Your California Privacy Rights / Privacy Policy. That makes him the 31st-wealthiest individual in the U.S. Peterffy, raised in Communist Hungary, is founder of Interactive Brokers, an asset trading platform. Hedge fundElliott Managementis in final-stage talks to move its headquarters from Manhattan to West Palm Beach, while Maryland-based mortgage companyNew Day USAis leasing 50,000 square feet of office space as a second headquarters in the city. By Boca Raton standards, a facelift is pretty much like brushing your teeth in the morning; everyone does it. After acquiring a fortune in the early 1980s from his trading firm J.W. Some of these people are incredibly wealthy. We punch above our weight in terms of business strength, Singer said.ADTs headquarters are located in Boca Raton. The climate has attracted people, too. He bought the Boston Globe in 2013 for $70 million and in 2017 moved the 145-year-old newspaper back to downtown Boston where it was first founded. MSD Partners Plans Changes To Boca Raton Resort & Club - The Real Deal Known by Forbes as "arguably the greatest hedge fund manager of his generation," he founded his incredibly successful hedge fund following a near-promotion as Goldman Sachs Junk Bond manager. Cooperman looked at her for a moment and tried to imagine what it would mean to start again from zero, and what it would be like to ascend from poverty to extreme wealth not in the 1960s but in 2022, when that gap had multiplied 10 times. Geared toward lovebirds, the Queen of Hearts is a three-hour couples experience complete with red flower scrub, a bath fit for your royal highness, an hour-long red flower massage, and an hour-long signature facial. (Forbes 400 rank: 275.) (Forbes 400 rank: 131. He has owned stake in the New York Yankees, the Florida Marlins (buying it from Wayne Huizenga and owning it from 1999-2002). Worth: $3.1 billionCity: Boca RatonBusiness: Natural gas, owns Buffalo Sabres Fact: He gave $102 million to his alma mater Penn State University for a hockey arena and field a . At the other, they have nothing. The most disadvantaged children were falling further behind. News Top Markets New Developments Boutique More CELEBRITY Red Sox Owner John Henry Asks $25 Million for Florida Estate The billionaire Liverpool Football Club proprietor built a Japan-inspired. The managing director of a private equity firm also recently. Terrence Ross has bounced back from a poor season, and his improved play could lead to a mid-season trade. The Pittsburgh Pirates' Henry Davis went 1 for 3 with a double and a walk Monday night in an 8-0 loss to the Chicago Cubs in his major-league debut. The Palmers bought the property in 2018 for $4.6 million. Men have Guy La Ferrera, the go-to haberdashery for 36 years in Boca. Cooperman is the son of a Bronx plumber who became a Wall Street legend. Iga Swiateks winning streak is now up to 32 matches. This is perhaps best summed up by West Palm Beachs tagline: business, life, balanced.. Youre up about 10 million.. Despite many other of the richest counties in America sharing proximity with Washington D.C. or Silicon Valley, Palm Beach County will always be the premier destination for the ultra-rich to vacation, if not live full time. Cooperman eventually left Goldman Sachs to start his own hedge fund, Omega, and for two decades he compounded his millions at an average of 14 percent each year as the stock market soared, until he and Toby were among the wealthiest few hundred billionaires in the United States. Jeffrey Greenberg/Universal Images Group via Getty Images, Both businesses and companies have flocked to the US third-largest state, Florida doesnt have a personal-income tax, according to Wealth-Xs 2020 Billionaire Census, 2021 Luxury Outlook report by Sothebys International Realty, expedited permit reviews and tax exemptions, Business Development Board of Palm Beach County. Heres the full roster of South Florida residents who made the Forbes 400 2019 list: Thomas Peterffy of Palm Beach, founder of Interactive Brokers trading platform, is worth an estimated $17.5 billion. The route will be expanded to include Orlando and its airport as well as Tampa, too.Jeffrey Greenberg/Universal Images Group via Getty ImagesThe Brightline connect cities across southern Florida. ), J. Christopher and Jude Reyes of Palm Beach, co-chairmen of Reyes Holdings, among McDonalds largest food distributors, are worth an estimated $6.7 billion. Estimate your condo's current value and suggested selling price. David Tepper - Net worth: $15.8B. A Penn State alumnus, Pegula donated $102 million to the university to fund a new arena and launch a NCAA Division I hockey program. West Palm Beach mayor Keith James told Insider that the