B. Wayne Hughes
B. Wayne Hughes | |
|---|---|
| Born | 28 September 1933 Gotebo, Oklahoma, U.S. |
| Died | 18 August 2021 (aged 87) Spendthrift Farm, near Lexington, Kentucky, U.S. |
| Occupation(s) | Entrepreneur, businessman, racehorse owner, philanthropist |
| Known for | Founder and chairman of Public Storage; founder of American Homes 4 Rent; Thoroughbred racehorse owner |
| Notable work | Founder of Public Storage |
Bradley Wayne Hughes (September 28, 1933 – August 18, 2021) was a prominent American billionaire entrepreneur, recognized as the founder and chairman of Public Storage, the leading self-storage enterprise in the United States, operating as a real estate investment trust (REIT). At the time of his passing, Hughes's net worth was estimated to be approximately US$3.3 billion.
Early life
Born on September 28, 1933, in Gotebo, Oklahoma, Hughes's family relocated to Los Angeles amid the Dust Bowl era, eventually settling in El Monte, California. At the age of eleven, he experienced his first horse racing event at Santa Anita Park. He completed his secondary education at Mark Keppel High School in 1951 and subsequently received a scholarship to attend the University of Southern California, from which he graduated in 1957.
Career
Hughes initially engaged in real estate within Los Angeles before establishing Public Storage in 1972. Beginning with a single facility in El Cajon, California, the company quickly grew to serve markets across the nation. He held the positions of president and co-CEO between 1980 and 1991; thereafter, he assumed chairman and sole CEO duties until stepping down as CEO in 2002 while continuing as chairman. Additionally, Hughes was chairman and CEO of Public Storage Properties XI, Inc—later known as PS Business Parks, Inc (PSB), a related REIT—from 1990 through 1998.
In 2011, Hughes launched American Homes 4 Rent (AH4R), presently called American Homes, which ranks among the largest owners of single-family rental properties in the U.S.
Philanthropy
Hughes founded and financially supported the Parker Hughes Cancer Center located in Minnesota, dedicated to advancing therapies for pediatric leukemia and cancer. After contributing $5 million to his alma mater, the basketball court at the Galen Center was named in honor of Jim Sterkel, his high school classmate and longtime friend. By 2019, Hughes had donated an estimated $400–450 million to USC, making him its most significant benefactor. Most of his gifts were made anonymously. He maintained strong relationships with notable USC athletes and administrators such as O.J. Simpson, Al Cowlings, Sam Cunningham, and Lynn Swann, whose appointment as athletic director Hughes played a role in facilitating. In recognition of his contributions, USC awarded him an honorary Doctor of Business Administration degree in 2014.
Politics
Hughes was the principal financial supporter of American Crossroads, a conservative political action committee established by Karl Rove. By 2010, his donations to this organization totaled $1.55 million.
Thoroughbred horse racing
Beginning in 1972, Hughes owned several Thoroughbred racehorses. His colt, Authentic, secured victories at both the 2020 Kentucky Derby and the Breeders' Cup Classic. In June 2004, Hughes purchased the historic Spendthrift Farm near Lexington, Kentucky.
Among other distinguished horses owned by Hughes were Action This Day, winner of the 2003 Breeders' Cup Juvenile and recipient of the prestigious Eclipse Award for Outstanding 2-Year-Old Male Horse. He also owned Beholder, who achieved multiple Breeders' Cup wins between 2012 and 2016 along with several American Champion honors including Two-Year-Old Filly (2012), Three-Year-Old Filly (2013), and Older Dirt Female Horse (2015 and 2016).
Personal life
In 1958, Hughes wed Marjorie McKechnie. Together, they had two children: B. Wayne Hughes Jr., born in 1959, and Tamara Gustavson, born in 1961. Their marriage ended in divorce in 1975. Hughes entered into a second marriage with Kathleen Becker in 1983; they had a son named Parker, born in 1990, who tragically passed away from childhood leukemia in 1998. His third marriage was to Patricia Whitcraft in 2017.
Hughes passed away on August 18, 2021, at his residence on Spendthrift Farm near Lexington, Kentucky, just days before turning 88. The specific cause of his death was not publicly revealed.
External links
- 1933 births
- 2021 deaths
- People from Kiowa County, Oklahoma
- American chief executives
- American racehorse owners and breeders
- Philanthropists from Oklahoma
- University of Southern California alumni
- American billionaires
- 20th-century American businesspeople
- 20th-century American philanthropists
- 21st-century American businesspeople
- 21st-century American philanthropists
- Businesspeople from Oklahoma
- Mark Keppel High School alumni