Dr. Ralph de la Torre, chairman and CEO of Steward Healthcare, once a respected heart surgeon, owns not one but two yachts while running his company into bankruptcy. and has been publicly criticized for living a lavish lifestyle.
De la Torre bought the $40 million yacht after Steward sold the hospital property to real estate investment trust Medical Trust Properties (MTP) in 2016. The deal would have given Steward a huge salary to his executives while leaving the hospital he ran. As it transitioned into a tenant under MTP ownership, it faced higher annual rents.
Those financial problems came to a head Monday when Steward filed for Chapter 11 bankruptcy.
When Mr. de la Torre first founded Steward in partnership with Cerberus Capital Management, a New York-based private equity firm, his self-proclaimed goal was to The goal was to create an affordable healthcare approach.
Instead, doctors, nurses and elected officials have criticized for-profit networks for putting their own profits ahead of patient care.
Here’s everything you need to know about the man behind Steward’s downfall.
6 surprising factsSurprising takeaways from Steward Health Care’s bankruptcy filing
Does Steward’s CEO own a $40 million yacht?
In February, Boston Globe columnist Brian McGrory revealed that Steward’s CEO owns not one, but two yachts.
De la Torre bought a 190-foot yacht named Amaral several years ago for $40 million, McGrory of the Globe reported. Mr. de la Torre’s other yacht is the $15 million, 90-foot sportfishing boat Jalco.
Amaral is a huge six-bedroom yacht that costs about $4 million a year to operate, according to superyacht fans.
What will happen to Good Sam?What you need to know about Steward Healthcare in the midst of bankruptcy and financial crisis
The American Prospect reports that Steward has acquired at least two business jets and a private suite at Dallas’ AA Arena, where the NBA’s Mavericks play.
Where did Ralph de la Torre work before being a steward?
In 2008, Mr. de la Torre became CEO of Caritas Christi Healthcare, a struggling hospital network in Massachusetts. A few years later, he signed a deal with Cerberus Capital Management to start Steward Healthcare and invest money in struggling hospitals.
Is Ralph de la Torre a doctor?
According to his biography, Mr. de la Torre graduated from Duke University in 1988 and received his medical degree in 1992 from a joint program at Harvard Medical School and the Massachusetts Institute of Technology.
Prior to becoming Steward’s CEO, he served as founder and CEO of Beth Israel Deaconess Medical Center (BIDMC) Heart and Vascular Institute and Cardiovascular Management Associates, according to his bio on Steward’s website. Ta. He also served as Chief of Cardiac Surgery at his BIDMC.
How much is Ralph de la Torre’s salary?
A person familiar with Steward’s finances estimates his annual salary to be about $16 million, The American Prospect reported.
According to the report, Mr. de la Torre bought Mr. Steward from Cerberus in 2020 for $335 million, but he retained his own stake in the investment company and used Mr. Steward’s cash to invest in 10% for himself. It reportedly paid out a billion dollar dividend.
Where does Ralph de la Torre live?
The Globe reports that Mr. de la Torre lives in a “mansion” in Dallas and is a member of former President George W. Bush, owner of the Dallas Mavericks and longtime panelist on ABC’s “Shark Tank.” He shares the same neighborhood with Mark Cuban, who served as director of the school.
When de la Torre lived in Boston, he lived in a seven-bedroom house in West Newton, which he sold for more than $6 million in 2013, Boston.com reported.
Who is Ralph de la Torre’s wife?
According to a report in the Globe, Mr. de la Torre met his first wife, Win Chan de la Torre, from Hong Kong, while attending medical school. The two married in 2004 and had twin boys in 2008. In 2018 she filed for divorce.
He later remarried Nicole Acosta, who describes herself as a real estate representative, according to the Globe.