city had been reaching out to financial-services companies for years not just in New York but in other Northeast states including Vermont and Connecticut, alongside some companies as far afield as California. He was $6 million down. These include the headquarters of The Office Depot, ADT, and Bluegreen Vacations. The attack on wealthy people makes no sense to me., Im giving the money away, he said. Douglas Ellimans Senada Adzem, who has listed the house for $25 million, says its most prominent features are its dramatic Japanese design aesthetic and its complete dedication to privacy. Cooperman had ended up with his billions and his name on top of the hospital entrance; his brother had died with relatively modest amounts of money but with a cellphone loaded with numbers for dozens of close friends. (Forbes rank: 342. Terrence Pegula - Forbes The managing director of a private equity firm also recently paid $12.8 million for a spec mansion in Boca. There are a lot of transport developments either in place or in the pipeline for Palm Beach County, too. Lets keep holding steady, said Cooperman, 78. Palm Beach County has been working to drive a migration of businesses for around 10 years, Kelly Smallridge, CEO of the countys Business Development Board (BDB), told Insider. Oh yeah. The market fell. G. Robert . After being passed over, he did his own thing and can show the fruits of his labor on Wall Street, and the gridiron. Natural color diamonds have long been treasured for their raritycoveted by many but owned by few, says Hank B. Siegel, president of Hamilton Jewelers. Get to know who the movers and shakers are, and who's amongst the richest people in Boca Raton and beyond! Upon completion of the procedure, patients of Dr. Ennis are ferried by a Rolls-Royce Ghost from his luxurious office in the Boca Grande building to the Boca Raton Resort & Club. Jordan, executive chairman of the cannabis company Curaleaf, bought the home at 1175 Spanish River Road from Richard Tarlow, a veteran advertising executive in New York, property records show. He didnt spend $238 million on a New York penthouse like hedge fund manager Ken Griffin; or vacation at his own private island in Belize like Bill Gates; or throw himself $10 million birthday parties featuring camels and acrobats like investor Stephen Schwarzman; or drop $70,000 a year on hair care like Donald Trump; or buy a preserved 14-foot shark for an estimated $8 million like Steven Cohen; or spend more than $1 billion on art like media mogul David Geffen; or budget $23 million for personal security like Facebook did for Mark Zuckerberg. We are committed to give and to help others as best we can.. His accounts were equal to the average net worth of 23,000 middle-class American families. His oil and gas outfit, East Resources, sold the bulk of its assets to Royal Dutch Shell for $4.7 billion in 2010. Palm Beach County has around 44 billionaires. The super-rich are She said their legacy of excessive wealth was burdening future generations. She said Cooperman had no idea what it was like to live in poverty or to choose each month between paying rent or buying food. Even the bar itself is valued at $260,000, so keep your elbows off it. When they were closed down, we had plenty of recreation space and great weather year-round, and people are understanding more and more that this is where they want to be," he added..Barry Winiker/GettyImagesPalm Beach Countys sunny climate lures people to the area. The house was listed in January at $16.5 million. Florida has remained largely open during the pandemic compared to other states. Its possible with enough luck and commitment.. 1 Iga witek Beats American Jessica Pegula For 33rd Straight Victory, Spot In French Open Semis, World No. Cooperman walked past an old designer home that was being torn down and rebuilt into a new designer home. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Unit owners at Miami Beach condo allege Mast Capital is dragging out buyout, holding them "hostage", Heritage buys Walmart supercenter in rich suburb for $55M, Former hotelier sells Indian Creek mansion for record $68M, Landlords take rent law challenge to Supreme Court. Very good, yeah. Lakefront house on Billionaires Row in Palm Beach sells for $40.67M Ron DeSantis. Douglas Ellimans Bill Hernandez and Bryan Sereny represented the buyer. 