Ty Warner Biography

Harold Ty Warner, (born September 3, 1944), is an American toy manufacturer and businessman. He is CEO, sole owner and founder of Ty Inc., which manufactures and distributes, Beanie Babies, Beanie Baby 2.0s, Ty Girlz, Beanie Boos, Beanie Ballz, Monstaz, Pluffies, LI'L Ones and other plush items.

Education

At 14, Warner went to Lyons Township High School (south campus) in Chicago. He then went to St. John's Military Academy in Delafield, Wisconsin. Warner attended Kalamazoo College in Michigan but dropped out after a year.

Career

Warner moved to Los Angeles, California to start a career in acting. He had little success as an actor and returned to Chicago. There he began working for plush toy maker Dakin. After nearly two decades at Dakin and a long sabbatical in Italy, Warner returned to Chicago.

In 1986, he mortgaged his home and invested his life savings into founding Ty Inc. In 1993, Ty Inc. launched Beanie Babies. At the peak of the Beanie craze, the privately owned Ty Inc. is believed to have earned over $700 million in profits in a year. In 2007, Ty Inc. went head to head with MGA Entertainment makers of the Bratz with the release of Ty Girlz dolls and virtual world.

He also has significant investments in hotels, property and golf courses. Ty Warner Hotels and Resorts include the Four Seasons Hotel in New York City, the Sandpiper golf course, the Four Seasons Resort in Santa Barbara, California, the San Ysidro Ranch in Montecito, California the Kona Village resort in Hawaii purchased in July 2004, the Montecito Country Club and the Las Ventanas al Paraiso Resort in Los Cabos, Mexico which was acquired in September 2004. In 2005, Warner also bought the beachfront Miramar resort and Rancho San Marcos golf course.

Philanthropy

A philanthropist, he has donated in excess of $6 million to the Andre Agassi Foundation for underprivileged children in Las Vegas and $3 million for the creation of Ty Warner Park in Westmont, Illinois. He also donated $1.5M for the creation of the Ty Warner Sea Center in Santa Barbara, California and donated one million Beanie Babies for children in Iraq. Warner also donated more than $300 million worth of soft toys for a Red Cross blood drive. Additionally, Warner has designed a number of Beanie Babies with the intention of donating all of the profits to charity. Ty Inc.'s charity releases have raised millions for a variety of charities, including the Elizabeth Glaser Pediatric AIDS Foundation, the American Red Cross, and the Princess Diana Memorial Fund.

In 2006, he received the Children's Champion Award from Children's Hunger Fund for his philanthropic efforts"?Ty Inc. donated 1 million Beanie Babies to Children's Hunger Fund relief efforts in Iraq and Afghanistan.

In 2012, Warner stopped a woman and asked for directions in Santa Barbara, Calif. The woman was trying to raise money for a stem-cell procedure she needed to save her life. After learning of her condition, he gifted her $20,000 for the procedure.

Tax evasion

On September 18, 2013, Warner plead guilty and agreed to pay a $53 million penalty after being accused of federal tax evasion for failing to report income he earned in a secret offshore bank account. He will be arraigned in Chicago and could still end up in prison for five years.

Personal

Warner was born on September 3, 1944 in Chicago, Illinois. His father was Harold Warner, a jeweler and toy salesman. His mother was Georgia Warner, a pianist. He was named after baseball player Ty Cobb. He never married and has no children.

See also

• List of billionaires