Dwight Schar

Last updated

Dwight C. Schar
Born1942 (age 81–82)
Ohio
Alma mater Ashland University
Occupation(s)Home builder, investor and philanthropist
Known forFounder of NVR, Inc. homebuilders
SpouseMartha Schar
Website https://www.dwight-schar.com/

Dwight Schar is an American businessman. He is the founder of NVR, Inc., a Fortune 500 company that is the third-largest home builder (by revenue) in the United States. [1] He currently serves as the company's Executive chairman and Chairman of Executive Committee. [2] Schar was also a minority owner of the Washington Commanders of the National Football League from 2003 to 2021, as well as the former financial chairman for the Republican National Committee. [2]

Contents

Background

Schar grew up in rural northeast Ohio and graduated from Norwayne High School in 1960. He then attended Ashland University (then Ashland College [3] ) in Ashland, Ohio, where he majored in education. After graduating from Ashland in 1964, Dwight began teaching, and on the weekends, he had a job selling homes. [4] Schar soon left teaching to pursue a career in home building. [5] In 1980, Schar founded his own company, NVHomes, [6] which eventually acquired his former employer, Ryan Homes, in 1987; the company was thus renamed NVR. [2] NVR lost billions of dollars and was forced to declare Chapter 11 bankruptcy in 1992. [7] In 1993, NVR emerged from bankruptcy with Schar serving as CEO from 1993 through to June 2005. Schar also served as Chairman of the board from 1993 up until 2022 when he announced his retirement. [8]

Political involvement

Along with his involvement in the Republican National Committee, Schar is also a well-known financial supporter of the Republican Party and numerous Republican candidates, making contributions through his company [9] as well as private contributions from both his McLean, VA home [10] and his home in Palm Beach, FL. [11] In 1989, Virginia Republican gubernatorial candidate Marshall Coleman was backed financially by Schar. [12] An investigation from the Richmond Times-Dispatch had discovered that one of Schar's companies had issued loans through the Virginia Housing Development Authority. [13]

In both the 2000 and 2004 Bush-Cheney presidential campaigns, Schar was not only a donor, but also a major fundraiser. In the 2000 campaign, Schar was a Bush "pioneer", the distinction given to those committed to raising $100,000 or more for the campaign. In the 2004 re-election campaign, Schar rose to the new level of "Ranger," raising $200,000 or more. [14] [15]

In 2003 Schar, along with Robert Rothman and Frederick W. Smith, purchased a minority share of the Washington Redskins, an American football franchise belonging to the National Football League. The three owned a total of 40% of the team until 2021, when they sold their stake to majority owner Dan Snyder following discontentment with Snyder. [16] [17]

Congressional letter and investigation

Ryan Homes, a business under the NVR umbrella, received a letter from Senator Sherrod Brown (D-OH) which asked the company to stop the practice of forced arbitration. Three senators joined in and asked that both Ryan Homes and NVR "remove the arbitration provisions from their agreements and stop requiring homebuyers to sign non-disclosure agreements in order to resolve disputes." [18] [19] USA Today conducted an investigation that found that Ryan Homes "ignored warranty requests for dozens if not hundreds of customers nationally." [20]

Class-action lawsuit

A lawsuit filed by homeowners in Bella Collina, a community run by DCS Capital Investments, accused Paul Simonson, Randall Greene, and Richard Arrighi of "racketeering, embezzling and conspiracy." The lawsuit stated that the homeowner's association (HOA) should have been turned over to the homeowners instead of DCS Capital Investments; it was dismissed by a federal court a year later. [21]

Philanthropy

Schar School of Policy and Government logo Logo of the Schar School of Policy and Government.png
Schar School of Policy and Government logo

In 2006, Schar donated $5 million to his alma mater, Ashland University, to help fund the construction of their new education building. The university named the new building "Dwight Schar College of Education" in his honor. [22] In 2014, Schar donated $12 million to Elon University to help it build two new campus buildings. [23] In May 2016, he donated $10 million to George Mason University's school of policy, government, and international affairs, the school was renamed the Schar School of Policy and Government in his honor.

