Kirk Kerkorian Net Worth

What was Kirk Kerkorian's Net Worth?

Kirk Kerkorian was an American businessman, investor, and philanthropist who had a net worth of $4.2 billion at the time of his death in 2015. At his all-time peak in 2008, before the Great Recession devastated Las Vegas, Kirk Kerkorian's net worth was $16 billion, which made him the richest person in California and one of the 50 richest people in the world.

Rising from Great Depression poverty to a multi-billionaire titan of industry, Kirk Kerkorian was a truly unique figure. He was best known for helping to develop modern-day Las Vegas via the construction of the International Hotel, the MGM Grand Hotel and Casino, and the MGM Grand. He was also president and CEO of the private holding company Tracinda Corporation, which he founded in 1976. As a philanthropist, during his life Kerkorian donated over $1 billion to causes in his ancestral Armenia through his Lincy Foundation. And then after his death, most of his $4 billion estate was left to charity.

Known by his nickname "the smiling cobra," Kerkorian is regarded as one of the key figures in shaping Las Vegas as we know it today. Not having an interest in formal education, he dropped out of school in the 8th grade to become a boxer. During World War II, Kirk was a daredevil pilot who flew for the Royal Air Force. He delivered supplies over the Atlantic on routes that would crash one out of every four planes. After the war, having saved most of his wages, Kerkorian spent $5,000 on a Cessna. He worked as a general aviation pilot and made his first visit to Las Vegas in 1944, where he became a high roller on the craps tables. In 1962, Kerkorian bought 80 acres in Las Vegas, across the Las Vegas Strip from the Flamingo, for $960,000.

In 1969, he bought a controlling stake in the Metro-Goldwyn-Mayer film studio, and he went on to open the original MGM Grand Hotel and Casino (now Bally's Las Vegas) in 1973. The MGM Grand Reno followed in 1978. Over the years, MGM grew to become the second-largest gaming company in the world by revenue. Kerkorian stepped down as its chairman in 2011 and became the first director emeritus. Kirk Kerkorian died on June 16, 2015, at the age of 98.

Early Life

Kerko "Kirk" Kerkorian was born on June 6, 1917, in Fresno, California, to Armenian parents who had fled the Armenian genocide. Following the depression of 1920-1921, the family moved to Los Angeles. There, Kerkorian dropped out of school in the eighth grade and became an amateur boxer under the mentorship of his older brother Nish. He also had an older sister named Rose.

Aviation Career

Just prior to the advent of World War II, Kerkorian learned to fly at the Happy Bottom Riding Club in the Mojave Desert. After training under pioneer aviator Pancho Barnes for about six months, he earned his commercial pilot's certificate. Kerkorian went on to join the British Royal Air Force's Ferry Command, with which he delivered 33 planes and logged thousands of hours over two-and-a-half years.

After the war, Kerkorian purchased a Cessna and worked as a general aviation pilot. He spent much of his time visiting Las Vegas, where he gambled. In 1947, Kerkorian quit gambling and paid $60,000 for Trans International Airlines. He operated the airline until 1968 when he sold it to the Transamerica Corporation.

Development of Las Vegas

Kerkorian was integral in the development of Las Vegas as we know it today. In 1962, he bought 80 acres of land there for $960,000; this purchase was followed by the construction of Caesars Palace, which had rented Kerkorian's land. Later, in 1967, he bought 82 acres of land on Las Vegas's Paradise Road and, with the help of architect Martin Stern Jr., built the International Hotel. At the time, the largest hotel in the world, it launched the iconic Showroom Internationale, which had as its first two performers Barbra Streisand and Elvis Presley. The latter performer was a massive boon to the hotel, breaking attendance records by bringing in around 4,200 customers every day for 30 consecutive days.

After buying MGM Studios in 1969, Kerkorian reunited with architect Martin Stern Jr. to build the original MGM Grand Hotel and Casino, which eclipsed the International as the largest hotel in the world at the time of its opening in 1973. The building burned in a massive fire in 1980 but was reopened the following year. In 1986, Kerkorian sold the MGM Grand to Bally Manufacturing for $594 million. A few years after that, he bought the Marina Hotel and Casino, which became the new MGM Grand in 1993.

