Billionaire Gilbert Awake and Responsive After Sunday Stroke

(Bloomberg) -- Dan Gilbert, the billionaire founder of mortgage giant Quicken Loans Inc. and owner of the NBA’s Cleveland Cavaliers, is “awake, responsive and resting comfortably,” a day after suffering a stroke.

“Dan was not feeling well Sunday morning so he was taken to the hospital by a family friend,” Quicken Loans Chief Executive Officer Jay Farner said in an emailed statement. “While under care at the hospital, he suffered a stroke and was immediately taken in for a catheter-based procedure, then moved to recovery in the intensive care unit.”

Gilbert, 57, is a prominent Michigan real estate investor who bought several buildings in Detroit during the last U.S. recession and moved his company from the suburbs to the city, helping spark a revival in the Motor City’s downtown core. He’s been refashioning his city’s downtown into a place that appeals to fast-growing, innovative businesses.

He purchased a majority stake in the Cavaliers basketball team in 2005, winning the franchise’s first NBA championship with superstar LeBron James just over a decade later. Closely held Quicken Loans has grown to become the largest home mortgage lender in the U.S. and Gilbert’s personal fortune now totals about $8.9 billion, according to the Bloomberg Billionaires Index.

Through Rock Ventures, Gilbert has invested in more than 100 companies, including casinos in Baltimore and Cincinnati, thoroughbred racetracks in Ohio and Kentucky and technology startups, according to its website.

Gilbert’s companies “will continue under the normal, everyday direction of their respective CEOs,” Farner said.

--With assistance from Tom Metcalf.

To contact the reporter on this story: Derek Wallbank in Singapore at dwallbank@bloomberg.net

To contact the editors responsible for this story: Chua Baizhen at bchua14@bloomberg.net, Katrina Nicholas, Peter Vercoe

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