Bob Guccione net worth Wiki, Height, Biography, Wife, Children And Early Life
Bob Guccione net worth
What is Bob Guccione’s Net Worth?
Bob Guccione is an American businessman, publisher, photographer and art collector with a peak net worth of $400 million. Bob Guccione is best known as the founder and publisher of the adult magazine Penthouse. The Penthouse was launched in the UK in 1965 and North America in 1969 to compete with the Playboy. The attic has stories of scandalous government cover-ups and corruption. For the early issues of the loft, Bob shot most of the models himself. Unlike Hugh Hefner, Guccione lived a more peaceful life in his Manhattan mansion. The 30-room mansion is luxuriously furnished and cost $5 million to maintain in just one year.
Wealth peaks and recessions
In 1982, his net worth of $400 million made him one of the 400 richest people in America. Adjusted for inflation, that net worth is equivalent to about $1.8 billion today. In an April 2002 interview with The New York Times, Guccione revealed that Penthouse has grossed between $350 million and $4 billion over the past 30 years and has netted nearly $500 million.
In 1985, the Internal Revenue Service (IRS) called and demanded back taxes totaling $45 million.
Unfortunately, Bob has spent his fortune on extravagant investments and efforts. He lost hundreds of millions of dollars of his personal fortune in businesses such as the Loft Boardwalk Hotel and Casino and a nuclear fusion power plant. At the end of his life, he was in personal debt of millions, his business went bankrupt, and he was trying to sell his beloved New York City mansion.
Bob Guccione was born on December 17, 1930 in Brooklyn, New York, to housewife Nina and accountant Anthony. He is of Italian descent and grew up in Bergenfield, New Jersey. As a teenager, Guccione went to Blair College in Blairstown.
career starting point
To help his family make ends meet, Guccione runs a chain of laundromats. He eventually landed a job as a cartoonist at the London American weekly and occasionally illustrated for the greeting card company Box Cards.
To compete with Hugh Hefner’s popular Playboy magazine, Guccione founded the men’s adult magazine Penthouse in 1965. To differentiate itself from its rivals, Guccione has introduced more sensational editorial content, as well as investigative writing style scandals and art world deals that focus on issues like government. Many writers, including James Dale Davidson and Seymour Hersh, have exposed major corruption in the U.S. government in their articles for the publication. Unlike Hefner and Playboy, Guccione did not initially have extensive resources. He photographed most of the Penthouse models himself in the magazine’s early days and established the soft-focus aesthetic that would eventually become the hallmark of Penthouse style.
In other notable ways, The Penthouse offered more erotic content than was typically seen in other men’s magazines of the time. For example, it was the first publication of its kind in the United States to show female pubic hair and exposed vulva and anus. Later, in the second half of the 90s, the magazine began offering fetish content related to bondage and urination, among other activities. Ultimately, Guccione’s many expensive and unsuccessful investments caused trouble for Penthouse. Its publisher, General Media, filed for bankruptcy in 2003, and Guccione resigned as chairman and chief executive. In 2013, FriendFinder Networks, the owner of General Media, filed for bankruptcy; it eventually emerged during a corporate restructuring later this year.
(Photo by Ron Galera/Ron Galera via Getty Images Collection)
Property and Investment
Over the years, as Penthouse became more and more successful, Guccione became notorious for indulging in the wealth and luxury that its profits brought him. He purchased a mansion on Manhattan’s Upper East Side that is considered the largest private residence in the area, comprising 30 rooms and more than 22,000 square feet. Facing financial problems, in 2003 the property’s main creditors initiated foreclosure proceedings on the mansion. A complicated series of events occurred, one involving a group of investors who were willing to buy the mansion for $26 million in cash and allow Bob to live in the house for a nominal fee of $1 per year. In 2009, the year before his death, the property he no longer owned was sold to financier Philip Falcone for $49 million.
Guccione also owns a mansion on 75 acres in Staatsburg, New York. The month he died, the house sold for $4 million.
On the investment side, he invested nearly $45 million in the construction of the Haludovo Palace Hotel, a luxury resort on the coast of Yugoslavia. The resort opened in 1972 and went bankrupt the following year. In 1976, Guccione invested $17.5 million to fund the erotic historical film Caligula starring Malcolm McDowell as the titularly hedonistic Roman emperor. Despite protests from the director and screenwriters, Guccione and Giancarlo Lou shot unsimulated sex scenes for the film, which was eventually released in 1979.
Over the years, Guccione continued to invest rashly, losing a lot of money in the process. He lost $160 million on his investment in Atlantic City’s proposed Penthouse Boardwalk Hotel and Casino; he also suffered heavy losses on a fusion plant that was never built.
Guccione was a world-renowned art collector during his lifetime, collecting famous art collectors such as Modigliani, Picasso, El Greco, Degas, Botticelli, Matisse, Renoir, Pissarro, Dali, etc. Artist’s painting.
In 2002, the collection was sold at a Sotheby’s auction. The sale fetched $19 million, $40 million shy of the auction house’s forecast, due to a depressed art market following the 9/11 terrorist attacks. The money was eventually used to pay off some of Guccione’s personal debts. Guccione also has a collection of its own art and memorabilia. The collection was acquired by entrepreneur Jeremy Frommer in 2012.
Among his other endeavors, Guccione founded Omni, Viva and Longevity magazines. In addition to collecting art, he was an avid painter, and his work has been exhibited at the Nassau County Museum of Art and the Butler Institute of American Art, among others.
personal life and death
Guccione was married a total of four times. As a teenager, he married his first wife, Lilyann Becker. They have a daughter named Tonina. The troubled marriage prompted Guccione to leave Becker for Europe. There he married British woman Muriel Hudson in 1966. The two had four children and divorced in 1979. Guccione then dated South African native Kathy Keeton and eventually married in 1988. They stayed together until Keaton died in 1997 from complications from surgery. Guccione’s fourth and final wife was former model April Dawn Warren, who was allegedly handpicked by Keeton as her successor. After a long engagement, Guccione and Warren married in 2006.
Guccione, a heavy smoker, had throat cancer and underwent surgery in 2004. He died in 2010 after being diagnosed with lung cancer. He is 79 years old.