Ronald Perelman Net Worth

Table of Contents

Table: Ronald Perelman Profile

What is Ronald Perelman’s Net Worth?

Ronald Perelman, an American businessman and investor, has a net worth of $4 billion. He is best known for his company MacAndrews & Forbes Holdings Inc., through which he acquired the cosmetics company Revlon in the 1980s. Perelman’s investments span a wide range of industries, including groceries, cigars, licorice, makeup, cars, television, camping supplies, banks, and comic book publishing, among others.

At one point in the 1980s, Perelman was considered the richest person in America and was known as one of the most-feared corporate raiders of the time. However, his fortune took a significant hit during the COVID-19 crisis, dropping from $14 billion to $4 billion in under a year in 2020.

Highlights

– Ronald Perelman has a net worth of $4 billion.
– He is known for his company MacAndrews & Forbes Holdings Inc.
– Perelman acquired cosmetics company Revlon in the 1980s.
– He has investments in various industries.
– Perelman was considered the richest person in America in the 1980s.
– His net worth dropped to $4 billion amid the COVID-19 crisis.

Early Life

Ronald Owen Perelman was born on January 1, 1943, in Greensboro, North Carolina. He was raised in Elkins Park, Pennsylvania, near Philadelphia. Perelman’s father Raymond was a successful buyout artist who taught his son about running a company from a young age. Even as a child, Ronald attended meetings with his father and faced harsh criticism for any business mistakes.

Perelman graduated from the Wharton School at the University of Pennsylvania in 1964 and obtained his master’s degree in 1966. During his freshman year at Wharton, Perelman and his father purchased a brewery for $800,000. They later sold the business for $1.8 million, earning a significant profit. This success fueled Perelman’s ambition to take over the family investment business.

However, in the late 1970s, his father made it clear that he was not stepping down soon. Frustrated, Ronald resigned in 1978, leading to a six-year period of minimal communication between father and son.

Career

In 1978, shortly after resigning from his father’s company, Perelman borrowed funds from his wife to acquire Cohen-Hatfield Jewelers. He strategically sold the company’s retail locations and focused solely on wholesale, which resulted in a $15 million profit within a year.

In 1980, Perelman purchased MacAndrew & Forbes, a licorice and chocolate distributor, for $45 million. He sold off the chocolate assets and later took the company private in a $95 million deal in 1984. Through MacAndrew & Forbes, Perelman went on to acquire and sell numerous businesses in various industries, including Technicolor Inc., Compact Video, Consolidated Cigar Holdings Ltd, Pantry Pride supermarkets, and New World Entertainment.

One of Perelman’s most well-known deals was the 1985 acquisition of cosmetics company Revlon using Michael Milken’s junk bonds. He paid $1.75 billion for Revlon, financed by approximately $3 billion in borrowed debt. However, the company struggled under its massive debt load for several decades.

Personal Life

Ronald Perelman has been married five times. His first marriage was to Faith Golding, a real estate and banking heiress, in 1965. Together, they adopted three children before having a biological child. They divorced in 1984.

His second marriage was to Claudia Cohen, with whom he had a daughter named Samantha, in 1990. They divorced in 1993. Perelman married Patricia Duff in 1995, and they had a daughter named Caleigh in 1996. However, the couple divorced the same year. He married his fourth wife, actress Ellen Barkin, in 2000, but their marriage ended in 2005. His fifth and current wife is Anna Chapman, with whom he has two children.

Net Worth Over Time

Ronald Perelman’s net worth has experienced fluctuations over time. In the 1980s, he was considered one of the richest individuals in America. However, his net worth dropped to $4 billion in 2020 due to the impact of the COVID-19 crisis.

Components of Net Worth

Ronald Perelman’s net worth primarily stems from his ownership of MacAndrews & Forbes Holdings Inc. and his investments in various industries. Additionally, his net worth includes the value of his art collection, which was once valued at $6 billion. Perelman has sold off several pieces from his collection in recent years.

In conclusion, Ronald Perelman, an American businessman and investor, has accumulated a net worth of $4 billion. He is renowned for his company MacAndrews & Forbes Holdings Inc. and his acquisition of cosmetics company Revlon. Despite encountering financial challenges throughout his career, Perelman has remained a prominent figure in the business world and a significant player in various industries.

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