2023 Forbes Media LLC. The three mayors told Insider they had especially noticed increasing levels of interest from venture capital, private equity, hedge fund, and financial-services companies, feeding into a state-wide trend. Sixty percent wasnt enough to meet the countrys needs. He responded to most of the personal emails, kept record of the occasional death threats and wrote letters to politicians such as Sen. Elizabeth Warren (D-Mass. Fine. (Forbes 400 rank: 370.). He believed from his own experience that a college education was the best answer, and yet tuition costs were continuing to skyrocket. Mr. Get to know who the movers and shakers are, and who's amongst the richest people in Boca Raton and beyond! Does it make any sense? he asked himself, watching the numbers change on his screen. Heres how California cities compare to US, new study says, Dave Ramsey Shares the Top Money Mistake He Sees People Make, PSA: Apples Entire AirPods Family Is Majorly Discounted Ahead of Prime Day, Samsung Next Galaxy Unpacked Is Official--Heres How to Get $50 Off Any New Device. There seems to be a fundamental misunderstanding of who I am.. For our Boca Luxury Read More, So much of the wide complement of luxury condos in Boca Raton rest in the- shadow or mere moments from the Mizner Park downtown district. Were going in the wrong direction in this country in so many depressing ways, he said. Both businesses and companies have flocked to the US third-largest stateover the past year because of its pro-business environment, including a lack of personal-income tax, alongside its sunny climate that made it an alluring place to spend lockdown. That initiative has turned out to be the most lucrative economic development initiative in the last 40 years, Smallridge said. 21 of the Richest People in America Live in South Florida Greene's story begins at Harvard Business School, where he showed his industrious nature by holding numerous odd jobs, such as checking ID's at the gym, teaching Hebrew, and selling circus tickets. (Forbes 400 rank: 319. And traveling from West Palm Beach to the rest of Florida is getting easier after it was connected to Miami throughBrightline, a rail system with investments from Richard Bransons Virgin, John Boyd of the Boyd Company said. Here's how the super-rich canand sometimes dolive in our fair city. His wifes walk-in closet was already bigger than the South Bronx apartment where hed grown up. You do not really know you are arriving until you are there, and when you are there you feel as if you are in a country club, she says. Palm Beachs Raptis Rare Books carries a first edition of Ian Flemings Casino Royale inscribed by the author, available for a mere $150,000. Mega-Billionaire Ken Griffin Has Moved His Masterpieces to the Beach The Citadel founder and big-time GOP donor proudly picked up stakes from Chicago and moved to Florida earlier this year. By 1994, the brother's father had furthered the imprint of Ziff Davis through major publications such as Car and Driver and PC Magazine. Facebook HERE Subway Is Owned by 2 Billionaire Families. Here's What We Know I dont want to say its all play money at this point, but what else could I possibly spend it on? he sometimes wondered. She said billionaires were avoiding paying their fair share of taxes by using loopholes in the tax code. She makes decent points, Cooperman said as he read the email again, and it made him think back to a question hed begun wondering about himself: In a time of historic inequality, what were the moral responsibilities of a billionaire? Three local mayors explained why both people and businesses are flocking to the county. Cooperman, your donation is needed to keep the American Dream off life support, read one of the dozens of solicitations he received each day. What rule had he broken? ), Randal J. Kirk of Lake Worth, CEO of biotech firm Intrexon, is worth an estimated $2.2 billion. Coco Gauff may break through a win a Grand Slam singles title one day, but for now Gauff, 19, advanced to her second straight quarterfinal by defeating Slovakia's Anna Jim Sorenson and Terrence Keeley discuss the opportunities and challenges of ESG and impact investing. This is almost double the rate of overall US population growth. The 2,600-square-mile county has around 44 billionaires, Smallridge said. The Perfect Business Climate. There is another masterpiece at Jay Feder in Boca Raton: a necklace boasting 520 square rubies, 302 round diamonds and 10 baguette diamonds. This story was originally published October 4, 2019, 3:17 PM. Whats enough? he wondered. While best known for his ownership of the mercurial Carolina Panthers NFL franchise, Tepper made his fortune as Founder of Appaloosa Management, a Miami Beach headquartered hedge fund. That makes him the 31st-wealthiest individual in the U.S.. Each day when the stock market closed at 4 p.m., he checked the final numbers on his 40 stock holdings, reviewed his investment strategy for the next day and then left for a two-mile walk around the palm trees and putting greens of St. Andrews Country Club in Boca