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Berry Gordy Net Worth

What is Berry Gordy’s Net Worth in 2024?

With a net worth of $400 million, Berry Gordy is an American record executive and producer. As the CEO and founder of Motown Records, Berry Gordy amassed wealth and recognition. He also shaped the careers of megastars like The Jackson 5Gladys Knight and the Pips, Smokey Robinson, and Stevie Wonder.

Early Life Of Berry Gordy 

He was professionally referred to as Berry Gordy Jr. Berry Gordy III was born in Detroit, Michigan, on November 28, 1929. Among his eight siblings, he was the seventh. James Gordy, a plantation owner in Georgia, is the great-grandfather of Gordy and Jimmy Carter, the former president of the United States. James Gordy and an enslaved lady on his farm gave birth to Gordy’s grandpa.

In the eleventh grade, Gordy left high school to pursue a career as a professional boxer. His professional life was cut short as he was drafted into the Army amid the Korean War. Upon his return from the war, Gordy established 3-D Record Mart, a record store. The store mainly catered to African-American customers and specialized in jazz records. During his leisure time, Gordy composed songs, among which “Reet Petite” became a smash song for vocalist Jackie Wilson. With “Reet Petite” earnings, Gordy started writing and producing full-time.

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Motown Of Berry Gordy 

In 1959, Gordy founded Motown Records, a record label that would become synonymous with the “Motown Sound” and launch the careers of iconic artists such as The Supremes, Marvin Gaye, and Stevie Wonder. Motown Records played a pivotal role in breaking down racial barriers in the music industry during the 1960s.

Motown employed 450 people and brought in $20 million ($144 million in today’s values) in 1966. In the late 1960s and early 1970s, Motown became one of history’s most prosperous independent record labels. After relocating to Atlantis in 1972, Gordy produced several successful motion pictures, including the martial arts picture “The Last Dragon” (1985), the 1972 picture “Lady Sings the Blues,” starring Diana Ross, and the 1975 feature “Mahogany,” which he also directed.

Life Of Berry Gordy

Gordy sold MCA Records his share of Motown in 1988 for $61 million, or $120 million in today’s currency. He also gave EMI Publishing ownership of the Motown song catalogue under his subsidiary Jobete Publishing. Of the fifteen thousand songs in the catalogue, 240 were written by him. A few years later, Polygram paid $330 million for all the songs in the Motown collection. Gordy is worth a minimum of $400 million today. Influential musicians, including the Supremes, Marvin Gaye, the Temptations, the Four Tops, and Stevie Wonder, are credited with establishing their careers thanks to him. He also composed several successful songs for well-known performers, including The Jackson 5.

In 1988, Gordy was admitted into the Rock and Roll Hall of Fame in recognition of his contributions to the music business. The Songwriters Hall of Fame then gave him the Pioneer Award in 2013, making him the first living recipient of that accolade. President Barack Obama awarded him the National Medal of Arts in 2016, another noteworthy accolade. Obama acknowledged Gordy at the event for “helping to create a trailblazing new sound in American music.”

Personal Life Of Berry Gordy 

Gordy has eight children overall and has been married and divorced three times. After returning from his Korean War service, he wed Thelma Louise Coleman in Toledo, Ohio, in 1953. Six years later, in 1959, they were divorced. Gordy and Coleman have three kids together. From 1960 to 1964, Gordy was wed to Raynoma Mayberry Liles, his second wife. They have a single son together. In 1990, he married Grace Eaton for the third time; the two divorced in 1993. In addition, Gordy has a son with Margaret Norton (his then-mistress), a daughter with singer Diana Ross, a son with Nancy Leiviska, and a daughter with Jeana Jackson.

Real Estate Of Berry Gordy 

Entertainment executive Michael Ovitz purchased Gordy’s long-standing Malibu property 1997 for $6 million. The house had been his since 1975. In 2014, Gordy received $2 million for selling a condo in Century City, California. The crown jewel in Gordy’s real estate holdings is his Bel-Air home. In 1976, he purchased his first parcel in Bel-Air. He continued to grow throughout the years, and now he possesses three adjacent parcels to form a 4-acre compound. The 10,000-square-foot property’s main house has nine bathrooms and thirteen bedrooms. In addition, he owns a 5,000-square-foot mansion on an adjacent parcel. When combined, the Bel Air estates might be valued between $50 and 70 million.

Conclusion

In conclusion, Berry Gordy’s entrepreneurial spirit and creative vision have made him a titan of the music and entertainment industries. His enduring legacy continues to inspire aspiring artists and entrepreneurs around the world.

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