The Sackler family’s story begins with three brothers: Arthur, Mortimer, and Raymond Sackler. Born to Jewish immigrants from Galicia (now part of Poland and Ukraine), the brothers were raised in Brooklyn, New York. They showed an early interest in science and medicine, which would later define their careers and the family’s legacy. Arthur was born in 1913, Mortimer in 1916, and Raymond in 1920. All three brothers pursued medical degrees, with Arthur attending New York University and Mortimer and Raymond attending New York Medical College.
Career and Philanthropy
The Sackler brothers are best known for their significant contributions to the pharmaceutical industry. After completing their medical education, they started working in psychiatry and medical advertising. Arthur Sackler, in particular, revolutionized pharmaceutical advertising, creating strategies that effectively marketed prescription drugs to doctors.
In 1952, the brothers purchased a small pharmaceutical company called Purdue-Frederick. This company, which later became Purdue Pharma, would be the source of the Sackler family’s immense wealth. Under their leadership, Purdue Pharma developed and aggressively marketed several medications, including the controversial opioid painkiller OxyContin, introduced in 1996. OxyContin’s success and the subsequent increase in opioid prescriptions led to the Sacklers amassing a vast fortune.
The Sacklers are also known for their philanthropy. They have donated hundreds of millions of dollars to cultural and educational institutions around the world. Their name adorns numerous museums, universities, and hospitals, including the Metropolitan Museum of Art in New York, the Louvre in Paris, and Harvard University.
Relationships and Personal Lives
The Sackler family is large and complex, with many members involved in various philanthropic and business activities. Arthur Sackler married three times and had three children: Carol, Elizabeth, and Arthur Jr. His descendants have continued his philanthropic work, especially in the arts and sciences.
Mortimer Sackler married twice and had seven children: Michael, Richard, Jonathan, Mortimer Jr., Kathe, Ilene, and Marissa. Raymond Sackler, the youngest brother, married Beverly Feldman and had two sons: Richard and Jonathan. The extended Sackler family includes numerous grandchildren and great-grandchildren who have taken on roles in both the family business and their philanthropic endeavors.
The Sacklers have maintained a relatively private personal life, with much of their public attention focused on their business and philanthropic efforts. However, in recent years, they have faced intense scrutiny and legal challenges related to their involvement in the opioid crisis.
Real Estate Holdings
The Sackler family’s wealth is not only tied to their pharmaceutical ventures but also to significant real estate investments. They own properties in some of the world’s most prestigious locations. These include luxurious homes in New York City, London, and Connecticut. The properties often serve as both personal residences and venues for their philanthropic activities.
For instance, Mortimer Sackler’s residence in Belgravia, London, is a prime example of the family’s opulence. This upscale area is known for its affluent residents and high property values. Similarly, their estates in Connecticut offer a glimpse into the lavish lifestyle afforded by their immense wealth.
Net Worth
Estimating the exact net worth of the Sackler family is challenging due to the private nature of their finances and the complexity of their holdings. However, it is widely believed that the family’s fortune peaked at several billion dollars, largely due to the success of Purdue Pharma and its flagship product, OxyContin.
According to Forbes, at the height of their wealth, the Sackler family was worth an estimated $13 billion. However, recent legal settlements and ongoing litigation related to the opioid crisis have impacted their net worth. Purdue Pharma filed for bankruptcy in 2019, and the Sacklers agreed to pay billions of dollars in settlements to resolve claims related to the opioid epidemic.
Despite these legal and financial setbacks, the Sacklers remain one of the wealthiest families in America. Their diversified investments and continued involvement in various business ventures ensure that their fortune remains substantial.
Legacy and Controversy
The Sackler family’s legacy is a complex and controversial one. On one hand, they are celebrated for their contributions to medical research, education, and the arts. Their philanthropic efforts have funded numerous scholarships, research projects, and cultural initiatives, leaving a lasting impact on institutions around the world.
On the other hand, the Sacklers are often vilified for their role in the opioid crisis. OxyContin, the drug that brought them immense wealth, is also linked to widespread addiction and overdose deaths. The aggressive marketing tactics employed by Purdue Pharma, allegedly under the direction of the Sacklers, have been criticized for contributing to the opioid epidemic in the United States and beyond.
The family has faced numerous lawsuits and legal challenges, with many arguing that they should be held accountable for the public health crisis associated with opioid addiction. In response, some cultural institutions have removed the Sackler name from their buildings, and their philanthropic contributions are increasingly scrutinized.
Conclusion
The Sackler family’s story is one of immense success and significant controversy. From their humble beginnings in Brooklyn to becoming one of the wealthiest families in America, the Sacklers have left an indelible mark on the pharmaceutical industry and philanthropic world. Their legacy is a testament to the complexities of wealth, power, and responsibility in the modern era. As legal battles continue and public opinion evolves, the full impact of the Sackler family’s actions will likely be debated for years to come.
