Norma Lerner Net Worth is
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Alfred "Al" Lerner (May 8, 1933 ??? October 23, 2002) was an American businessman and philanthropist. He was best known as the Chairman of the Board of credit card giant MBNA and the owner of the Cleveland Browns of the National Football League. He was also a past president of the Board of Trustees of the famed Cleveland Clinic as well as a major benefactor.


Born in Brooklyn, New York, Lerner was the only son of Russian-Jewish immigrants. His parents owned a small candy store and sandwich shop in Queens, New York. He attended Brooklyn Technical High School and then Columbia College, the liberal arts college at Columbia University, graduating in 1955. He served as a pilot in the U.S. Marines from 1955 to 1957, serving in Quantico, Virginia and Pensacola, Florida.
After the Marines, Lerner began selling furniture, earning $75 a week. eventually saving enough money to buy an apartment building in Cleveland. His real estate portfolio grew and in 1990, he became a major shareholder in MNC Financial, a small Baltimore bank. Struggling with real estate loans in the midst of the savings and loan crisis, MNC soon needed leadership and Lerner stepped in as chief executive officer. He tried unsuccessfully to sell the bank's most successful unit, credit card issuer MBNA, to raise cash. In 1991, he took MBNA public, investing $100 million of his own money to ensure the success of the initial sale of stock. Controversial MBNA would blossom into the second largest credit card issuer.
He was also the chairman of Town and Country Trust, which owns and operates more than 15,000 apartment units in the mid-Atlantic region.
In 1998, Lerner purchased the franchise rights of Cleveland Browns of the National Football League paying $530 million, a record for a sports franchise at the time, outdistancing the next closest bid by $30 million. The runner-up bid was from Cablevision Systems chairman Charles Dolan and his brother and future Cleveland Indians owner Larry Dolan.

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Norma Lerner Latest News

Levine Chapels

Francine Norma (Lerner) Schachter,82, of Brookline, formerly of Bronx, NY on Friday, October 13, 2017. Beloved wife for 59 years of Gustav Schachter. Devoted mother of Livia (Schachter) Kahl and her husband...
Posted: November 9, 2017, 4:00 pm

Paid Notice: Deaths LERNER, ALFRED

Alfred Lerner Hall, Columbia's innovative student center, was made possible by his generosity to the University. Columbia University extends its profound sympathy to his wife, Mrs. Norma Lerner, his son Randy, his daughter Nancy, and to his seven ...
Posted: October 26, 2002, 6:00 pm

Cleveland Orchestra Raises $1.23 Million At Gala

This year's Cleveland Orchestra Gala raised a record-breaking $1,230,000, thanks to the overwhelming generosity of the sponsors, patrons, and long-time supporters, as well as the leadership of Gala Chair Norma Lerner; co-chair Nancy W. McCann; corporate co ...
Posted: October 9, 2017, 8:30 am
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