Scott Wolstein Net Worth
The son of Bertram “Bart” Wolstein, for whom the Wolstein Center on Cleveland State University’s campus is named, Scott was a real estate developer who left a lasting mark on The Land. He was also a generous supporter of arts, education and community causes. In addition to his philanthropy, he was a major donor to the Cleveland Orchestra.
He was an avid art collector and a devoted patron of the performing arts in general. He was especially interested in the development of a new concert hall at the performing arts center in his hometown of Cleveland. His family donated funds to help the project come to fruition, and he served on its board of trustees.
Scott was also the co-founder of the real estate investment trust Developers Diversified Realty, which he created with his father in 1992. The company grew to own more than 500 shopping centers, as well as office and retail projects. It was the principal developer of several projects, including the Flats East Bank project that remade key frontage along the Cleveland River.
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At DDR, he was responsible for building the company’s portfolio of open-air shopping centers and managing its assets. He served on the board of directors for the National Association of Real Estate Investment Trusts and the Real Estate Roundtable. He was also a member of the International Council of Shopping Centers.
In 1999, Scott began restructuring DDR. He moved the company to a tax-efficient REIT structure, and hired regional asset managers so the company could devote more attention to each property. This was necessary because the company’s portfolio had grown to 159 shopping centers.
Despite the company’s problems, Scott continued to invest in the local economy. In 2001, he purchased the former Sears Tower for $700 million. He also invested in downtown revitalization, remaking 200 Public Square into offices and a hotel, as well as the redevelopment of the former First Federal Savings & Loan on East Third Street.
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In addition, he was the chairman of the board of the Park Synagogue in Cleveland Heights. He was a trustee of the Case Western Reserve University and United Cerebral Palsy of Cleveland. He was also a director of the United Jewish Federation of Greater Cleveland and a past president of the Cleveland Chapter of American ORT. In 2006, he was named Cleveland’s man of the year. He died in 2022 at the age of 69. He was the father of four children. He was survived by his wife, Rosie, and two grandchildren. He also had a daughter from his previous marriage. He was an alumnus of Hawken School in Gates Mills and earned his bachelor’s degree from the University of Pennsylvania’s Wharton school and a law degree from the University of Michigan, graduating cum laude. He was married to Rosie for over 60 years and had two children, Josh and Judith. In their time together, they were a model couple and were deeply loved by all those who knew them.
