Jet setting to Paris for the weekend, fast cars, yachts, luxury watches, sprawling estates in Jackson Hole and Miami – Real Estate Mogul Patrick Carroll is living a life most people only dream of. The millionaire known for endless philanthropic endeavors sold his real estate company, CARROLL, to The RMR Group for a tidy sum of $80 million. He now manages a healthy eight-figure diversified personal asset portfolio. His unique expertise has earned him the role of sought-after expert in the complex realm of high-end property management, as well as real estate investment and development. Despite every calculated effort made to get here, he still struggles to accept that this American Dream is his daily reality.
“It’s hard for me to believe it. Most days, it doesn’t feel real. At the age of 45, I never need to work another day – and yet, I still have so much I’m eager to accomplish.”
While Carroll may view his rapid rise to riches with awe, this was always the plan. Growing up in a family that struggled financially, he determined at a young age to build a legacy of wealth that he could leave to his own children. At just 19, he committed himself to becoming a successful real estate investor. With no monetary support to back his transformation, he set about gaining industry experience any way that he could and reading every resource he could get his hands on.
“As a kid, aside from the guidance I received from my basketball coaches, I really looked up to our family friend, Shannon. He owned a shopping center and was by far the wealthiest person I’d ever met.”
Carroll gained the majority of his business acumen through keen observation, modeling his life and approach after mentors like Shannon, as well as the best business leaders in every sector. Applying a “hurry up and fail” mentality to his work, he never wanted to slow down long enough to attend formal college programs. Diagnosed with ADHD from childhood, school never came easily to him. Instead, he learned by doing, surrounding himself with strong minds who could support the success of his ventures – a practice he jokingly calls “buying resumes.”
“Speed and certainty of execution are so important. If you make a mistake, you can always get back up. I may not have gone to college, but I’ve bought many college degrees with the mistakes I’ve made. That taught me all I needed to know.”
Finally, in the early 2000s, Carroll made his first small fortune flipping homes, launching his transition into more noteworthy projects. Over the course of the next decade, he steadily added custom homebuilding, multi-family and student housing developments, and mixed-use housing developments to his expansive portfolio. In 2009, after strategically offloading major assets to avoid the economic fallout of 2008’s recession, he founded CARROLL. The rest of his story is a testament to the power of ambitious goal-setting, proactive networking, and dressing for the life you want. As Carroll discovered, your degree of commitment shows up in the way you carry yourself, right down to the outfit. If you take yourself seriously, investors and potential partners will do the same.
“When I was building my business, I showed up every day in a suit and tie. I even toured properties in a suit and tie. I was always in NYC meeting with capital partners, and I set huge goals that I think my employees probably laughed at when I left the room… but we always ended up achieving them or beating them.”
This achievement-focused mindset undoubtedly contributed to a strong business, but it wreaked havoc on Carroll’s health and wellbeing. A prescribed cocktail of medication, including Xanax and other anti-anxiety quick-fixes, carried him through the highs and lows of entrepreneurship. Finally, when all of his hard work culminated in the 2023 sale of CARROLL to one of the nation’s leading alternative asset management companies, the headstrong trailblazer had some time on his hands to reconsider his approach to mental health.
“I started by focusing on my physical shape. Then, I started meditating, going to wellness spas all over the world. I only recently paid more attention to my mental health, and I wish I had done it years ago.”
In the wake of a more woke America, some of the most successful business leaders have come forward to discuss their battles and victories with mental health. Carroll is eager to play an active part in this change, leading with his own personal experience. He is also ready to spend some of his most precious resources, including time and the financial foundation he has built, on giving back as ambitiously and extravagantly as he worked to earn them. His ongoing support of the Boys and Girls Clubs of America, along with Big Brothers Big Sisters of America, is a direct investment in the success of the next generation. He looks forward to once again being the title sponsor for this years Boys and Girls Clubs Great Futures Breakfast.
“Whatever comes next for me, philanthropy will play a big part. I’ve set up a Family Office to manage my investing, so I have a lot of time to plan my next steps. I would love to come up with another teen-focused initiative [similar to Kicks for Kidz] that could bring long overdue attention to the needs of today’s youth.”