Raton. All Rights Reserved. Abby Wallace Feb 1, 2022, 7:09 AM PST Leon Cooperman is worth an estimated $2.5 billion. ), Dirk Ziff of North Palm Beach, co-founder of financial group Ziff Brothers Investments, is worth an estimated $5 billion. Boca has its share of superb restaurants (from the Resort to Arturos, Trattoria Romana, Kathys Gazebo, and on and on), but a good steak at Abe Louies is also a winner. This has accelerated during the pandemic as remote workers sought a sunnier climate during lockdown. Henry also has a stake in Premier League soccer team Liverpool, which won the Champions League in June 2019. Forbes is out with its annual list of the wealthiest 400 Americans, and as usual, South Florida residents were well represented. A lakefront estate on Billionaires Row has been sold for a recorded $40.668 million the second Palm Beach sale within a month to top the $40 million mark. Florida International Universitys Wertheim College of Medicine is named in his honor. Even as he has made a mountain of money as an investor, Cooperman still loves a bargain. Forbes pegs her net worth at $1.4 billion. The home is situated in The Sanctuary.An exclusive enclave of luxury estate homes. Following their sale in 1994 for $1.4B, the Ziff brothers opened Ziff Brother's Investments, a hedge fund with managed assets in the U.S. and London. Multi-billionaire Thomas Peterffy maintained his title as Floridas wealthiest person, clocking in with a net worth of $17.5 billion. His father had sued him, alleging the son stole from a trust fund meant for the mothers care. Recent closings in Boca Raton include the $6 million sale of a spec home to a pharmaceutical executive. People had already been migrating to the county before the pandemic but COVID-19 forced people to address their work-life balance, alongside the deterioration of office culture, the mayors said. James Clark, co-founder of web browser Netscape, is worth an estimated $2.1 billion. The house, that just changed hands at. This led to people choosing to make Florida their primary residence for the pandemic. On the second day of the autumn-winter 2023-23 Haute Couture season, Couture designer Rami Al Ali unveiled his collection that is inspired by Henri Matisse. Tarlow paid $9.2 million for the property in 2016. Im going to head out and grab some of those Costco lamb chops later, he told her. (Forbes 400 rank: 128. ), Robert Bob Rich of Islamorada, chairman of frozen foods company Rich Products Corp., is worth an estimated $4.3 billion. Instagram unveils Threads app, a targeted threat to Musks Twitter. Records show Hardy-Knox bought the house at 444 East Coconut Palm Road in Boca Raton from Bernard and Maggie Palmer. There are seven bedrooms, 10 baths, nine half-baths, a custom-designed sports bar (occasionally furnished with Red Sox World Series memorabilia and other trophies), an 11-seat movie theater with a concession stand, a private recording studio and a NASCAR simulator room. Danielle Moore, the mayor of the town of Palm Beach, said it had a reputation as the hometown of captains of industry,' which she said motivated even more people to move there. Oct 30, 2020. We have referenced many times the Talmud, where it is proclaimed that a mans net worth is measured not by what he earns but rather what he gives away, Cooperman said in a statement. The Greatest Givers: Meet America's Top Philanthropists - Forbes The beauty is made of white crocodile skin adorned with 240 diamonds on 18-karat gold hardware. He bought the Sabres the next year for $189 million and in 2014 outbid groups led by Donald Trump and Bon Jovi to pick up the Bills for $1.4 billion. 375: John Henry (Boca Raton), Fenway Sports Group owner, worth $1.1 billion; They never have to shovel snow and they dont have to ride with the subway.. It might be helpful for me to provide you with some background about myself, he wrote back, and then he attached a short biography and copies of his letters to politicians. Richest Floridians: The Top 25 - Florida Trend Cooperman, the pandemic has left 60 million families at risk of losing their homes . During the annual Berkshire Hathaway . I can understand some of the challenges youre facing right now, Cooperman said, starting a short PowerPoint presentation about his journey from a one-bedroom apartment to the Forbes 400 list of wealthiest Americans. Hints, clues and the daily Wordle answer. Rates of intergenerational poverty had gone up in each of the past three decades. The gene known as merle, which gives the pooches rare colors like blue, black-and-tan and lilac, is a dominant one in Frenchies, but only a couple from each litter have it. Mr. The market rose. My PhD is for poor, hungry and driven, he liked to