David Geffen Net Worth - Pulptastic

May 2024 · 5 minute read

What is David Geffen’s net worth

David Geffen, a Brooklyn-born record executive, film and theater producer, and philanthropist, has a net worth of $8 billion.

Geffen founded Geffen Records, where he achieved great success with artists such as Donna Summer, Nirvana, Blink-182, Elton John, Kylie Minogue, Enya, Cher, Neil Young, Peter Gabriel, Guns N’ Roses, and more. Geffen Records famously released John Lennon’s 1980 album Double Fantasy.

Geffen is also one of the co-founders of movie production studio Dreamworks SKG, with the “SKG” standing for “Spielberg, Katzenberg, and Geffen.” Dreamworks has generated more than $16 billion at the global box office alone, not including home movie sales and merchandise.

Early Life and Career

David Lawrence Geffen was born on February 21, 1943 in Brooklyn, New York. He dropped out of two east coast schools before moving to California in the early 1960s to pursue an acting career.

In 1961, he appeared as an extra in the film, The Explosive Generation, but he truly started his career in the mail room at the William Morris Agency (WMA). At WMA he quickly was promoted to work as a talent scout.

Founding Asylum Records

After leaving WMA in 1970, David Geffen aimed to become a music manager for artists like Jackson Browne whom he had scouted earlier. However, he struggled to secure a record deal for Browne and decided to start his own label instead. He partnered with Elliot Roberts, a friend from WMA mail room, and named their new company Asylum Records. Asylum’s reputation for signing artists who were rejected by other labels helped them attract talents such as Laura Nyro, Crosby Stills and Nash, and Jackson Browne, leading to instant success. The label then signed popular names like Bob Dylan, Joni Mitchell, Tom Waits, Linda Ronstadt, and the Eagles. In 1972, Asylum was acquired by Warner Communications and merged with Elektra Records to become Elektra/Asylum Records. Geffen remained in charge until 1975 when he left for Warner Brothers film studios. However, he soon retired due to a misdiagnosed cancer.

David Geffen’s Success with Geffen Records

In 1980, David Geffen founded Geffen Records and the label saw great success throughout the 80’s with releases from various artists. The label’s success continued even after Geffen sold it to MCA Music Entertainment in 1990 for 10 million shares of MCA stock. Geffen’s stake in MCA was worth $700 million when it was acquired by Matsushita Electric in 1991, leaving Geffen the richest person in the entertainment industry and a billionaire overnight.

After the sale, Geffen Records continued to thrive with successful artists like Mary J. Blige, The Roots, Blink-182, The Game and Common. Geffen’s generosity was also notable as he gave his longtime secretary 1% of the sale, earning her more than $5 million from various deals.

David Geffen’s Film Career

David Geffen has been producing movies since the early 1980s through The Geffen Film Company. He produced several successful films, including Little Shop of Horrors, Risky Business, and Beetlejuice.

In 1994, Geffen co-founded Dreamworks SKG with Steven Spielberg and Jeffrey Katzenberg. The studio went on to generate over $15 billion at the global box office and billions more in home movie and merchandise sales, thanks to hits like Shrek, Kung Fu Panda, and Antz.

However, Dreamworks also faced financial struggles, including a near-bankruptcy after the failure of 2003’s Sinbad: Legend of the Seven Seas. In 2005, Viacom acquired Dreamworks’ live action studio for $1.6 billion, including the assumption of $400 million in debt.

Geffen stepped away from Dreamworks in 2008.

Philanthropy and Political Involvement

David Geffen is a generous philanthropist, planning to give away most of his fortune to charity and donating all new earnings to charity today. He has donated hundreds of millions of dollars to UCLA, making him the largest individual benefactor for the UC system.

Geffen is vocal and involved in politics, supporting candidates like Bill Clinton and Barack Obama. He donated money to try to prevent Prop 8 from becoming law in California and is openly gay. In May 2007, Out Magazine ranked him as the most powerful gay man in America.

In April 2014, Geffen expressed interest in buying the Los Angeles Clippers from the disgraced owner, Donald Sterling, along with Oprah Winfrey and Larry Ellison. However, the purchase ultimately did not go through.

David Geffen’s Art Collection Worth $2-3 Billion

David Geffen is an avid art collector and owns one of the most valuable private collections in the world, worth $2-3 billion. His art collection accounts for a solid portion of his net worth. In 2006, he sold a Jackson Pollack and a de Kooning for a combined $277 million.

In 2016, Geffen sold a 1955 de Kooning oil painting for $300 million and a 1948 Jackson Pollack for $200 million. Both pieces were bought by hedge fund billionaire Ken Griffin.

David Geffen’s Valuable Yachts

David Geffen, a renowned American businessman, has owned several high-value yachts over the years. In 2011, he sold his yacht Pelorus to a UAE Sheikh for a staggering $240 million. Pelorus was considered one of the most valuable yachts in the world at the time of the sale.

In 2007, Geffen became a co-owner of a custom-built yacht named Rising Sun along with Oracle CEO Larry Ellison. The yacht was worth $200 million and was the 12th-largest yacht globally. However, Ellison sold his share to Geffen in 2010, and Geffen has since spent $590 million on his portion of the yacht.

David Geffen’s Real Estate Holdings

David Geffen owns $300 million worth of real estate around the world. In 1990, he spent $47.5 million on a 10-acre Beverly Hills estate that is likely worth $100-150 million today.

In New York City, he owns two apartments in the same building. The larger apartment cost $54 million in 2012, and the smaller cost $14.2 million in 2010.

In 2013, he bought a home on Carbon Beach in Malibu for $87 million and still owns a substantial Carbon Beach home that he bought in 2008 for $9.8 million.

In 2014, he spent $70 million for a home in East Hampton, New York.

In July 2019, David paid $30 million for a 1-acre vacant lot in Beverly Hills, California. A year and a half later, he sold the lot to a Santa Barbara-based real estate investor for $34 million, making a profit of roughly $266k per month.

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