John Ferolito net worth is
John Ferolito Wiki Biography
John Ferolito was born in New York City USA, and is an entrepreneur known as one of the founders of the private beverage company entitled Arizona Beverages. Ferolito has been active in business since the 1970s.
How much is the net worth of John Ferolito? It has been estimated by authoritative sources that the overall size of his wealth is as much as $5 million, as of the data presented in the middle of 2017. Arizona Beverage Company is the main source of Ferolito’s modest fortune.
John Ferolito Net Worth $5 Million
To begin with, there is no public information about John Ferolito’s childhood or his education.
Concerning his professional career, John Ferolito and Don Vultaggio launched a company based in Brooklyn. At first the company delivered soda and beer for retail price, but the company gradually grew as business expanded, and instead of delivering goods with an old Volkswagen bus, trucks were purchased. Moreover, Arizona Beverages launched new products lines like malt liquor as well as flavoured seltzer. However, the flagship product, which is known all over the world, AriZona Ice Tea was launched only in 1992, but currently their production is distributed not only in US, but also in the UK, Canada, Colombia, Norway, Sweden, Turkey among other countries. According to the estimations made in 2010, at that point the company was earning $300 million in revenue annually.
However, disagreements occurred among the founding partners, which led them into court. In 2012, Vultaggio filed a lawsuit against his partner Ferolito, with the result that he New York Supreme Court, Appellate Division suggested a solution that one of the partners could buy the other‘s half of the shares and this way solve the problem. Subsequently John Ferolito agreed to sell his part, but yet another disagreement arose over the estimated value of the company. While John Ferolito claimed its value was more than $6 billion, his partner Vultaggio put the value at only $430 million, so to date, they have not agree on the value of the company, and Arizona Beverage Company is still the major source of John Ferolito‘s net worth.
Meanwhile, another, private lawsuit was filed against John Ferolito, claiming that he was negligent while playing golf in East Orange Golf Course, and hit another golf player with his ball, which led to the person losing consciousness – this matter has also yet to be settled.
Finally, in the personal life of the entrepreneur, Ferolito does not reveal any facts about his private affairs. He is probably single.
|Net Worth||$5 Million|
|Profession||Businessman, Entrepreneur, Founder of Arizona Beverage Company, Venture of AriZona Iced Tea|