Berry Gordy Net Worth
Berry Gordy Net Worth: Berry Gordy is an American record executive and producer who has a net worth of $400 million. Berry Gordy was born on November 28, 1929 in Detroit, Michigan. Berry is most famous for being the founder of Motown Records. As President of Motown Records, he was responsible for shepherding the careers of many music superstars including, Smokey Robinson, Stevie Wonder, The Temptations, Gladys Knight and the Pips, and The Jackson 5. Gordy dropped out of high school in 11th grade in order to pursue a career as a professional boxer. That career did not last long and soon Berry was drafted into the Army during the Korean War. When he returned from the war Berry opened a record store called 3-D Record Mart. The store specialized in selling jazz albums to a largely African-American customer base. In his free time Berry also wrote songs, one of which "Reet Petite" became a hit for Billy Davis. Using the profits earned from "Reet Petite", Berry began writing and producing full time.
Building An Empire: Between 1957 and 1959, Berry produced tracks and albums for a number of up-and-coming artists, including "The Miracles", led by a young musician named Smokey Robinson. Smokey knew a good thing when he saw it, and encouraged Berry Gordy to think bigger. In 1959, with an $800 loan from his family, Berry launched Tamla Records, an R&B label. The first track released by Tamla was Marv Johnson's "Come to Me". It was a success. "Bad Girl" by The Miracles, was released the same year under Gordy's second label, Motown, and proved to be a success as well. He soon merged Tamla and Motown into the Motown Record Corporation in late 1959.
Berry Gordy Net Worth Milestones: By 1966, Motown had 450 employees and generated $20 million in revenues ($144 million in today's dollars). Throughout the late 60s and 70s, Motown became one of the most successful independent record companies ever to exist. In 1988 Berry sold his stake in the company to MCA Records for $61 million ($120 million in today's dollars). He also sold his interests in the Motown song catalog controlled by his subsidiary Jobete Publishing to EMI Publishing. The catalog contains 15,000 songs, 240 of which he wrote himself. A few years later, Polygram bought the entire Motown catalog, paying $330 million for the songs. Today he is worth at least $400 million.
Berry Gordy Real Estate Assets: In 1997 Berry sold his longtime Malibu mansion for $6 million to entertainment executive Michael Ovitz. Berry had owned the house since 1975. Berry sold a condo in Century City, California for $2 million in 2014. The jewel of Berry's real estate portfolio is his Bel-Air residence. Berry bought his first parcel of Bel-Air in 1976. Over the years he expanded. Today he owns three contiguous parcels that together create one 4-acre compound. The property's main house is 10,000 square feet and features 13 bedrooms and 9 bathrooms. He also owns a nearby parcel that has a 5,000 square foot house. Together the Bel Air properties are potentially worth $50-70 million.
|Net Worth:||$400 Million|
|Date of Birth:||Nov 28, 1929 (90 years old)|
|Profession:||Entrepreneur, Record producer, Songwriter, Businessperson, Film Producer, Television producer, Musician, Music executive|
|Nationality:||United States of America|