Berry Gordy Net Worth 2019 – $400 million
In the year of 1929, Berry Gordy was born on the 28th of November and was given the name Berry Gordy III or Berry Gordy Jr. He was the 7th of 8 children and from early days he wanted to make a name for himself. This Detroit born self-made man is a songwriter, record executive and producer and the founder of the Motown Record label.
He is also a television and film producer. As of 2019, Berry Gordy’s net worth is $400 million. To put it into perspective, his record label happens to be the highest-earning African-American business. He was also inducted into the prestigious Rock and Roll Hall of Fame in the year 1998 for his countless gifts to the music industry.
Berry Gordy Net Worth – $400 million
Early life and the Korean War
The first significant event in his life came when he was in the 11th grade. In order to make money quick, he dropped out of school and became a professional boxer. But his plan was derailed in the year 1950 when he was drafted by the US Army as his service was needed in the Korean War.
However, he adapted to the situation and provided his service as chaplain’s assistance during the war. He used to play the organ for the religious services held at the front. He returned home in April of 1953 after completing his tour in the War and this is when he seriously started to invest his time in his passion.
Berry Gordy journey and milestones
After returning from the War, he tied the knot with Thelma Coleman and opened his 3-D Record Mart which can be described as a record store featuring 3-D glasses and Jazz genre of music.
Even though it was unsuccessful, his luck changed when he met the well-known singer Jackie Wilson. He co-wrote the song “Reet Petite” for the singer which become a smash hit in US and overseas in the year 1957.
From 1957 to 1959, he produced albums and tracks for many artists including “The Miracles”. It was the encouragement of the Smokey Robinson of “The Miracles” that led him to take a loan of $800 from his family which he used to launch his R&B Record label called Tamla Records.
The first track by this label happens to be “Come to Me” by Marv Johnson which found immediate success. On the other hand, the very successful song “Bad Girl” by The Miracles was launched under his second label which he named Motown.
Berry Gordy net worth skyrocketed when he decided to merge his two record labels to form the Motown Record Corporation in the year 1960. Along with Rockwell, Martha and the Vandellas, Marvin Gaye, the Temptations; Berry Gordy helped to create the legends The Jackson 5, Diana Ross & the Supremes and Stevie Wonder.
Many say that Berry Gordy’s talent to identify musical talents and his ability to carefully manage the public image of the said musicians has helped him to build his empire and make a parament mark in the music industry. During 1960s and 1970s, his record label managed around 450 employees and it generated around $20 million in revenues which is around $144 millions in today’s time; making it one of the most successful independent record labels in history.
In the year 1988, Berry Gordy sold his shares in the Motown song catalog. MCA Records bought his interests for around $61 million which is around $120 million in today’s time. This song catalog was controlled by Berry’s subsidiary Jobete Publishing and later most of his stakes was sold to EMI Publishing. The song catalog contained around 15000 songs out of which 240 song was written by the man himself.
However, the true testimony of his label’s net worth became a hot topic a few years later when Polygram paid more than $330 million for the Motown song catalog.
Real Estate conquest
Berry is also known for making millions via real estate transactions. He sold his condo in California for $2 million and his Malibu mansion for $6 million. He bought his first parcel of the famous Bel-Air residence in the year 1976. Currently, he has three parcels which creates a compound (around 4-acre in size) along with a nearby parcel (a 5000 sq. foot house) which is estimated around $60-70 million in total.
The dedication and passion which he has shown over the years have definitely helped him to create history. Experts do believe that his business savvy mind and attitude towards his work will allow him to increase the current Berry Gordy net worth in the years to come surely.