Irwin L. Jacobs facts for kids

Irwin L. Jacobs (born July 15, 1941 – died April 10, 2019) was a successful American businessman and investor. He was known for leading several large companies, including Genmar Holdings, a company that built boats. He also helped start the Cable Value Network (CVN), which was one of the first TV shopping channels. Jacobs became very wealthy by investing in big companies and helping them become more valuable.

Early Life and First Steps

Irwin Jacobs was born into a Jewish family. He began his career working with his father at the Northwestern Bag Company. He attended the University of Minnesota for just one day so he could keep working for his father.

Building a Business Empire

When he was 33, Jacobs bought the struggling Grain Belt Brewery in 1975 for $4.1 million. He tried for eight months to make the company profitable, but it was losing a lot of money. He then sold the company's brand and made a $4 million profit. Later, he sold the brewery property to the City of Minneapolis for $4.85 million.

Jacobs made even more money with his next big deal. He read that a company called W. T. Grant was going out of business. He decided to buy their customer debts. He bought $276.3 million worth of these debts for $44 million, plus a small percentage of the first year's sales.

Jacobs also owned a small part of the Minnesota Vikings football team. He sold his share in 1991.

At the time of his death, Irwin Jacobs owned many different businesses. He also founded FLW, an organization known for its sportfishing tours. These tours, especially the bass fishing tournaments, were designed to be popular on television.

Giving Back and Family Life

Jacobs lived on a large property in Orono, Minnesota, near Lake Minnetonka. He bought the house when he was 30 years old. He and his wife, Alexandra Jacobs, raised five children in their home. Alexandra was an artist and helped many charities. The couple collected many unique pieces of art.

Jacobs was a big supporter of the Special Olympics, an organization that helps athletes with intellectual disabilities. He even served as chairman for the Special Olympics after donating $8 million in 1991. His daughter, Sheila, has cerebral palsy, which may have inspired his support.

Later Years

Irwin Jacobs and his wife were found dead in their Orono home on April 10, 2019.