say. David W. Roberts of Royal Palm Properties represented both sides of the deal. Alex Schnaider | Boca Raton Real Estate | Mason Slaine A nicely equipped car with a lot of upgrades generally averages around $350,000, says Jim Horton, the general manager of Aston Martin Jaguar McLaren Palm Beach (which won the Aston Martin Wings Award, the highest honor for dealers). Start with a sauteed chili lobster appetizer, then move on to the 40-ounce Prime porterhouse steak ($90). An American woman has reached the finals of the Australian Open in each of the last three years. He believed in the meritocratic ideal of capitalism equal opportunity if not equal results, he said but it seemed to him that the odds of success remained stacked by race, by gender and increasingly by economic starting position. A resident drove by in a new Bentley, and Cooperman waved and then watched the $200,000 car drive on. Disney World Had a Slow Holiday; Is DeSantis To Blame? Singer said Boca Raton had the number of corporate headquarters youd expect from a city of four or five times its size. Hed read the stories of excess and extravagance and witnessed some of it firsthand, but that wasnt him. Curaleaf has 93 dispensaries in the U.S., and Jordans net worth is $1.7 billion, according to Forbes. Todays Wordle #747 Hints, Clues And Answer For Thursday, July 6th, Chinese Signals Will Boost The Countrys Anemic Private Sector Investment Harvard Business Schools John Quelch, John Deere Classic 2023 Golf Odds, Picks And Props, Rami Al Alis AW23 Couture Collection Is An Ode To Henri Matisse, The Witcher Losing Henry Cavill After Season 3 Is An All-Time Netflix Fumble, A Conversation With Boathouses John Connors On AI As A Horizontal Game Changer + Reach As A Growth Driver, John McEnroe: American Men Have To Make A Breakthrough At Wimbledon, Henry Cavill Finally Met His Biggest Fan At The Witcher Season 3 Premiere. Weve seen tremendous interest in companies relocating to Boca Raton, Scott Singer, the mayor of Boca Raton, told Insider. Other than my family, writing checks is the most meaningful thing I do, Cooperman said, and yet no matter how many zeros he included, it left him wanting to do more. Boca is known for its mini-mansions, its mega mansions and its high-ticket homes, but billionaire investor and Boston Red Sox owner John Henrys vacation house in the ultra-exclusive Le Lac community (32 properties on 150 acres) eclipses 99 percent of them. Mason . Hed told politicians in his letters that he was willing to pay more, but he believed the highest effective tax rate should be no more than 50 percent. The markets shaky, but youre up.. Billionaire building supplies businesswoman Maggie Hardy-Knox bought a newly built Royal Palm Yacht & Country Club mansion for $15.9 million. Terrence J has come together with home appliance company Maytag to launch the Maytag Feel Good Fridge program in collaboration with the Boys and Girls Club of America (BGCA). I don't think so, he said. Known by Forbes as . La Ferrera maintains an Italian tailor on site, and 40 percent of customers order custom suits (averaging $3,500 to $4,000) or shirts (starting at $245). That makes a $2,081 meal before tip but just think about the leftovers! ), Paul Tudor Jones of Palm Beach, founder of Tudor Investment Corp., is worth an estimated $5.1 billion. Alongside companies opening up offices in the city, the rise in remote working during the pandemic has led to digital nomads flocking to the county. He told colleagues that capitalism was like a battle for survival in the African safari and that the key to success was to adopt the mind-set of a lion or a gazelle during a hunt. For our list, weonlycounted those who are actual Palm Beach residents, and not anyone from neighboring Broward, Dade, or even Collier Counties. Thank you. He told them about how hed gotten up each morning at 5:15; how hed chosen a job that he loved; how hed gotten his PhD in being poor, hungry and driven; how hed followed his instincts; how hed attacked each day like a lion chasing a gazelle as he raced to the pinnacle of the economy and the 99 percent receded behind him. (Forbes 400 rank: 39. ), John Henry of Boca Raton, a former Wall Street executive, former owner of the then-Florida Marlins, and current owner of the Boston Red Sox, is worth an estimated $2.7 billion. BOCA LUXURY CONDOS - CHAMPAGNE & PARISI REAL ESTATE, 151 North Ocean Blvd., Boca Raton, FL 33432, While best known for his ownership of the mercurial, Known primarily as the owner of the long-maligned and recently contending Buffalo Bills, Pegula followed the trail of many before him who made a fortune and moved to South Florida. He added thatNew York State was also hiking its taxes. . Hed been