Top headlines :

home Biography Berry Gordy

Berry Gordy Net Worth 2020

featured-image

Facts of Berry Gordy

Birth NameBerry Gordy III
ProfessionRecord Executive
NationalityAmerican
EthnicityBlack
Birth CityDetroit, Michigan
Birth CountryUnited States
Father NameBerry Gordy II
Mother NameBertha Fuller Gordy
Gender IdentityMale
Sexual OrientationStraight
HoroscopeSagittarius
Marital StatusDivorced
SpouseEx-wives (Thelma Louise Coleman, Raynoma Singleton, Grace Easton)
No Of Children8
Networth400000000
AwardsNational Medal of Arts
Sibilings7
FilmographyLady Sings the Blues (1972- as producer),The Last Dragon (1985- as producer)
Networth$400 M
Date of BirthNovember 28,1929
Age90 years

Berry Gordy, an American record executive, songwriter & producer is famous as the founder of the multi-million dollar worth record label, Motown, now owned by Universal Music Group.

His label Motown was the highest-earning African-American business for decades- it had over $100 million in revenues in the 80s before Gordy sold his interests in the label in 1988.

In 1957, as a record producer, he discovered The Miracles, a group of American rhythm and blues acts & later signed many artists in his record label Tamla Records (founded in 1959)- it later became Motown Record Corporation in 1960.

Berry Gordy's Net Worth In 2020: Sold 'Motown Records' In 1988

The 1998 Rock and Roll Hall of Fame inductee, turned professional in 1953, grabbed a huge sum of money through his career as record executive- notably thanks to the (formerly) self-owned Motown Records.

According to Celebrity Net Worth, 90-year-old Berry has a net worth of $400 million as of June 2020.

Reportedly, in June 1988, he sold his ownership in Motown to MCA Records and Boston Ventures, for a whopping $61 million.

American record executive Berry Gordy is a multi-millionaire; he owns $400 million in 2020
American record executive Berry Gordy is a multi-millionaire; he owns $400 million in 2020

Source: CBS Detroit

In 1991, Motown sued MCA Records for violating its distribution deal as the latter worked with PolyGram. Then, following 3 years, PolyGram acquired Motown from Boston Ventures paying $330 million for the catalog.

Moreover, in 1997, Gordy sold half of Jobete (music publishing company) publishing rights to EMI Publishing for a reported $132 million.

It owned the rights to popular songs: Ain't No Mountain High Enough, My Girl and You Are the Sunshine of My Life; out of 15,000 songs in Motown's Jobete music catalog, Berry Gordy had written/co-written 240 songs.

Did you know? Gordy sold Motown Productions TV/film operations to Motown executive Suzanne de Passe in 1989.

Took $800 Loan From Family To Found Motown Records

Berry, who discovered the American blues & rhythm vocals group, The Miracles in 1957, founded a record label Tamla Records on January 12, 1969.

Reportedly, he had borrowed $800 from his family to create the R&B record label, which would be named Motown Record Corporation, on April 14, 1960.

By 1965, the Motown Records recorded $15 million in sales, more than triple of 1963, and had guaranteed net worth of $20 million in 1966.

Gordy founded Motown Records in 1959 & sold it to MCA Record in 1988 for $61 million
Gordy founded Motown Records in 1959 & sold it to MCA Record in 1988 for $61 million

Source: IMDB

According to Britannica, Gordy's company had an excess revenue of $100 million annually in the 80s.

Along with long-term signings, Smokey Robinson and Stevie Wonder, the artists associated with the label included: Marvin Gaye, Jimmy Ruffin, Michael Jackson, Lionel Richie, Mary Wells & many others.

Was A Boxer & Songwriter Before Founding Record Label

Formerly, a professional boxer until 1950, Berry, subsequently, was drafted in the United States Army & served in the Korean War before returning to the US in April 1953.

With growing interest in music, Gordy, then opened a 3-D Record Mart, however, it failed miserably. So, he worked in the Lincoln-Mercury plant briefly.

In 1957, with his sister Gwen and writer-producer Billy Davis, he recorded a song Reet Petite, which became a modest hit. Thereafter, the Gordy siblings wrote songs such as Lonely Teardrops and late singer Etta James' All I Could Do Was Cry.

Later, he invested his earnings from songwriting into producing & founded Motown (then Tamla Records) following 2 years.

Owns 5-Acre Bel-Air Estate

Currently, Detroit, Michigan-born record executive lives in Los Angeles, California, since his relocation in 1972. Together, Berry owns 3 contagious parcels in Bel-Air which measures 5 acres collectively.

Reportedly, he bought first Bel-Air parcel in 1976, & now the estate considered one of the largest estates in Bel-Air, features the main residence spread on 10,000-sq. ft & features 13 bedrooms and 9 bathrooms.

The estate is estimated to be worth $50-$70 million.

Sales Of Now-Former Properties

Formerly, Berry Gordy lived in Detroit in his "Motown Mansion", which he owned until February 2002, until Cynthia Reaves was handed the key. 

Later, in August 2017, the 10,500-sq. ft, property featuring 10 bedrooms was sold for $1.65 million, making it 2nd highest-selling home after a Book Cadillac penthouse for $1.795 million.

Berry Gordy's former 'Mowtown mansion' in Detroit
Berry Gordy's former 'Mowtown mansion' in Detroit

Source: Detroit News

Also, the American record executive owned a 5,000-square-foot house with 4 bedrooms & a pool in Malibu. He owned the property since it was built in 1975 & unloaded it for $6 million in 1997, over the asking price of $5.7 million

As per Variety, Gordy's 3-bedrooms & 3.5-bathroom condo in Century City, California, came in the market for $1.995 million in March 2014. It was sold for $2 million later that year.

Married Thrice & Divorced All: How Many Children He Has?

Born on November 28, 1929, Berry Gordy III has been married 3 times in his life but divorced with all. 

From his marriages & other relationships, he is father to 8 children.

WifeChildren
Thelma Louise Coleman (first wife) (m. January 1954 - div. 1960)Hazel Joy Gordy (b. 1954), the ex-wife of Jermaine Jackson 

Berry Gordy IV (b. 1955), the father of rapper Skyler Austen Gordy

Terry James Gordy (b. 1956)
Raynoma Singleton (m. 1960- div. 1962)Kerry Gordy (b, June 25, 1959).
Grace Easton (m. July 17, 1990- div. 1993)No child
Berry Gordy & his second wife Raynoma Singleton
Berry Gordy & his second wife Raynoma Singleton

Source: The Guardian

From his relationship with then-girlfriend Jeana Jackson, Gordy welcomed daughter Sherry Gordy on May 23, 1960.

Then, with then-mistress Margaret Norton, he became father to son Kennedy William Gordy (born March 15, 1964), a former musician & songwriter.

From 1965 to 1970, Berry was in a relationship with Diana Ross & welcomed daughter Rhonda Suzanne in 1971, an American singer.

Berry Gordy & his ex-girlfriend Diana Ross; they welcomed a daughter while in a relationship
Berry Gordy & his ex-girlfriend Diana Ross; they welcomed a daughter while in a relationship

Source: Zimbio

With his ex-girlfriend Nancy Leiviska, Berry Gordy had 8th child, son Redfoo, a rapper; born on September 3, 1975.

Updated On Thu Jun 04 2020 Published On Thu Jun 04 2020 By CRM

latest