OC’s Wealthiest 2023: Anthony Hsieh

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ANTHONY HSIEH
FOUNDER, CHAIRMAN
LOANDEPOT

THE MONEY: Founder of company that has ranked among nation’s largest nonbank mortgage lenders. Since 2010 inception, loanDepot has generated more than $300 billion in loans.

THE ENTREPRENEUR: Became owner of a mortgage company at age 25 when he bought out owners and renamed firm loandirect.com, which he said was the world’s first internet-based financial services company. He sold it in 2001 to E-Trade Financial Corp. for shares worth about $51.5 million. At 35, he had every intention of retiring and spending his time fishing, a life-long passion. Instead, founded HomeLoanCenter.com, selling it for an undisclosed price to IAC/Interactive Corp., which merged it into LendingTree. After non-compete ended in 2010, he started loanDepot.

UP & DOWN BUSINESS: Pulled the trigger on IPO (NYSE: LDI) in early 2021 after a record year, thanks in part to decline in interest rates. His 39% stake in the company was at one point worth more than $2 billion. With interest rates rising, refis down and the company in contraction mode, company’s stock is down more than 80% from its peak. The Business Journal’s valuation factors in money he’s taken out of the business, his prior company sales and other assets.

RECORD BREAKER: Paid $61 million in 2020 for a mansion in Crystal Cove. It was the most paid for an OC home, until the following year.

PHILANTHROPY: Hosts War Heroes on Water tournament, which takes wounded military members on a fishing tournament on yachts—including his own—around Catalina Island. Giving has been on upswing over the past few years. Fiercely patriotic, Hsieh is a first-generation American, born in Taiwan. He emigrated to the U.S. with his family as a young child.

QUOTE: “Where there are challenges and change, there is opportunity. This is the mortgage business!”

Setting Sail

Anthony Hsieh, a noted sports fisherman and owner of several mega-yachts for sport fishing run under the Bad Company name, posted these comments on his LinkedIn account earlier this year:
“After hiring Frank Martell as CEO last year, I’ve decide to pursue a life-long dream. To assemble the greatest private fishing program to travel to world in search of giant Blue and Black marlin in all the worlds’ oceans, both north and south of the equator. We are also working with various groups including the IGFA (International Game Fish Association) to deploy satellite tags, so we may study and gather valuable data on these magnificent species to promote future healthy world stocks. We are committed to support this important study financially and plan to tag giant marlin over 700 pounds in the Atlantic, Pacific, and Indian oceans. Our tour started in June, we have fished about 10 days each month on average. Thus far, we’ve caught and released 22 fish over 500 pounds, 11 over 700, including 5 over 900 (2 of the 5 were 950+). Anyone interested, you can find Bad Company Fishing adventures on both Instagram and YouTube.”

 

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