What is Susan Alfond’s net worth?
Susan Alfond is an American investor, philanthropist, and billionaire who has a net worth of $3.6 billion. Susan Alfond is the richest person in Maine.
Born in 1946, Susan is the daughter of Harold Alfond and Dorothy Levine Alfond. Her father’s entrepreneurial journey is one of Maine’s great business legends. In 1939, while driving to a county fair in Skowhegan, Harold picked up a hitchhiker who happened to mention an abandoned shoe factory for sale in nearby Norridgewock. On a whim, Harold skipped the fair and drove straight to the factory. Though he didn’t have the $1,000 asking price at the time, he returned a year later, sold his car, partnered with his father, and officially purchased the factory. Together, they launched the Norrwock Shoe Company, which they sold in 1944 for $1.1 million—a massive sum for the era.
In 1958, Harold used $10,000 of his own money to buy an abandoned wool factory in Dexter, Maine, with the goal of creating jobs for the local community. He soon founded the Dexter Shoe Company. Initially producing private-label shoes for major retailers like Sears and JCPenney, Harold eventually pivoted to creating and marketing his own brand, Dexter Shoes, which gained national traction.
Harold also pioneered the concept of the factory outlet store, first selling slightly damaged shoes directly to customers at deep discounts. When factory quality improved and damaged stock dwindled, he pivoted again—this time selling unsold but perfectly good inventory from previous seasons. Eventually, Dexter Shoe began opening outlet malls rather than just outlet stores, leasing retail space to competitors and effectively inventing the modern outlet mall concept.
(Photo by Avery Yale Kamila/Portland Press Herald via Getty Images)
By the early 1990s, Dexter employed nearly 4,000 people, operated more than 80 outlet stores, and generated $250 million in annual revenue. In 1993, Harold sold the company to Warren Buffett in exchange for 25,203 shares of Berkshire Hathaway stock, worth $443 million at the time. Rather than taking cash, Harold insisted on receiving Berkshire stock, a decision that dramatically multiplied the value of the deal in the years to come.
When Harold passed away in 2007, his Berkshire shares had appreciated to a value of $3.5 billion. His estate was divided among his four children, including Susan, instantly making her one of the wealthiest individuals in New England.
Since then, Susan Alfond has maintained a low profile, dedicating her wealth to philanthropy focused on education, healthcare, and community development, particularly in Maine. Her charitable efforts are often discreet but deeply impactful, continuing the legacy of service and innovation her father began decades ago.
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