Leon Black Net Worth Quick Facts
Net Worth: $11 Billion
Birthdate: 1951 (73 years old)
Gender: Male
Profession: Businessperson, Financier
Nationality: United States of America.
A Look at Leon Black Net Worth
Net Worth: $11 Billion
Profession: Entrepreneur, Art Collector, Philanthropist
Overview: Leon Black is an American entrepreneur, art collector, and philanthropist with an impressive net worth of $11 billion.
He accumulated his fortune as the co-founder of Apollo Global Management, a leading private equity firm managing over $500 billion in assets.
In addition to his business success, Black is an avid art collector and serves as the chairman of New York’s Museum of Modern Art.
In 2012, he notably purchased Edvard Munch’s “The Scream” for $120 million.
He also holds trustee positions at Mt. Sinai Hospital and The Asia Society.
Epstein Associations and Allegations
Associations and Payments
Leon Black’s association with Jeffrey Epstein dates back to at least 1998.
Between 2012 and 2017, after Epstein’s conviction for soliciting minors for prostitution, Black paid Epstein’s company $158 million for tax and estate services.
These revelations led to Black stepping down from Apollo Global Management, the firm he co-founded in 1990.
Settlement
In January 2023, Black paid $62.5 million to the U.S. Virgin Islands to settle claims related to their investigation into Epstein’s sex trafficking operations.
Early Life
Background
Leon David Black was born on July 31, 1951. His father, Eli M.
Black, was a prominent businessman who owned the United Brand Company, known for Chiquita bananas.
In 1975, Eli tragically committed suicide by jumping off the 44th floor of New York City’s Pan Am Building amid an investigation for bribing Honduran officials.
Leon was 24 years old at the time.
He went on to earn an undergraduate degree from Dartmouth and an MBA from Harvard.
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Leon Black Net Worth: Drexel Burnham Lambert
Career Beginnings
Leon Black began his career at investment bank Drexel Burnham Lambert in 1977, where he worked for 13 years.
He rose to Managing Director, Head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance Department.
Black was instrumental in pioneering leveraged buyouts using high-yield “junk” debt and was a key figure alongside senior executive Michael Milken.
Scandal and Bankruptcy
Drexel was forced into bankruptcy in 1990 due to illegal activities in the junk bond market.
The scandal erupted in 1986 when former Drexel client Ivan Boesky was convicted of insider trading and implicated Milken and Drexel.
The firm paid $650 million in fines in 1988, and Milken was later convicted and served 22 months in prison.
The scandal significantly impacted the junk bond market and led to increased regulation of the securities industry.
Apollo Global Management
Founding and Growth
Following Drexel’s collapse, Leon Black co-founded Apollo Global Management in 1990 with former colleagues Marc Rowan, Joshua Harris, and Antony Ressler.
Apollo specialized in leveraged buyouts and distressed securities, becoming one of the largest private equity firms globally with over $500 billion in assets under management.
Leadership Transition
In 2021, Black stepped down as CEO of Apollo amid revelations of his payments to Jeffrey Epstein.
Marc Rowan succeeded him.
Epstein’s tax advice reportedly saved Black $1.3 billion, prompting Black to pledge $200 million to women’s charities.
Personal Life
Family
Leon Black is married to Debra Ressler, a theater producer and sister of Apollo co-founder Antony Ressler.
They have four children together.
Antony Ressler is married to actress Jami Gertz.
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Real Estate
Leon and Debra Black boast an incredibly impressive real estate portfolio.
Their Manhattan townhouse is valued at no less than $50 million.
In Southampton, they own a beachfront property purchased for $43 million.
In 2016, they acquired a Beverly Hills mansion for $38 million from none other than Tom Cruise.
Their real estate agent in this transaction was Sharyn Gertz, the mother of Leon’s sister-in-law, Jami Gertz.
Following Debra’s melanoma scare, the couple donated $25 million in 2007 to establish the Melanoma Research Alliance, and later contributed an additional $15 million to the foundation.
Leon Black Art Collection
As the Chairman of the Museum of Modern Art, it’s no surprise that Leon and Debra Black own one of the world’s most valuable private art collections.
In 2012, they purchased one of four original versions of Edvard Munch’s “The Scream” for $120 million, setting a record for the most expensive art sale at that time.
Their collection includes masterpieces by Raphael, Picasso, and many others.
In 2013, Leon spent just under $40 million on a chalk drawing by Raphael, further adding to their prestigious collection.