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Lennar dates back to F&R Builders, a company founded in 1954 by Gene Fisher and real estate developer Arnold P. Rosen. In 1956, Leonard Miller, who later became the namesake of the Miller School of Medicine at the University of Miami, a 23-year-old entrepreneur that owned 42 lots in Miami-Dade County, Florida, invested $10,000 and partnered with the company.
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The company was founded in 1978 by Donald R. Horton. [6] Horton took the company public in 1992, and as of 2020 owned about 6% of the company. [7] In 1997, the company acquired Continental Homes for $305 million and the assumption of $278 million in debt. [8]
Lennar and DR Horton, the two other largest US homebuilders, also suffered severely: Lennar's shares went from $67.27 in 2005 to $13.54 six years later. Ditching the cookie-cutter model
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In 2004, the company was acquired by Lennar and LNR Corporation for approximately $1 billion, leaving Newhall Land and Farming owning 50% and Lennar and its industrial and commercial properties spinoff LNR owning the other 50% through a new holding company called LandSource Communities Development LLC. [5]