A California businessman who is portrayed as a billionaire in a new Discovery Channel reality show is nowhere near that wealthy, according to a report Friday.
Glenn Stearns, 56 — a mortgage firm founder who stars in the series “Undercover Billionaire” — actually boasts a net worth of roughly $500 million, according to an investigation by Forbes.
On the show, Stearns is described as a “self-made billionaire” tasked with “building a million-dollar business from scratch” in 90 days with “only $100 in his pocket,” according to www.discovery.com.
But he’s in fact a 10-figure faker, according to an assessment of his properties and stakes in the firm Stearns Holdings cited in the report.
His current stake in the company is worth roughly $17 million, according to Forbes. He also owns $2 million in Infinity Bank stake along with a yacht and multi-million-dollar real estate properties in Wyoming, Maryland, Arizona and other areas.
An assistant for Stearns, Keely Berg, declined to comment — telling Forbes that he considers the matter “private.”
“[He] does not discuss or provide materials regarding confidential matters, including and not limited to his personal and business finances,” Berg told the outlet via email.
On his website, Stearns tells the rags-to-riches story of growing up with alcoholics in the suburbs of Washington, D.C. before striking it rich and eventually “owning a Montana ranch with John Elway and a private Caribbean island with Sir Richard Branson.”
The show, which first aired on Aug. 6, is set in Erie, Pennsylvania.
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