In 2019 he donated $50 million to establish the pediatric oncology-focused cancer treatment center at Inova Fairfax Hospital, which was named the Inova Schar Cancer Institute. [24] In 2023, Schar donated a further $75 million to Inova Health System’s Heart and Vascular Institute, which was renamed Inova Schar Heart & Vascular. [25]

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References

  1. ↑ Hart, Kim (June 6, 2007). "Executives Cashing In Shares At NVR". Washington Post. Retrieved February 2, 2022.
  2. 1 2 3 "Dwight C Schar". Bloomberg. Retrieved February 2, 2022.
  3. ↑ "Dwight Schar". Forbes . Archived from the original on May 25, 2021.
  4. ↑ Dwight Schar (with Martha)
  5. ↑ "Building a fortune anew – U.S. News & World Report". Archived from the original on October 10, 2012. Retrieved August 26, 2017.
  6. ↑ NVR Inc
  7. ↑ Salmon, Jacqueline (April 6, 1992). "HOME BUILDER NVR TO SEEK PROTECTION FROM CREDITORS". Washington Post. Retrieved December 13, 2020.
  8. ↑ Strong, Symone (March 25, 2022). "NVR FOUNDER DWIGHT SCHAR ANNOUNCES RETIREMENT". BuilderOnline.{{cite web}}: CS1 maint: url-status (link)
  9. ↑ NVR, Inc
  10. ↑ NEWSMEAT ▷ Dwight Schar's federal campaign contribution search results Archived June 22, 2011, at the Wayback Machine
  11. ↑ NEWSMEAT ▷ Dwight Schar's federal campaign contribution search results Archived June 22, 2011, at the Wayback Machine
  12. ↑ Baker, Donald (September 10, 1989). "AS MAJOR DONOR, MCLEAN DEVELOPER BUILDS HOPES ON COLEMAN". Washington Post.
  13. ↑ Kollatz, Harry (November 1, 2019). "Election Night Nail-biter". Richmond Magazine. Retrieved December 13, 2020.
  14. ↑ OpenSecrets Archived November 4, 2007, at the Wayback Machine
  15. ↑ Harkavy, Ward (October 21, 2003). "The Bush-Cheney Gazillions Tour". The Village Voice. Archived from the original on August 9, 2007. Retrieved February 2, 2022.
  16. ↑ Clarke, Liz; Maske, Mark; Carpenter, Les. "Redskins' minority owners look to sell stakes in team amid ongoing turmoil". Washington Post. Archived from the original on August 9, 2020. Retrieved August 9, 2020.
  17. ↑ Dajani, Jordan (April 3, 2021). "Washington Football Team owner Dan Snyder officially buys out partners, per report". CBS Sports. Archived from the original on April 3, 2021. Retrieved April 3, 2021.
  18. ↑ "Senator Is Urging Ryan Homes to Remove Forced Arbitration from Agreements and Stop Requiring Homebuyers to Sign Non-Disclosure Agreements In Order To Resolve Disputes". Sherrod Brown. Retrieved December 13, 2020.
  19. ↑ Pagonakis, Joe (November 21, 2019). "Senator Brown asks Ryan Homes to change business practices". ABC News 5 Cleveland. Retrieved December 13, 2020.
  20. ↑ "Dream home nightmares: Ryan Homes buyers face delays, hassles as repairs lag". Cincinnati.com. October 31, 2019. Retrieved December 13, 2020.
  21. ↑ "Bella Collina property owners, in lawsuit, allege racketeering". Orlando Sentinel. March 13, 2017.
  22. ↑ "Ashland University Board Approves College of Nursing Construction Plans; New Facility to Hold Nursing Classes in 2012". Globe News Wire. February 7, 2011. Retrieved December 13, 2020.
  23. ↑ Portnoy, Jenna (May 23, 2023). "Schars give $75 million to Inova heart center". Washington Post. ISSN   0190-8286 . Retrieved May 16, 2024.
  24. ↑ "A new medical innovation campus coming to DC metro region". Inova Newsroom. March 19, 2019. Retrieved November 2, 2021.
  25. ↑ Reports, Staff (December 4, 2014). "Elon gets $12 million; largest gift in school history". Greensboro News and Record. Retrieved May 16, 2024.
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