Despite College Admissions Scandal, Robert Flaxman Was Worth Millions Before Death
Robert Flaxman was a successful real estate developer, who was also part of a well-known college admissions scandal. What was his net worth at the time of his death?
Oct. 27 2022, Published 4:17 p.m. ET
Southern California real-estate developer, Robert Flaxman, was convicted in a 2019 college admissions scandal alongside celebrities Felicity Huffman and Lori Loughlin.
Flaxman, the CEO of Crown Realty & Development in Costa Mesa, Calif., served one month in prison in 2019 after pleading guilty to a federal fraud conspiracy charge for cheating to get his daughter into college, according to The Wall Street Journal.
On Oct. 27, 2022, it was reported that Flaxman had died by suicide. Here is what you need to know about the late millionaire.
What was Robert Flaxman’s net worth?
Flaxman’s net worth at the time of his death is estimated to be between $5 million and $17 million. The Real Deal reports that his real estate development company controlled a $600 million portfolio before he was arrested.
Robert Flaxman
CEO of Crown Realty & Development
Net worth: $5 million – $17 million
Real estate developer Robert Flaxman was one of over three dozen wealthy parents involved in the Varsity Blues colleges admissions scandal in 2019. Flaxman served one month in prison after pleading guilty to fraud charges. He died by suicide in October 2022.
According to The Daily Beast, Flaxman was a flamboyant real estate mogul who drove around in Rolls Royces, dated a Playboy model, threw over-the-top Beverly Hills pool parties, and went by the alias Robert Emerald on occasion.
After serving his prison sentence, Flaxman sold off two of his neighboring Beverly Hills homes for $34 million, the Los Angeles Times reported in 2020.
Flaxman was one of the dozens of parents charged in the college admissions scandal.
Flaxman was one of 33 parents involved in the 2019 “Varsity Blues” college admissions scandal. In the scandal, celebrities and high-wealth parents conspired with scandal mastermind William “Rick” Singer to get their children into college by fraudulent inflating admissions test scores and bribing university officials.
Flaxman paid Singer $75,000 to fix his daughter’s ACT score so she could get into college. Flaxman’s daughter was attending a Montana boarding school for troubled teens at the time and started to show interest in going to college, the WSJ reports. After Singer bumped her ACT score from 28 to 36, she was able to get into the University of San Francisco.
After he pleaded guilty to a single count of conspiracy to commit mail fraud and honest service mail fraud, Flaxman was sentenced to one month in prison, 250 hours of community service, one year of supervised release, and a $50,000 fine.
"He is deeply remorseful and acknowledges the seriousness of the offense," said a statement from Flaxman’s public relations firm at the time of his guilty plea. "He is sorry for the harm this has caused. He also accepts the court’s determination of punishment as just.”
In a January 2020 WSJ interview, Flaxman said he had honest conversations with his family after his conviction. “The lesson for me is to trust more in them,” he told the WSJ. “Trust that they find their own path.”
Actresses Lori Loughlin, from Full House, and Felicity Huffman, from Desperate Housewives, were also convicted in the scandal. Loughlin was sentenced to two months in prison, two years of supervised release, 100 hours of community service, and a $150,000 fine.
Huffman was sentenced to 14 days in prison, 250 hours of community service, one year of supervised release, and a $30,000 fine.
Flaxman’s death was ruled as a suicide.
News of Flaxman’s death by suicide was first reported by The Real Deal. Authorities conducting a welfare check on Flaxman at his Malibu home found that he had hanged himself, TMZ reports.
Flaxman had a history of depression and he didn't leave a note, TMZ reports.
If you or someone you know are experiencing suicidal thoughts, call, text, or message the 988 Suicide and Crisis Lifeline. Dial or text 988, call 1-800-273-8255, or chat via their website.