Ronald Perelman Net Worth: $4 Billion
Category: Richest Business › Richest Billionaires
Birthdate: January 1, 1943 (81 years old)
Birthplace: Greensboro, North Carolina, USA
Gender: Male
Profession: Businessperson, Investor, Financier
Nationality: United States of America
Ronald Perelman is an American businessman and investor with a net worth of $4 billion. He is best known for his company MacAndrews & Forbes Holdings Inc., which he used in the 1980s to acquire the cosmetics company Revlon. Perelman’s investments span various industries, including groceries, cigars, licorice, makeup, cars, television, camping supplies, banks, and comic book publishing. In the 1980s, he was referred to as the richest person in America and one of the most-feared corporate raiders. His net worth has fluctuated significantly over the years, peaking at $20 billion and dropping to $4 billion amid the COVID-19 crisis.
Early Life
Ronald Owen Perelman was born in Greensboro, North Carolina, and raised in Elkins Park, Pennsylvania. His father, Raymond Perelman, was a successful buyout artist who taught Ronald the intricacies of running a company. Ronald attended Wharton School at the University of Pennsylvania, graduating in 1964 and receiving his master’s in 1966.
Early Business Ventures
During his freshman year at Wharton, Perelman and his father bought a brewery for $800,000 and sold it three years later for $1.8 million. They continued to buy distressed assets, improve their operations, and sell them for profits. After a falling out with his father in the late 1970s, Ronald left the family business and ventured on his own.
Rise to Success
In 1978, Perelman used borrowed funds from his wife to acquire Cohen-Hatfield Jewelers. He restructured the company, earning $15 million within a year. In 1980, he acquired MacAndrews & Forbes, a licorice and chocolate distributor, and turned it into his holding company. Through MacAndrews & Forbes, Perelman acquired and sold numerous businesses, including Technicolor Inc., Compact Video, Consolidated Cigar Holdings Ltd, Pantry Pride supermarkets, and New World Entertainment.
Revlon Acquisition
Perelman’s most notable acquisition was the 1985 purchase of Revlon for $1.75 billion, using $3 billion in borrowed debt. Despite the company struggling under its debt load, Perelman retained an 87% ownership of Revlon. Over the years, he sold various Revlon assets to lighten the debt burden.
Banking Ventures
In the late 1980s, Perelman acquired five bankrupt Savings & Loans, which he sold to Bank of America in 1993 for $1 billion.
Personal Life
Ronald Perelman’s personal life has included multiple marriages and children. His second marriage was to Claudia Cohen, with whom he had a daughter named Samantha. He then married Patricia Duff, with whom he had a daughter named Caleigh. His fourth wife was actress Ellen Barkin. In 2010, he married his fifth and current wife, Anna Chapman, with whom he has two children.
Art Collection
Perelman owned an extensive art collection valued at $6 billion at its peak. His collection included works by Jasper Johns, Francis Bacon, Mark Rothko, Ed Ruscha, Gerhard Richter, and Cy Twombly. He has sold many pieces from his collection in recent years.
Real Estate and Toys
Perelman’s primary residence is a 40-room mansion on Georgica Pond in East Hampton, situated on 60 acres. The property’s value is estimated to be north of $200 million. He also owned a Gulfstream G650 jet.
Recent Financial Challenges
Perelman’s fortune took a significant hit during the COVID-19 crisis, dropping from $14 billion to $4 billion in under a year. Despite these challenges, Ronald Perelman remains a prominent figure in the world of business and investment.
