What is Bassam Alghanim's Net Worth?
Bassam Alghanim is а Kuwait businessman who has a net worth of $1.6 billion dollars, which makes him the richest person in the country – though he lives much of the year at an incredible compound in LA's Bel-Air neighborhood.
Born in Kuwait, Bassam Alghanim and his brother Kutayba both benefited from the company started by their father, Alghanim Industries. The multinational conglomerate operates in forty countries. It has grown exponentially over the years, as it has partnered with such companies as General Motors, Xerox, American Express, Whirlpool, British Airways, and Hitachi, among other corporations. Bassam Alghanim ran the company throughout the 70s, 80s, and 90s.
In 2012 Bassam and his brother were involved in a lengthy court battle over the division of assets associated with the company. The case recently took a nasty turn when Bassam sued his brother and nephew for allegedly hacking into his email and reading about his personal affairs. It was revealed that this did in fact occur. The case eventually moved to the Kuwaiti court system.
Bel-Air Mansion: In November 2002, "Girls Gone Wild" founder Joe Francis paid $5.5 million for a 6,500 square-foot mansion in Bel-Air. The next decade was not kind to Joe personally, professionally and financially. He served time in jail, was sued over and over and ultimately retreated to Mexico to avoid large debts owed to the US government and Casino magnate Steve Wynn. The debt owed to Wynn started out as a $2 million gambling debt and grew to a $40 million judgement with late fees and charges of defamation after Joe announced on several TV shows that Steve was trying to have him killed. The total judgment was reduced to $19 million. Joe still refused to pay so he abandoned the United States and his Bel-Air mansion. In 2018 the home was seized by the department of justice who immediately sold it to Steve Wynn for $6.7 million. Four months later, Steve flipped the property to Bassam Alghanim for $8.65 million, earning a nice little $2 million profit in the process. Over the years Bassam has acquired a difficult-to-comprehend TEN lots from neighbors . The result is a mind-boggling 10-parcel, seven-home, compound over 21 contiguous acres. The total value of the unprecedented Bel-Air estate easily tops $100-150 million by virtue of its sheer uniqueness.
