- Billionaire music and movie producer David Geffen is under fire for a “tone-deaf” Instagram post about isolating on his $US590 million yacht in the Caribbean, The Guardian reported.
- Geffen is the richest man in the entertainment industry, worth $US7.7 billion, according to Forbes.
- He founded music label Geffen Records, which he sold in 1990 for $US550 million. He also cofounded movie studio DreamWorks SKG with Steven Spielberg and Jeffrey Katzenberg.
- Geffen owns millions of dollars of real estate in New York and California and a $US2 billion art collection.
- On his superyacht, Rising Sun, he hosts high-profile guests like the Obamas, Jeff Bezos, Tom Hanks, Oprah Winfrey, and Orlando Bloom.
- Visit Business Insider’s homepage for more stories.
Billionaire music and movie producer David Geffen is under fire for a “tone-deaf” Instagram post about isolating on his $US590 million yacht in the Caribbean during the coronavirus pandemic, The Guardian reported.
On Saturday, Geffen posted photos showing his superyacht in the Grenadines with the caption, “Sunset last night. Isolated in the Grenadines avoiding the virus. I hope everybody is staying safe.” He faced almost immediate backlash on Twitter, where people called his post “shameful” and out of touch. He appears to have since deactivated his Instagram.
Geffen is the richest man in Hollywood, with an estimated $US7.7 billion fortune, according to Forbes. He founded music label Geffen Records and cofounded movie studio DreamWorks SKG with Steven Spielberg and Jeffrey Katzenberg.
The 77-year-old billionaire is known for cruising the seas on his 453-foot megayacht, Rising Sun, on which he’s hosted celebrity guests including Barack and Michelle Obama, Oprah Winfrey, Bruce Springsteen, and Tom Hanks.
Geffen owns a massive portfolio of real estate in New York and California, including a $US54 million Manhattan penthouse and a $US47.5 million Beverly Hills mansion built by one of the founders of Warner Bros. The billionaire reportedly has an art collection worth $US2 billion.
Here’s a look at the Hollywood mogul’s life, career, and spending habits.
Movie and music producer David Geffen is worth an estimated $US7.7 billion, making him the richest man in Hollywood, according to Forbes.
The Brooklyn-born billionaire dropped out of college to join the entertainment industry, starting his career in the mailroom at William Morris Agency in Manhattan, where he worked his way up to being a talent manager, according to Bloomberg.
In 1971, he founded music label Asylum Records, where he signed artists like Jackson Browne.
In the 1970s, Geffen had a high-profile relationship with singer Cher.
In the 1980s, Geffen ran his music label, Geffen Records.
High-profile artists signed to the label included John Lennon and Yoko Ono, Elton John, Donna Summer, Guns N’ Roses, Aerosmith, Don Henley, Cher, and Peter Gabriel.
With the movie arm of his business, Geffen Pictures, Geffen produced films including “Risky Business,” “Beetlejuice,” and “Interview with a Vampire.”
He also owned a Broadway theatre company that produced shows such as “Cats” and “Dreamgirls.”
In 1994, Geffen cofounded movie studio DreamWorks SKG with Steven Spielberg and Jeffrey Katzenberg.
The 77-year-old billionaire owns millions of dollars worth of real estate in California. His primary home is reported to be the sprawling Jack Warner Estate in Beverly Hills.
The mansion is named for Jack Warner, the cofounder of Warner Bros, who built it in 1937.
The nine-acre property includes a 13,600-square-foot Georgian-style mansion, two guesthouses, a tennis court, swimming pool, nine-hole golf course, terraces and gardens, and a motor court with its own service garage and gas pump.
Geffen owns at least two other homes in Beverly Hills. In the spring of 2019, Geffen picked up a $US4.65 million Beverly Hills house next door to one he already owned.
And the billionaire continues to pick up Beverly Hills properties. Just last month, Geffen paid $US30 million — for an empty, one-acre lot.
The lot sits in the Trousdale Estates neighbourhood of Beverly Hills known as “Billionaires’ Row.”
Until a couple of years ago, the billionaire also owned a beach house on Carbon Beach in Malibu, nicknamed “Billionaire’s Beach” for the ultra-wealthy residents who have called it home.
Geffen’s former property includes a main house, two guest homes, a pool and spa, gym, and a theatre, as Business Insider’s Tanza Loudenback previously reported.
