David Geffen is Hollywood’s richest man, Here’s how he spends his $8.5 billion fortune

After about a year, Geffen sold the label to Warner Communications for $7 million and proceeded to serve as the head of the merged Elektra/Asylum Records.

Although Geffen later came out as gay, Cher said of the relationship in a 2012 interview: “At that point in his life, I was the right person for him.”

High-profile artists signed to the label included John Lennon and Yoko Ono, Elton John, Donna Summer, Guns N’ Roses, Aerosmith, Don Henley, Cher, and Peter Gabriel.

Geffen later sold the label to MCA for $550 million worth of stock.

A few months after that deal, Geffen made $700 million when MCA was bought by Matsushita Electric Industrial Co., Ltd (which later became Panasonic), according to Bloomberg.

He also owned a Broadway theater company that produced shows such as “Cats” and “Dreamgirls.”

He left DreamWorks in 2008.

According to Variety, Geffen has lived at the Beverly Hills estate since 1990, when he bought it for $47.5 million.

The mansion is named for Jack Warner, the cofounder of Warner Bros, who built it in 1937.

The nine-acre property includes a 13,600-square-foot Georgian-style mansion, two guesthouses, a tennis court, swimming pool, nine-hole golf course, terraces and gardens, and a motor court with its own service garage and gas pump.

Geffen’s new 3,267-square-foot home comes with four bedrooms and a swimming pool.

The lot sits in the Trousdale Estates neighborhood of Beverly Hillsknown as “Billionaires’ Row.”

It’s across the street from an extravagant mansion called “Opus” that was once listed for $100 million. The price has been cut to just under $60 million.

Geffen’s former property includes a main house, two guest homes, a pool and spa, gym, and a theater, as Business Insider’s Tanza Loudenback previously reported.

He sold the beach house in an off-market deal for a reported $85 millionin 2017.

Geffen is the owner of the Park Cinq’s 12,000-square-foot triplex penthouse, which he bought for $54 million from socialite Denise Rich in 2012.

A couple of years later, he paid $2.3 million for another unit in the building, a one-bedroom on a middle floor.

And until recently, he had owned a third apartment in the building, atwo-bedroom unit that he bought for $14.17 million in 2010. That one he sold in May 2018 to a Russian-American oil billionaire for $24.5 million.

He bought the property in April 2016.

He sold it for $67.3 million.

The estate, which sits on coveted Georgica Pond, includes a seven-bedroom main house, an outdoor swimming pool, and a three-bedroom guesthouse.

Geffen bought the yacht for $590 million from Oracle CEO Larry Ellison in 2010, according to Forbes.

His guests have included Barack and Michelle Obama, Oprah Winfrey, Bruce Springsteen, and Tom Hanks.

Most recently, Geffen was pictured partying on his yacht with Amazon CEO Jeff Bezos and Bezos’ girlfriend, Lauren Sanchez, former Goldman Sachs CEO Lloyd Blankfein, and model Karlie Kloss and her husband, Josh Kushner, in the Balearic Islands in Spain.

In June, he posted photos to Instagram of his yacht adventures in Mallorca with stars including Chris Rock, Orlando Bloom, and Katy Perry.

The yacht, which can accommodate 18 guests and a staff of 55 people, comes with a double-height cinema and a basketball court.

The superyacht has two helicopter pads, a swimming pool with an artificial current, and a spa pool.

But Geffen didn’t keep Pelorus for long. Later that year, he sold it to the Royal Family of Abu Dhabi for 214 million euros, or about $284 million at the time.

He established the David Geffen Foundation in 1986, which has focused its efforts on five main areas: populations affected by HIV/AIDS; civil liberties; the arts; issues of concern to the Jewish community; and health care.

It’s now the David Geffen School of Medicine.

It was the largest single cash gift from a single person in the museum’s history, and the museum subsequently named its new building the David Geffen Galleries.

“It seemed as though, if I didn’t do it, it wasn’t going to get done — they’ve been attempting this for years and they couldn’t raise the money,” Geffen told The New York Times in an interview at the time. “I love art, I love L.A., and I could do it, so I did.”

He’s made contributions to organizations including Gay Men’s Health Crisis, God’s Love We Deliver, and the Elton John AIDS Foundation, according to The New York Times.

Bloomberg reports that Geffen has made “hundreds of millions of dollars” selling artwork by artists like Jackson Pollack, Jasper Johns, and David Hockney.

In 2006, Geffen sold two paintings by Jasper Johns and Willem de Kooning to hedge-fund billionaires Ken Griffin and Steve Cohen for a combined $143.5 million.

Ten years later, in 2016, Griffin bought another de Kooning painting and a Pollack painting from Geffen for $500 million total.

Geffen owned one of Hockney’s famous pool scene paintings for about 12 years. He sold it to British billionaire Joe Lewis in 1995, who kept it for years before selling it at a Christie’s auction for a record-breaking $90.3 million in 2018.

Source: https://www.insider.com/david-geffen-yacht-net-worth-real-estate-rising-sun-2019-8#geffen-has-an-art-collection-worth-more-2-billion-according-to-bloomberg-21