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Many former athletes go bankrupt when they retire, but some, like Patrick Dovigi, become successful entrepreneurs and make a fortune in real estate on the side. The former ’90s NHL goalie has pocketed a whopping $6 million in six months with a quick house flip in Colorado. It’s the latest in a series of such ventures for the Toronto-based billionaire.
Dovigi, founder of environmental services and waste management company Green For Life Environmental, bought an 8,000-square-foot mansion in Aspen in an off-market deal in April for $48.75 million. According to the Wall Street Journal, the sellers were Ken Sack and Sheri Alden Sack, longtime Aspen residents who renovated the house. Dovigi added a bedroom to make a total of eight, left the rest of the house the same, and immediately sold it for $55 million.
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Dovigi, who once prevented forwards from scoring, has made a habit of scoring great Aspen flips. The numbers are enormous. This spring, he sold a $108 million mansion to former casino magnate Steve Wynn and financier Thomas Peterffy. Dovigi had originally purchased the property for $72.5 million.
He sold a $55 million house last year after paying $44.5 million. His most recent purchase was a $59.75 million home previously owned by actor Jack Nicholson. There’s no word on what he plans to sell it for.
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The eye-popping buying and selling prices are little volatile for billionaire Dovigi, who was drafted by the NHL’s Edmonton Oilers in 1997 and played for several years in the country’s top professional hockey league. He founded his waste management company 10 years after he was drafted, after attending business school at Toronto Metropolitan University and working at a real estate investment firm.
According to Canadian Business, Dovigi made his fortune in waste management by purchasing and consolidating the numerous mom-and-pop companies in the category. He founded Green For Life in the summer of 2007 with $10 million in seed capital from investors David Kassie and Barry Goldberg at Canaccord Genuity Group. Dovigi previously played hockey with Barry Goldberg’s son. Green For Life’s goal was to be all things to all in waste management: collecting municipal, industrial and commercial waste, cleaning rainwater from underground car parks and collecting used motor oil from car dealerships and lubricant shops.
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The advent of the 2008 financial crisis allowed the company to quickly expand from Toronto. In 2017, it entered the US market, where it grew exponentially. Today, 65 percent of the company’s operations are in the US
“My original goal was to build a company with $40 to $50 million in revenue, and here we are, later with $7 billion in revenue,” he told Canadian Business.
With a personal fortune of more than a billion dollars, Dovigi can afford to buy and sell luxury Aspen homes for fun, reaping huge profits in a city that has seen multiple deals exceeding $30 million so far this year has closed. The average price for single-family homes in Aspen was $16.5 million in the first and second quarters, and home prices rose 24% from the same period last year. The former athlete believes his years on the ice have stood him in good stead for his future entrepreneurial ambitions.
“Working hard and facing adversity are things you learn when you play sports and teach you how to be a better manager,” he said.
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This article Former Hockey Player Patrick Dovigi Quickly Earns $6 Million in 6 Months With Speedy Aspen Flip originally appeared on Benzinga.com
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