Bruce E. Toll
Bruce E. Toll | |
|---|---|
| Born | April 29, 1943 |
| Nationality | American |
| Education | B.A. University of Miami |
| Occupation | businessman |
| Known for | co-founder of Toll Brothers |
| Spouse | Robbi S. Toll |
| Children | Michelle Toll Elizabeth Toll Feuer Wendy Toll Topkis Jennifer Toll Schulman |
| Parent(s) | Albert Toll Sylvia Steinberg Toll |
| Family | Robert I. Toll (brother) |
Bruce E. Toll (born April 29, 1943) is an American entrepreneur recognized as a co-founder of the luxury homebuilding firm Toll Brothers.
Early life and education
Born into a Jewish family in Elkins Park, Pennsylvania, Toll is the son of Sylvia (née Steinberg) and Albert Toll, a Ukrainian immigrant who experienced financial ruin during the 1929 stock market crash. He completed his undergraduate studies in 1965, earning a B.A. from the University of Miami.
Career
In 1967, Bruce teamed up with his brother Robert I. Toll to establish Toll Brothers, initially concentrating on upscale residences on land in Caln Township, Pennsylvania, which was provided by their father. Their approach employed prudent financial strategies, including maintaining a 10% contingency for expenses, refraining from anticipating price increases during construction, and relying on conservative sales projections. Bruce oversaw accounting functions while Robert managed legal matters.
The company broadened its geographic reach beyond the Northeast in the late 1980s by entering the Washington, D.C. market and later expanded to California in the mid-1990s. The Toll brothers were innovators in mass-producing luxury homes by replicating a limited number of home designs at scale. Subsequently, they diversified into "active-adult" communities catering to wealthy seniors and urban high-rise developments branded as Toll Brothers City Living.
In 1998, Bruce liquidated 5 million shares for $186.6 million but continued serving as vice-chairman and remained the second-largest shareholder. In 2013, the firm acquired Shapell Homes for $1.6 billion. By that year, the company had delivered more than 40,000 homes across twenty-two states.
Bruce reinvested proceeds from his stock sale through BET Investments, a diversified portfolio with interests spanning real estate development and sectors such as healthcare (National Renal Alliance), pharmaceuticals (Premier Kids Care Inc.), biotechnology (Puresyn Inc.), addiction treatment services (Colonial Management Group L.P.), telecommunications (UbiquiTel Inc.), government IT solutions (Aquilent Inc.), and automotive retail via multiple dealerships around Philadelphia including Reedman-Toll Auto World in Langhorne, noted as one of the largest dealerships nationwide.
Philanthropy and accolades
Toll holds board memberships with organizations including the Home Builders Association of Bucks and Montgomery Counties, the Ben Franklin Technology Center of Southeastern Pennsylvania, Abington Memorial Hospital, and the Philadelphia Museum of Art. He is also an active contributor to the Republican party.
Personal life
Married to Robbi S. Toll—an interior designer who serves as secretary on the board of the National Museum of American Jewish History—Bruce is father to four daughters: Michelle, Elizabeth, Wendy, and Jennifer. Elizabeth married investor Leonard M. Tannenbaum in 1997; he is founder and CEO of Fifth Street Asset Management. The couple divorced in 2010.
In 2010, Bruce initiated legal action against Tannenbaum claiming a breach of agreement regarding payment of half the profits from Fifth Street’s latest fund management; however, the lawsuit was unsuccessful.