Staff report
Even billionaires are having tough times.
David Murdock, the owner of Dole Foods and developer of the N.C. Research Campus, lost $1.4 billion in the last 12 months, according to the latest ranking by Forbes magazine.
Forbes ranked Murdock 183 on the list of the world’s billionaires, with his net worth at $3.3 billion.
In September, the 85-year-old California resident ranked 84th on a list of the 400 Richest Americans with a net worth of $4.4 billion.
Bruton Smith, chief executive of Concord-based Speedway Motorsports Inc. fell off the list. Last year, he was estimated to have a net worth of $1.2 billion.
Murdock, a high school dropout, lost money in his investments in food, real estate and trucking industries, all hit hard by the recession, according to Forbes.
The Forbes article noted that Murdock is selling off properties to raise cash to pay down bonds maturing in May. He has sold off Dole’s flowers division, JP Fresh subsidiary, European ripening and distribution business.
The article also noted his pursuit of health and nutrition research and the $1.5 billion N.C. Research Campus project in Kannapolis.
Many others on the Forbes list fared worse than Murdock. Berkshire Hathaway Inc. CEO Warren Buffett lost $25 billion, bringing his net worth down to $37 billion.
Overall, the number of billionaires fell to 793 from 1,125 a year ago, Forbes said. Their collective net worth: $2.4 trillion, a drop of $2 trillion from last year.