Bill Koch (businessman)

William Koch
William Koch
Born	May 3, 1940 (age 86); Wichita, Kansas, U.S.
Occupation(s)	Entrepreneur, yachtsman, collector
Years active	1983–present
Known for	Winning the 1992 America's Cup; founder of Oxbow Group

William Ingraham Koch (; born May 3, 1940) is an American billionaire entrepreneur, yachtsman, and collector. His yacht secured victory in the 1992 America's Cup. According to Forbes, Koch's estimated net worth reached $1.8 billion in 2019, accumulated through oil ventures and various investments.

Early life and education

Koch received his education at Culver Military Academy in Culver, Indiana and went on to obtain bachelor's, master's, and doctoral degrees in chemical engineering from the Massachusetts Institute of Technology. He is the twin sibling of David Koch (1940–2019), and has two other brothers: Frederick R. Koch (1933–2020) and Charles Koch (born 1935).

Business career

William Koch was employed by his family’s firm and, alongside his eldest brother Frederick R. Koch, inherited shares in Koch Industries. Following an unsuccessful bid to wrest control from Charles in 1980, William was dismissed from the company. In 1983, he and Frederick sold their stake to brothers Charles and David for $800 million.

The following two decades involved extensive legal conflicts with Charles and David. At one stage, Bill and Frederick collaborated with J. Howard Marshall III, son of J. Howard Marshall II, aiming to gain control over the company. In 2001, all lawsuits were resolved when Koch settled allegations regarding oil extraction on federal and Indian lands. The settlement amounted to $25 million paid by Koch Industries, with Bill receiving a third for initiating the lawsuit.

After departing from Koch Industries, William established the Oxbow Group, an energy-focused holding company headquartered in West Palm Beach, Florida, where he serves as president. In 2011, Oxbow contributed $750,000 to Restore Our Future, Inc., a SuperPAC supporting Mitt Romney’s presidential bid. In 2016, Oxbow Carbon LLC faced an IRS whistleblower complaint accusing it of tax avoidance connected to petroleum coke transactions.

Koch also co-leads the Alliance to Protect Nantucket Sound, which opposes the Cape Wind offshore wind farm project consisting of 130 turbines. In 2005, he personally donated $500,000 and provided over $1 million toward lobbying efforts aimed at halting the development.

America's Cup

In 1992, Koch’s yacht America³ triumphed in the America's Cup, overcoming the Italian contender Il Moro di Venezia. Including trials, America³ achieved a combined record of 28 wins against 10 losses. The campaign reportedly cost around $65 million; despite being an amateur sailor, Koch participated on board alongside seasoned sailors such as Buddy Melges.

Koch funded another challenge in 1995 with an almost exclusively female crew aboard Mighty Mary, except for tactician David Dellenbaugh. However, they were defeated in trials by Dennis Conner’s Stars & Stripes.

He was inducted into the America's Cup Hall of Fame in 1993 and later honored by the National Sailing Hall of Fame in 2018.

Collector

An enthusiastic collector of art and fine wines, Koch has pursued legal action against sellers of fraudulent wines. Among these cases was a lawsuit against Hardy Rodenstock over bottles allegedly owned by Thomas Jefferson. He also sued collector Rudy Kurniawan and auction house Acker, Merrall & Condit; this dispute was resolved with a $3 million settlement in 2014.

His collection related to maritime history features model ships, antique nautical tools, and ship paintings. In 2005, the Museum of Fine Arts, Boston hosted an exhibition displaying his collections including America³ and Il Moro di Venezia. Although Koch financed both the exhibition and transportation expenses, it attracted criticism for focusing more on promoting his image rather than educational objectives.

The yachts are kept at a maritime museum in Rhode Island; despite their significant cost, Koch has remarked they possess "absolutely no value" after their racing careers ended. A native of Wichita, Kansas, he donated his qualifying America's Cup yacht named Jayhawk to the Wichita Boathouse and funded its restoration.

In June 2011, Koch acquired a rare photograph of outlaw Billy the Kid, approximately 130 years old, purchasing it for $2.3 million at auction.

At his ranch in Colorado, he maintains a collection of military vehicles that includes an M42 Duster anti-aircraft gun.

Activism

Koch contributed approximately $5 million to the Alliance to Protect Nantucket Sound and provided $2 million to Restore Our Future, a political action committee backing the 2012 Republican presidential hopeful Mitt Romney.

Personal life

In 1994, Koch wed Joan Granlund, with whom he had a son named Wyatt before their eventual divorce. The following year, he initiated legal action to remove former partner Catherine de Castelbajac from his $2.5 million condominium in Boston, culminating in a jury decision favoring Koch.

By 1996, Koch fathered a daughter with Marie Beard, his then-girlfriend, and subsequently married Angela Gauntt; the marriage produced two children before ending in divorce in 2000. In 2005, he married Bridget Rooney, granddaughter of Art Rooney, founder of the Pittsburgh Steelers. Together, they have a daughter named Kaitlin and maintain part-time residences in Palm Beach, Florida.

In September 2021, Koch was inducted into the Sons of the American Revolution through his ancestor Patriot William Burnett, who was involved in the Revolutionary War and served as a New Jersey Delegate at the First Continental Congress.

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