How Laura Z. Hobson Amassed Her Fortune: Net Worth Revealed
If you’ve heard of Laura Z. Hobson, you might know her as the author of the best-selling novel, “Gentleman’s Agreement,” which later became a movie. But did you know that she was also a savvy investor who amassed a significant fortune throughout her lifetime?
In this blog post, we’ll dive into how Laura Z. Hobson accumulated her wealth and reveal her net worth. Let’s get started.
Introduction
Laura Z. Hobson was an American writer, best known for her novel, “Gentleman’s Agreement,” which tackled anti-Semitism. She was born in 1900 in New York City and died in 1986.
While Hobson’s writing earned her critical acclaim and financial success, she also made a fortunate investment in real estate that significantly contributed to her wealth.
1. Early Life and Career
Hobson had an early interest in writing, and after graduating from Cornell University in 1921, she worked as a newspaper reporter for a short period. She later turned her attention to fiction writing, and in 1930, she published her first novel, “The Trespassers.”
Hobson’s breakthrough success came in 1947 with the publication of “Gentleman’s Agreement,” which sold millions of copies worldwide and inspired a movie adaptation that won three Academy Awards.
2. Investment in Real Estate
Laura Z. Hobson’s investment in real estate came when she purchased a house in Westchester County, outside of New York City. The property was not only used as her home but also as a place for writing and hosting literary events.
Years later, Hobson decided to sell the property but was faced with a significant tax bill. Instead of paying the taxes, Hobson decided to do a “1031 exchange,” a tax-deferred exchange that allows a property owner to defer capital gains tax by exchanging one property for another.
Hobson exchanged her Westchester property for an apartment building in Manhattan, which she rented out and used for income. The apartment building proved to be a successful investment, and Hobson continued to acquire other rental properties throughout her lifetime.
3. Literary Success
Along with “Gentleman’s Agreement,” Hobson wrote several other novels, including “The Other Father” and “Consenting Adult.” She also wrote for various magazines and newspapers, including The New Yorker and The New York Times.
Hobson’s literary success not only earned her critical acclaim but also financial success. She was awarded the National Endowment for the Humanities in 1972 and the Women’s National Book Association Award in 1980.
4. Philanthropic Work
Laura Z. Hobson was also an active philanthropist and supported various causes throughout her lifetime. She donated to organizations such as the NAACP, Planned Parenthood, and the National Organization for Women.
Hobson was also a supporter of Cornell University, her alma mater. She established a scholarship in honor of her mother, who was a Cornell alumna. The scholarship provides financial aid to other female students who plan to pursue a career in writing.
5. Net Worth
Laura Z. Hobson’s net worth at the time of her death in 1986 was estimated to be around $8 million. Her investment in real estate contributed significantly to her wealth, along with her successful writing career and philanthropic work.
Today, adjusted for inflation, Hobson’s net worth would be worth approximately $19 million.
6. Frequently Asked Questions
Q: Was Laura Z. Hobson only a writer, or did she have other sources of income?
A: Along with writing, Hobson also made a significant investment in real estate, which provided her with rental income.
Q: What other books did Laura Z. Hobson write besides “Gentleman’s Agreement”?
A: Hobson wrote several other novels, including “The Other Father,” “Consenting Adult,” and “First Papers.”
Q: What is a 1031 exchange, and how did it benefit Laura Z. Hobson?
A: A 1031 exchange is a tax-deferred exchange that allows a property owner to defer capital gains tax by exchanging one property for another. Hobson used this strategy to exchange her Westchester property for an apartment building in Manhattan, which she rented out for income.
Q: What philanthropic causes did Laura Z. Hobson support?
A: Hobson supported various causes, including the NAACP, Planned Parenthood, and the National Organization for Women. She also established a scholarship for female students at Cornell University.
Q: How much was Laura Z. Hobson’s net worth?
A: Hobson’s net worth at the time of her death in 1986 was estimated to be around $8 million.
Q: How did Laura Z. Hobson’s real estate investment contribute to her wealth?
A: Hobson’s real estate investment provided her with rental income, which added significantly to her net worth.
Q: How did “Gentleman’s Agreement” impact Laura Z. Hobson’s writing career?
A: “Gentleman’s Agreement” sold millions of copies worldwide and inspired a movie adaptation that won three Academy Awards, which catapulted Hobson’s writing career and led to further literary and financial success.
7. Conclusion
Laura Z. Hobson was not only a talented writer but also a successful investor and philanthropist. Her investment in real estate, along with her critically acclaimed writing and philanthropy, contributed significantly to her net worth of $8 million.
Hobson’s life is a testament to the idea that success can come from multiple streams of income and the importance of using smart investment strategies.
So as you go about your own financial journey, remember the lessons that Laura Z. Hobson’s life has taught us and use them to pave your path towards financial freedom.