In 2000, Kirk/MGM acquired Steve Wynn's Mirage Resorts for $4.4 billion. That gave Kirk ownership of:

• Mirage
• Bellagio
• Treasure Island

In 2005, Kirk/MGM acquired Mandalay Resorts for $7.9 billion. That gave Kirk ownership of:

• Mandalay Bay
• Luxor
• Excalibur

In 2009, Kerkorian completed the $9 billion CityCenter development, a 76-acre mixed-use complex on the Las Vegas Strip featuring Aria, Vdara, the Waldorf Astoria, Veer Towers, and the Shops at Crystals.

At the time of his death in 2015, Kirk and MGM owned more than half of all the hotel rooms in Las Vegas. He employed more than 70,000 people and owned two dozen properties worldwide. Today, MGM controls 31 properties around the world and generates $17 billion in revenue.

Getty

MGM Studios

Kerkorian made one of his biggest acquisitions when he bought MGM Studios in 1969. He appointed as president James Thomas Aubrey Jr., who downsized the floundering studio by selling off huge amounts of its memorabilia, backlots, and overseas operations. In 1981, Kerkorian purchased United Artists and managed to expand MGM's overall film library and production system.

Kerkorian famously sold MGM Studios to Ted Turner in 1986 for $1.5 billion, then re-acquired the assets (minus the film library) for $300 million just months later when Turner's financing collapsed.

A decade later, it was sold back to him by the French bank Crédit Lyonnais, whose hands it had ended up in after former owner Giancarlo Parretti defaulted on his loans. Kerkorian went on to significantly expand MGM by purchasing Orion Pictures, the Samuel Goldwyn Company, and the Motion Picture Corporation of America. He sold MGM one final time in 2005 to a Sony-led consortium for $5 billion.

Auto Industry Investments

Kerkorian was often involved in the US auto industry. In 1995, he and retired Chrysler CEO Lee Iacocca attempted a failed hostile takeover of the Chrysler Corporation. Kerkorian also once owned a 9.9% stake in General Motors and, in 2008, began buying Ford Motor Company stock.

The Lincy Foundation

In 1989, Kerkorian founded the Lincy Foundation, through which he made a reported $1 billion in donations to causes in his ancestral land of Armenia. He donated to major infrastructure projects in the country, including the reconstruction of streets and schools in the wake of the 1988 earthquake. Kerkorian also provided funding for the 2016 historical war film "The Promise," about the Armenian genocide.

For his contributions to Armenia, Kerkorian was awarded honorary citizenship and declared a National Hero of Armenia. In 2021, the University of Nevada Las Vegas named its medical school the Kirk Kerkorian School of Medicine in his honor.

Andre Agassi Connection

Kerkorian was close friends with Emanoul "Mike" Agassi, the Iranian-Armenian father of tennis legend Andre Agassi. Kirk became a mentor and benefactor to Andre and was the inspiration for his middle name, Andre "Kirk" Agassi. In 2011, he donated $18 million to the Andre Agassi Foundation for Education.

Personal Life and Death

Kerkorian was married four times. He wed his first wife, Hilda Schmidt, in 1942. They divorced in 1952. In 1954, Kerkorian married English dancer Jean Maree Hardy. Kirk and Jean had two daughters, Tracy and Linda. Linda was adopted. Kirk and Jean divorced in 1984. Tracy and Linda's names form the portmanteaus of Kerkorian's "Tracinda Corporation" and "Lincy Foundation."

In the early 2000s, Kerkorian was embroiled in a high-profile paternity and child support case involving his ex-wife Lisa Bonder and producer Steve Bing. A private investigator hired by Kirk's lawyer retrieved DNA evidence from Bing's discarded dental floss, proving Kirk was not the father. Despite the revelation, Kerkorian still set up a multi-million-dollar trust for the child he had raised as his own.

Kerkorian's fourth and final marriage to tennis player Una Davis lasted 57 days in 2014. She was nearly 50 years his junior.

In his later years, Kirk was also romantically linked to Joan Dangerfield (pictured above), comedian Rodney Dangerfield's widow. For his 95th birthday, Joan arranged for a flash mob to surprise Kirk at the Beverly Hills Hotel. The famously shy mogul appears less than excited by what transpires:

In June of 2015, Nine days after turning 98, Kerkorian passed away in Beverly Hills, California.

Several years after his death, a former fling sued Kirk's estate, seeking $20 million she believed she was owed. In February 2018, a judge awarded the woman, Vanessa Sandin, $7.5 million. She and Kirk reportedly dated for less than a year.

Who's Richer?

Kirk
Kerkorian

Compare!

Elaine
Wynn