Lighting Titan Selling Condo for $25M
AUSTIN, TX — Alan Ruud, founder of Ruud Lighting is selling his Austin, TX condo for $25M.
Ruud is an engineer and lighting designer who is known as one of the most successful entrepreneurs in the lighting industry. He founded Ruud Lighting Inc. in late 1982, serving as chairman and chief executive officer of the Wisconsin-based lighting fixture manufacturer, which led the way in energy-efficient LED outdoor lighting. According to published reports, Ruud Lighting was one of the first traditional lighting companies to transform most of its business to LED-based systems.
In 2011, North Carolina-based Cree Inc. acquired Ruud Lighting for about $525 million in cash and stock, creating a market leader in indoor and outdoor LED lighting. Ruud then joined Cree’s board, and his son, Chris, continued as president of Ruud Lighting, which became a Cree subsidiary.
By the numbers:
- 13,000 square feet
- 4 Bedrooms
- 7 Bathrooms
- 6 Balconies
- 2 Kitchens
- 4 Dining Areas
- $1,923 per square foot