Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY — Utah native and billionaire Earl Holding died Friday night, according to a spokesman from Sinclair Oil, one of Holding's many businesses. He was 86 years old.
Holding, whose given name is Robert Earl Holding, is well known as the longtime owner of Sinclair Oil, a business he bought in 1976 after buying a run down truck stop in Green River Wyoming in the 1940's.
During his life, he built a business empire worth a reported $2.6 billion, according to Forbes. Forbes 400 ranks him as the 155th richest person in America.
"As an individual he was a lion of a man," said Clint Ensign, senior vice president of the Sinclair Companies. "We all had tremendous respect, admiration and love for both Mr. and Mrs. Holding. He just was a remarkable, rare individual and one of the brightest business minds that I've met."
Besides Sinclair oil, Holding is owner of Grand America and Little America hotels, the Westgate Hotel in San Diego, and two ski resorts — Sun Valley in Idaho and Snowbasin near Ogden.
Holding's main interest through his life has been Sinclair Oil, which drills for oil and gas, and operates refineries and pipelines. Holding is said to be among the largest landowners in America, with some 400,000 acres across the west.
Holding's family is preparing for a changing of the guard; his son Stephen is the heir apparent.
The cause of his death has not yet been released, but Ensign said it was his understanding that Holding died as a result of old age and the lingering symptoms of his stroke.
Holding grew up with the current president of The Church of Jesus Christ of Latter-day Saints, Thomas S. Monson. He attended the University of Utah and began his professional life as a civil engineer for the Bureau of Reclamation. He and his wife Carol were married in 1949 and together the couple raised three children.
Marty Carpenter, executive vice president of the Salt Lake Chamber, described Holding as a businessman who went beyond commercial success.
"This is a man who was so successful in business and so successful as a family man that this is a tremendous loss for our community," Carpenter said. "We’ve lost a great man who did a lot to enrich the lives of the people who live in our community."
Governor Gary Herbert offered his condolences to the family, calling Holding "a Utah icon of initiative, industry and hospitality."
"May they find peace and comfort at this difficult time, as well as reassurance that Earl's profound contributions to the greater community will endure," Herbert said.
Holding suffered a severe stroke in 2002, which left him partially paralyzed, but he made a partial recovery and continued to lead his organization for years.
