John Middleton – Billionaire

John Middleton sold his family’s storied tobacco business to Philip Morris-parent Altria for $2.9 billion in 2007. The original family business, John Middleton Inc., was founded as a small retail tobacco shop in downtown Philadelphia in 1856 by his great-great-grandfather John Middleton. The company began manufacturing in the 1950s and, by the end of the decade, had shuttered its retail business to focus on selling its own products. The company launched the now-famous Black & Mild cigar brand in 1980. Middleton bought out several of his relatives’ stakes in the company in 2003 for about $200 million amid the tobacco lawsuits that threatened to cripple the family business. Now, Middleton’s sister Anna Nupson has taken legal action and is asking the court in Montgomery County, Penn., to strike a new deal; Middleton has denounced Nupson’s proceedings. Middleton is also the largest individual shareholder in the Philadelphia Phillies, with a stake of roughly 50%. He sits on the board of trustees at Amherst, his alma mater, and earned his MBA from Harvard Business School.

Source:forbes