1 ▁October ▁ 2 0 1 7 ) ▁was ▁a ▁German ▁billion aire , ▁and ▁founder ▁of ▁the ▁Mass a ▁department ▁store ▁chain . ▁He ▁sold ▁the ▁business ▁but ▁kept ▁the ▁property , ▁and ▁had ▁a ▁large ▁property ▁port folio . ▁In ▁ 2 0 1 7 , ▁For bes ▁estimated ▁his ▁net ▁wealth ▁at ▁$ 4 . 9 ▁billion . ▁ ▁Career ▁K ipp ▁began ▁his ▁career ▁in ▁ 1 9 4 8 ▁s elling ▁clothes ▁and ▁opened ▁his ▁first ▁Mass a ▁department ▁store ▁in ▁ 1 9 6 5 . ▁The ▁Mass a ▁stores ▁were ▁introduced ▁on ▁the ▁German ▁stock ▁market ▁in ▁ 1 9 8 6 . ▁In ▁ 1 9 8 7 ▁K ipp ▁sold ▁his ▁remaining ▁shares ▁but ▁he ▁kept ▁the ▁real ▁estate ▁of ▁the ▁stores , ▁which ▁he ▁r ented ▁to ▁the ▁ret ail er ▁Metro ▁AG . ▁ ▁K ipp ▁owned ▁real ▁estate ▁in ▁the ▁U . S ., ▁including ▁ 9 5 0 ▁Third ▁Avenue ▁in ▁Manh attan . ▁In ▁addition , ▁he ▁owned ▁five ▁Swiss ▁hot els ▁and ▁resort s ▁in ▁his ▁" T sch ug gen ▁Hotel ▁Group ", ▁including ▁the ▁Hotel ▁E den ▁Roc ▁in ▁As con a , ▁the ▁Carl ton ▁Hotel ▁in ▁St ▁Mor itz ▁and ▁the ▁Tsch ug gen ▁Grand ▁Hotel ▁in ▁A ros a . ▁ ▁Personal ▁life ▁K ipp ▁and ▁his ▁ ▁wife , ▁H annel ore ▁res ided ▁in ▁A ros a , ▁Switzerland . ▁ ▁His ▁son , ▁former ▁Florida ▁resident ▁Ernst - L ud