earning more than his family could spend since about 1975, and in the decades since then hed come to see the act of making money less as a personal necessity than as a serious game he could play and win. He adored her and admired both her empathy and her intellect, but hed repeatedly fought against the liberal idea that one way to redistribute that wealth was to tax billionaires at a rate of 70 percent or more. He knew what people imagined when they thought of a billionaire. Most impressive, the stones in this Oscar Heyman necklace are in an invisible settingmaking the necklace so flexible, its like tying a silk ribbon around your neck. Thirteen of the tri-county area's 28 billionaires resided in either Palm Beach or North Palm Beach, with the rest dispersed through Boca Raton, Delray Beach, Fort Lauderdale, Miami and Miami Beach. Most were students of color who had been born to immigrant parents. She was the daughter of a struggling pillowcase salesman from Romania; he was the son of a plumbers apprentice who emigrated from Poland at age 13, never finished high school, worked six days a week and later died of a heart attack while carrying a sink up the stairs to a fourth-story apartment. Oracle Founder Larry Ellisonrecently bought an $80 million house in the county, though he plans to stay living in Hawaii full-time, and fashion designerTommy Hilfigersold his house in Greenwich, Connecticut to move to Palm Beach. Pegula bought the Buffalo Sabres in 2011, and in 2014 outbid a celebrity headlined group including Donald Trump & Jon Bon Jovi for the rights to the Buffalo Bills, a franchise many Dolphins fans are all too familar with. Palm Beach Countys population grew by around 14.2% over the past decade, according to estimates from theUS Census Bureau. Billionaire Maggie Hardy-Knox, the owner and president of 84 Lumber, paid $15.85 million for a new mansion in Boca Raton. Different choices, different outcomes, he said. (Forbes 400 rank: 388.) At the time of this writing, Boca Ratons Poochie Couture offered one local dog with a five-digit price tag: a chocolate merle French bulldog named Duke, who retailed for $10,000. But other industries are growing, too. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2022 Copyright JES Publishing | Designed and Developed by, More on the Boca National Boondoggle and Other Updates, Mix These Game of Thrones Cocktails for Your Next Watch Party, Web Extra: How to Beat the Summer Doldrums, Web Extra: More With Journalist Charles Fishman, The Face of European-Inspired Interior Design. Around two in five people moving to Palm Beach County come from the New York City area, per areport by Unacast. All of the residents had gotten richer during the pandemic as the luxury real estate market exploded and their home values surged by more than 40 percent. Courtesy of Carl DeSantis With his newfound cash pile, DeSantis set up a family office in Boca Raton, Florida, and diversified his investments, including local real estate and restaurants, a. The journey concludes with a safari search for the Big Five in Kenya. Masa seats just 26 people a night, at $595 per person not including beverages and tax. He dialed a private line to his trading desk in New Jersey, just as he did a dozen times each day. While we covered the basics, the community, and the get-togethers in our Boca Raton Real Estate blog. Boca Raton has long been known for its affluenceand, sometimes, its over-the-top displays of wealth. Thank you for your emails. Singapore has nothing on us. Julia & Henrys: This Miami Food Hall Delivers Sublime International Flavors, Top Draft Pick Henry Davis Makes Understated MLB Debut With Pirates, The Top 10 Richest Women In The World 2023, The World's 15 Youngest Billionaires 2023, Billionaires 2023: The Top 10 Richest People In The World, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. His father left behind an estate worth less than $100,000, but Cooperman also inherited his fathers belief that the economic ladder between poor and rich was short enough to climb with determination and hard work. Boca billionaire Leon Cooperman gives $25 million to area hospital Singer said Boca Raton had the number of corporate headquarters you'd expect from a city of four or five times its size. Forbes billionaires 2019: These are South Florida's wealthiest Herbert Wertheim of Coral Gables, founder and president of optical tints manufacturer Brain Power Inc., is worth an estimated $3.1 billion. All rights reserved. His faith in the American Dream required him to believe that they could one day occupy his. Henry and his partner Tom Werner bought the Boston Red Sox in 2002 for $380 million and delivered the Sox' first World Series win in 86 years in 2004.