David Geffen is an American businessman, film studio executive, and a producer. He was the creator of DGC Records, Asylum Records, and Geffen Records. He is also a philanthropist known for his contributions in many organizations including David Geffen School of Medicine. Here is a quick summary of the net worth, career and earnings of David Geffen in 2020.
Early Life & Biography
his full names are David Lawrence Geffen, born in New York, the United States of America on the 21st of February 1943. He was born to Jewish immigrants Batya Volovskaya and Abraham Geffen. His mother owned a clothing store in Borough Park.
He graduated from New Utrecht High School in 1960. He then joined Texas University but dropped out after one semester. He enrolled in two other colleges but never finished his studies.
David announced that he was gay in 1992. He was ranked number one in the ‘Most Powerful Gay Men and Women in America’ list by the Out Magazine in May 2007. Geffen is reported by the Wealth-X of owning the most valuable art collection in the entire world. His collections are estimated to be worth billions. He also owns very luxurious yachts.
Career, Awards, & Nominations
David appeared briefly ‘The Explosive Generation’ film extra in 1961 before starting his entertainment career. He began at the William Morris Agency’s mailroom. He reportedly intercepted and modified a letter to prove he was a graduate.
He left WMA and became a personal manager. He managed artists like Nash, Laura Nyro, Stills, and Crosby. He met Ahmed Ertegun who was the founder of Atlantic Records when David was searching for a record deal for Jackson Browne, and Ahmed suggested to David to start his record label.
He founded Asylum Records in 1970, alongside Elliot Roberts. He signed artists like Tom Waits, J.D Souther, Bob Dylan, Warren Zevon, among many others. the company changed to Elektra Asylum Record in 1972 after the Warner Communications fully acquired it.
In 1975, Geffen went to work as a vice chairman of the Warner Bros. film studio, only to retire after two years. He was wrongly diagnosed with cancer prompting his retirement in 1977. In 1980, it emerged that he was no suffering from a terminal disease and he decided to get to work.
Geffen Records was founded in 1980 by David with Ed Rosenblatt as the president. This company became successful very fast and many famous artists signed with it. The Warner Bros distributed the label but later was sold to MCA Records. David left Geffen records in 1995. As a producer, David produced films like ‘Beetlejuice,’ ‘Little Shop of Horror,’ and ‘Risky Business.’
For his outstanding work, David was honored with the President’s Merit Award in February 2011 at the 53RD Grammy Awards. He also received the Ahmet Ertegun Rock and Roll Hall of Fame Award in 2010.
Net Worth & Earnings
The estimated net worth of the business magnate is $9 billion. He got most of his fortune from his record labels which have over the years produced great hits for various artists. He also receives a significant amount from his private art collections. He is recorded to have sold paintings from worth millions from his collection.
David Geffen is today among the wealthiest people in the world. He started from the scratch and finally made it in life. David did not even finish his college studies, but that did not prevent him from achieving his goals in life. Geffen dedicated all his energy to his work, and he was successful.