Saperstein has been married three times. He has two children with his first wife, Phyllis Grief: Michelle Saperstein Coppola and Jennifer Saperstein Kalapoutis. In 2006, Saperstein divorced his second wife of 23 years, Swedish philanthropist Suzanne () Saperstein, whom he married in 1986. He had the divorce papers served to her in Texas on a stopover on her way from California to Europe. They had three children: Jonathan (b. 1987), Alexis (b. 1988), and Stefanie (b 1990). Saperstein later married another Swedish woman, Hillevi Svensson (1973–2019) from Bua in Varberg, formerly nanny to his children. They had twins together. On January 2, 2019, Hillevi died while vacationing in Anguilla with David and their two children.