Herbert Allen, Jr. Net Worth

What is Herbert Allen Jr.'s Net Worth?

Herbert Allen Jr. is an American billionaire businessman who has a net worth of $2 billion. Herbert Allen Jr. formerly served as the president of his family's Allen & Company, a Manhattan-based boutique investment firm specializing in technology, entertainment, and real estate. He headed the company from 1966 to 2002, when he handed over the reins to his eldest son, Herbert Allen III.

Early Life and Education

Herbert Allen Jr. was born in 1940 to Herbert Sr. and Kathleen. He has a sister named Susan. Their father's older brother, Charles, had founded the Manhattan-based investment bank Allen & Company in 1922, creating the family's fortune. Herbert Sr. eventually joined the bank along with his other brother, Harold.

Allen was raised in suburban Irvington, New York. For his higher education, he attended Williams College in Williamstown, Massachusetts, graduating with his bachelor's degree in 1962.

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Allen & Company

Immediately after graduating from college, Allen joined his family's boutique investment firm Allen & Company. In 1966, he was named its new president. The firm expanded substantially under Allen's leadership. In 1973, he oversaw the acquisition of the film studio Columbia Pictures. Allen sold Columbia to the Coca-Cola Company in 1982 for $750 million, and he subsequently became a board member of Coca-Cola. In 1983, he founded the Sun Valley Conference, an annual media finance conference hosted and funded by Allen & Company. Taking place in Sun Valley, Idaho, the week-long summer conference features prominent people from the worlds of business, politics, and philanthropy. Attendees have included Bill Gates, Oprah Winfrey, Michael Eisner, Rupert Murdoch, and Warren Buffett. Allen Jr. remained president of Allen & Company until 2002, when he handed control over to his son Herbert Allen III.

Personal Life

Allen has been married and divorced multiple times. His first wife was Laura Parrish, with whom he had all four of his children: Herbert III, Charles, Leslie, and Christie. Allen wed his second wife, renowned Broadway dancer, actress, choreographer, and singer Ann Reinking, in 1982. They divorced at the end of the decade. Allen went on to marry Gail Holmes, whom he also eventually divorced.

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