Larry Flynt Net Worth
Larry Flynt net worth: Larry Flynt is an American entrepreneur who has a net worth of $500 million. Larry Flynt was born November 1, 1942. He is most famous for being the owner and founder of the adult media empire Larry Flynt Publications (LFP) which is perhaps most famous for publishing Hustler magazine. At the end of the 90s, when magazine sales were still extremely strong, LFP's publishing division was grossing $135 million per year in revenue. And unlike many of his publishing contemporaries (Hugh Hefner, Jan Wenner), Larry anticipated the decline of magazine sales and took early steps to diversify his business. Flynt successfully parlayed his Hustler brand into a company that today has divisions that control real estate assets, casinos, nightclubs, adult toy manufacturing, retail outlets, video games and more. Today LFP reportedly generates annual profits north of $300 million. There are Hustler Clubs in six US states and three countries.
Larry Flynt began his career as an entrepreneur in 1965 when he took a $1,800 from his savings and bought his mother's Dayton, OH bar, Keewee. He soon started making $1000 per week, and used the profits to buy two other bars. In 1968, he opened his first Hustler Club, featuring naked hostesses who danced for customers. He then opened Hustler Clubs in other major Ohio cities, and each was soon grossing between $260,000 and $520,000 per year.
In 1972 Flynt created the first Hustler newsletter to promote his clubs, increasing it from four to sixteen pages in less than a year. With the 1973 oil crisis, Flynt had to decide between refinancing his clubs or declaring bankruptcy. Instead, he decided to turn Hustler Newsletter into an adult magazine, paying the start-up costs by deferring payment of sales taxes on his clubs. In July 1974, the first issue of Hustler was published. By August of 1975 the magazine was selling more than 1 million copies per month. In 1978, white supremacist Joseph Paul Franklin attempted to assassinate Larry Flynt over an interracial photo shoot in Hustler. Flynt is now paralyzed from the waist down and uses an $80,000 gold-plated wheelchair. In 2000, Flynt opened the Hustler Casino in Los Angeles, and Hustler Video film studio bought VCA Pictures in 2003.
Larry has also been a champion of free speech rights in the United States and has had a profound impact on the concept of obscenity and parody law. In 1996, a movie was made about his life starring Woody Harrelson and Courtney Love titled "The People vs. Larry Flynt".