to create and market full-bodied zippered blankets, though this venture ultimately faced bankruptcy.
In 1985, Fux’s sister-in-law presented him with an opportunity at BioClinic, a producer of polyurethane foam egg crate mattresses for hospitals. Fux played a key role in expanding BioClinic’s reach into the consumer market, securing placements in major big box stores. A decade later, leveraging his industry knowledge, he founded Sleep Innovations, a company specializing in mattresses, pillows, and visco-elastic foam toppers. He notably introduced innovative boxed packaging, featuring brightly colored boxes on wheels, to market these products. He sold Sleep Innovations in 2005 for an undisclosed profit.
After a five-year non-compete agreement, Fux re-entered the bedding market in 2011, establishing Comfort Revolution. This company focuses on mattresses, toppers, and pillows made with memory foam and proprietary Hydraluxe gel technology. In 2012, Sealy acquired a minority stake in Comfort Revolution, and Fux opened a 432,650-square-foot manufacturing and distribution facility in Belmont, Mississippi. He continues to serve as the CEO of Comfort Revolution. These successful ventures in the bedding industry serve as the primary driver of Michael Fux’s net worth.
Michael Fux’s Car Collection: A Testament to Wealth
The Michael Fux car collection, comprising approximately 160 supercars, stands as a prominent symbol of his financial success. The collection is spread across five garages. Among the notable vehicles are a Rolls-Royce Phantom and a McLaren 12C Spider. In 2019, Fux made headlines as the first customer to receive a McLaren Senna, an emerald-green car delivered to his residence in midtown Manhattan. He later auctioned off this Senna, along with other high-value vehicles like his 2015 Porsche 918 Spyder and 2016 Ferrari F488 Spider.
In January 2019, 25 cars from his collection were put up for auction at the Mecum auto auction in Kissimmee, Florida. This auction included a 2016 LaFerrari Aperta, one of only 120 produced, with just 174 miles on the odometer. Its estimated value ranged from $6 to $9 million. Also featured was a 2014 LaFerrari, custom-painted fire red, with 418 miles, estimated to be worth $4 million. These vehicles represent a significant portion of Michael Fux’s assets and reflect his passion for automotive excellence.
Real Estate Holdings: Properties in New Jersey and Florida
Michael Fux maintains residences in both Florida and New Jersey to accommodate his extensive car collection. His New Jersey estate, situated in Milford, spans 85 acres and features a 6,000-square-foot main house along with a substantial 30,000-square-foot car garage. This garage space also incorporates amenities such as a basketball court, sauna, and commercial kitchen. He initially listed the estate for sale in 2018, starting at nearly $11 million, then reducing the price to $8.7 million, and eventually $5.9 million before taking it off the market.
To potentially optimize state taxes, Fux has maintained his primary residence in Florida for approximately two decades. In 2006, he purchased a penthouse condo in Miami, Florida, for $12.14 million, later selling it in 2013 for $16 million. The condo was relisted in late 2023 for $54 million. In 2013, he acquired a 2-acre property with a 7,000-square-foot mansion in Pinecrest, Florida, for $2.5 million. These real estate holdings contribute to Michael Fux’s overall net worth.
Philanthropic Activities: The Michael Fux Foundation
In early 2006, Michael Fux established the Michael Fux Foundation to support children with serious illnesses. The foundation creates programs offering assistance to these children and their families, focusing on creating safe and comforting spaces and funding projects and research in children’s healthcare. The Foundation has also established Michael Fux Family Centers at Miami Children’s Hospital and Unterberg Children’s Hospital in Long Branch, New Jersey. These centers provide support and resources for families facing challenging medical situations.
Over the years, Fux has supported numerous charities in New Jersey, including the Count Basie Theatre Foundation, Hurricane Sandy NJ Relief, the Make-a-Wish Foundation of Central New Jersey, the Monmouth Medical Center Foundation, New Jersey Heroes, Ocean of Love, the Tigger House Foundation, and the Troopers Memorial Fund. These philanthropic efforts are an integral part of Michael Fux’s legacy.
Early Life and Career Beginnings: The Foundation of an Entrepreneurial Journey
Born in Cuba in 1943, Michael Fux immigrated to the United States with his mother and brother at the age of 15, settling in Newark, New Jersey. The family lived in a one-bedroom apartment furnished by the Salvation Army. Fux initially didn’t speak English. He attended Weequahic High School and later Central Evening High School. His first job was pumping gas at a station in Newark, earning $1 per hour.
Recognizing his entrepreneurial spirit, Fux launched his first business, selling used tires and batteries from a garage in Newark. By the age of 20, he had bought and sold several small ventures. To further develop his business skills, he took a job selling automotive suppliers at Sears and eventually became a manager. He then worked as a manager at other department stores, including Sanger-Harris and Bamberger’s. This early work experience laid the groundwork for his future success in the bedding industry and contributed to his eventual accumulation of a substantial net worth.
