Glenn Stearns: The Truth About The Undercover Billionaire

Instead of dropping billionaire Glenn Stearns onto a deserted island like we've watched over and over again on Naked and Afraid, Discovery channel abandoned the Undercover Billionaire star in Erie, Pa. In many ways, the city might as well be a tropical jungle or frozen tundra if you're the kind of person who's used to hanging out on a yacht in the Virgin Islands. CBS News once referred to the location as a "sinking ship," and President Donald Trump described the city's backdrop as "rusted-out factories, scattered like tombstones" in his inauguration speech. Nonetheless, this is exactly what Stearns signed up for.

The billionaire, who built an empire in the mortgage-lending industry, hopes to recreate his rags to riches story in Undercover Billionaire — a reality series that premiered in August 2019. Stearns' life exemplifies the anything-is-possible American dream. He managed to rise up out of poverty, contend with becoming a dad as a teenager, and even beat cancer to become one of the world's select billionaires, but can he grow a million-dollar business with just $100, an old truck, and a cellphone to his name? Let's invest a little time discovering the truth about Glenn Sterns.

Glenn Stearns' troubled childhood eventually caught up with him. When he was 14 years old, his 17-year-old girlfriend became pregnant. When the baby arrived, Stearns' mother — who was already struggling to pay bills — quit her job to take care of the child during the day. Stearns' then-girlfriend worked a night shift and brought the little one to her parents' home every night. It was a busy back-and-forth period, and Stearns admitted he didn't feel like much of a father. 

"I felt depressed when this all happened, as if I'd let everyone down. How odd it felt to be more like an older brother than a father to my own daughter," he told the Horatio Alger Association. Stearns picked up a job at the local mall to contribute to the household bills, even though he had to hitchhike both ways because he wasn't old enough to drive. He worked part-time at a restaurant throughout high school and gave his mother most of what he earned. 

Today, the mortgage mogul has settled into fatherhood and his happily married with six children and two grandchildren.

Considering Glenn Stearns' resume, it makes sense that the billionaire would brush elbows with other billionaires. They need to stick together, right? There aren't even enough of them in existence to fill up a Carnival Cruise, but who needs an all-you-can-eat buffet when you've got a fleet of personal yachts with private chefs? 

Stearns has fostered a close friendship with Virgin business mogul Sir Richard Branson (pictured), whose estimated $4.1 billion net worth makes Stearns' personal fortune look like pennies. These billionaire bros purchased an island and built a resort in the British Virgin Islands. According to The Orange County Register, Stearns invested $17 million into developing Necker Island, which is touted as "one of the world's most exclusive island retreats." The island is also fully committed to sustainability and supporting the local ecosystem and community, reportedly assisting the flamingo population, hiring local staff, and working to rid the island of diesel generators in order to become energy independent. Sounds nice, right?

If you're hoping to stay on Stearns' island, don't get your hopes up. At the time of this writing, it's booked for the entire foreseeable future.

Glenn Stearns has had an entrepreneurial spirit since he was just a kid. In fact, he entered the workforce after he failed the fourth grade. That's right, he was just 8 years old when he started delivering newspapers for a meager $6 a month. After about two years, the mortgage mogul upgraded to a bigger paper called the Montgomery County Journal. It was there that he fell in love with the hustle and honed in on his skills as a salesman. 

Each work day, he'd get picked up in a van with a bunch of other boys and dropped off at an apartment complex. The clock would start, and Stearns would try to sell a bundle of papers before time was up. "This was probably one learning experience I excelled at," he told the Horatio Alger Association. "I was keen at analyzing the buyer. By the end of the night, I would have 12 to 15 sales, and the [other] guys would have only 2 or 3."

Glenn Stearns' family didn't just struggle financially. The mortgage mogul admitted that both his mother and father drank heavily when he was growing up. He comes from a long line of alcoholics, and according to the Horatio Alger Association, his grandparents, aunt, uncle, and mother all "died from alcohol-related issues." Stearns even recalled a moment from his childhood when his dad was arrested after a father-son fishing trip. "My dad was drinking heavily that day, and he passed out in the truck," he said. "I helped drive us home and nearly made it, but a block from my house we wrecked the truck. The police came and took my father away. Life is what you see — and that was life."

Stearns' parents divorced when he was 17, but he says that his father considers the split as the wake-up call that "saved his life." When Stearns' mom walked out on the marriage, his dad finally admitted he was an alcoholic, entered recovery, and reportedly hasn't touched a drink since.

Glenn Stearns is undoubtedly living a life of luxury — the kind where you can snag a $250,000 ticket on a Virgin Galactic flight like it's a cheap go-kart excursion at a local theme park. Despite all the obvious comforts that billions can buy, like a yacht called the Minderella (his wife's name is Mindy), Stearns told Business Insider that his most memorable moments occurred before the fame and fortune, when he was still struggling to build a prosperous future. "I'd never felt more alive than when I was going for it, swinging for the fences," he said.

This realization — in combination with his cancer recovery — prompted him to create Undercover Billionaire. The mortgage mogul wanted to feel the rush of building something from nothing all over again. Yes, this guy is so rich that he pretends to be poor in the way we pretend to have millions by ordering our brunch cocktails with Tito's instead of whatever's in the well.

At the start of Undercover Billionaire, Glenn Stearns doesn't even have a place to live. He spends a night in his car that ends with him vomiting out the door during an interview with producers. Needless to say, his business plan was totally up-in-the-air as well. In an interview with Go Erie, the billionaire admitted he originally wanted to jump into the world of craft beer, calling the brewing community a "close-knit group." 

However, after spending some time with local brewers, Stearns realized he had to ditch that idea. It turns out running a brewery is a really difficult labor of love, and there's apparently no get-rich-quick scheme. "These guys are artists. They really are. They know what they're doing and it's a lot more difficult than I imagined," he told Go Erie. "I ... realized that was hard and to try to build that kind of business in 90 days, it wasn't gonna happen."

Instead, Stearns launched a restaurant called Underdog BBQ, which currently has an okay rating on Yelp, so you'll have to watch the reality show to find out if Stearns made a million in the series' 90-day time frame.