Geffen has quite the real-estate footprint in New York as well. He’s the owner of two condos, including a 12,000-square-foot triplex penthouse, in the Park Cinq, a luxury Fifth Avenue building near Central Park in Manhattan.
Geffen is the owner of the Park Cinq’s 12,000-square-foot triplex penthouse, which he bought for $US54 million from socialite Denise Rich in 2012.
A couple of years later, he paid $US2.3 million for another unit in the building, a one-bedroom on a middle floor.
And until recently, he had owned a third apartment in the building, a two-bedroom unit that he bought for $US14.17 million in 2010.That one he sold in May 2018 to a Russian-American oil billionaire for $US24.5 million.
In the Hamptons, the ritzy vacation destination for New York’s elite, Geffen owns a $US70 million waterfront mansion.
He bought the property in April 2016.
About two months later, news broke that Geffen had sold another 5.5-acre Hamptons property that he’d bought in 2014 for about $US50 million.
The estate, which sits on coveted Georgica Pond, includes a seven-bedroom main house, an outdoor swimming pool, and a three-bedroom guesthouse.
Geffen is known for cruising the seas and hosting celebrity guests on his 453-foot superyacht, Rising Sun.
Geffen bought the yacht for $US590 million from Oracle CEO Larry Ellison in 2010, according to Forbes. His guests have included Barack and Michelle Obama, Oprah Winfrey, Bruce Springsteen, and Tom Hanks.
Last summer, Geffen was pictured partying on his yacht with Amazon CEO Jeff Bezos and Bezos’ girlfriend, Lauren Sanchez, former Goldman Sachs CEO Lloyd Blankfein, and model Karlie Kloss and her husband, Josh Kushner, in the Balearic Islands in Spain.
He also cruised in Mallorca with stars including Chris Rock, Orlando Bloom, and Katy Perry.
In March 2020 amid the coronavirus outbreak, the billionaire faced criticism for a “tone-deaf” Instagram post in which he shared photos of Rising Sun in the Grenadines with the caption, “Sunset last night. Isolated in the Grenadines avoiding the virus. I hope everybody is staying safe.”
Geffen reportedly had the yacht refitted over a six-month period.
The yacht, which can accommodate 18 guests and a staff of 55 people, comes with a double-height cinema and a basketball court.
But Rising Sun isn’t the only superyacht Geffen has owned. In 2011, less than a year after buying Rising Sun, Geffen snapped up Pelorus, a 377-foot superyacht that he bought for $US300 million from Russian billionaire Roman Abramovich.
The superyacht has two helicopter pads, a swimming pool with an artificial current, and a spa pool.
But Geffen didn’t keep Pelorus for long. Later that year, he sold it to the Royal Family of Abu Dhabi for 214 million euros, or about $US284 million at the time.
Geffen has donated hundreds of millions of dollars to educational institutions, museums, and gay-rights causes.
He established the David Geffen Foundation in 1986, which has focused its efforts on five main areas: populations affected by HIV/AIDS; civil liberties; the arts; issues of concern to the Jewish community; and health care.
After he donated $US300 million to the University of California, Los Angeles, the university named its medical school after him.
It’s now the David Geffen School of Medicine.
In 2017, Geffen pledged $US150 million to the Los Angeles County Museum of Art.
It was the largest single cash gift from a single person in the museum’s history, and the museum subsequently named its new building the David Geffen Galleries.
“It seemed as though, if I didn’t do it, it wasn’t going to get done – they have been attempting this for years and they couldn’t raise the money,” Geffen told The New York Times in an interview at the time. “I love art, I love L.A., and I could do it, so I did.”
Geffen, who came out as gay at an AIDS charity event in the 1990s, has also donated to AIDS and gay-rights causes.
Geffen has an art collection worth more $US2 billion, according to Bloomberg.
Bloomberg reports that Geffen has made “hundreds of millions of dollars” selling artwork by artists like Jackson Pollack, Jasper Johns, and David Hockney.
Ten years later, in 2016, Griffin bought another de Kooning painting and a Pollack painting from Geffen for $US500 million total.
Geffen owned one of Hockney’s famous pool scene paintings for about 12 years. He sold it to British billionaire Joe Lewis in 1995, who kept it for years before selling it at a Christie’s auction for a record-breaking $US90.3 million in 2018.