Facts of Clarence Avant Networth
|Full Name||Clarence Avant|
|Birth Name||Clarence Alexander Avant|
|Birth City||Greensboro, North Carolina|
|Mother Name||Gertrude Avant|
|Spouse||Jacqueline "Jackie" Alberta Gray|
|Awards||Hollywood Walk of Fame|
|Sibilings||Four brothers and Three sisters|
|Filmography||The Color Purple|
|Education||Eastern Christian High School|
|Date of Birth||February 25,1931|
How Much Is The Net Worth Of Clarence Avant?
As of 2019, Clarence Avant, an American music executive, producer, and entrepreneur, is said to own a net worth of around $50 million. The Hollywood Walk of Fame awardee Avant is popular for producing movies like The Color Purple, Jason’s Lyric, and Stalingrad.
Here, know how much fortune he has collected at the point of time? Learn more about his salary, income sources, and other money-related details.
Net Worth Details- Salary, Income Sources, Earnings
Clarence Avant is estimated to have a net worth of around $50 million as of 2019. He mainly earns his wealth from his career as an American music executive, entrepreneur, and producer.
Clarence Avant, known as ‘The Black Godfather,’ started his music business in the 1950s after he got the job as manager of Teddy P’s Lounge.
Later on 2 October 1967, he signed the deal with Venture Records Inc.
Moreover, on 29 May 1968, he signed the contract with Al Bell for around $4.3 million. A source reported that he would get around 10 % of the income from sales of all debentures.
After the Venture Records Inc. was closed, Avant founded his own recording company Sussex Records on 18 December 1969. Within 7 years of establishment, the company went out of the business in 1975 due to $48,000 federal tax liens.
Did You Know? Most of the assets of Sussex Records Inc. was bought by CBS Records for $50,500 like furniture, office equipment, and recording masters in an auction.
Clarence Avant launched the Avant Grade Broadcasting Inc. on 6 August 1971, under which he bought the first African-American owned FM Radio Station for $321 thousand.
Similarly, in July 1971, he partnered with two investment bankers using a $199 thousand promissory note and stock purchase warrants from Urban National Corporation, Boston, Massachusetts.
Avant Grade Broadcasting never made a profit and was forced to bankruptcy by Urban National when it defaulted on promissory notes and warrants of around $400,000 on 20 November 1975.
Furthermore, Urban National also refused to accept all counsel from which he lost around $611 thousand as bankruptcy, $71 thousand from Interior Music Corporation and $13 thousand Sussex Records loans.
Interesting Fact: Bill Cosby was also one of the additional investors in Avant Grade Broadcasting who had an investment of around $200 thousand. His contemporaries at the time, music executives Steve Stoute, and Damon Dash, still run a successful career.
Besides his career as a music executive, he also tried his hand in producing. To date, he has produced movies, TV series, and documentary including Save the Children, Deliver Us from Evil, Stalingrad, Livin’ Large, New Attitude and a few others.
Back in 1985, he appeared in the dramatic movie The Color Purple. The movie was made under the budget of $15 million and earned around $142 million being the box office hit. The movie so far has been nominated for 11 Oscars.
As of 2019, he is currently focused on the upcoming Netflix’s The Black Godfather.
Where does Clarence Avant live? Assets, Houses, Cars, Expenses
Clarence Avant currently lives in Beverly Hills, California. Although the information regarding his house is not available, the average price of a house in Beverley Hills costs around $9.8 million to $75 million.
In the like manner, his car collection includes some of the best cars in the world like McLaren ($200 thousand) and other vintage cars.
He mostly spends his income on foods, cars and house maintenance, taxes payments, insurance premiums pays, daily living expenses, and other miscellaneous expenses.
The Personal Life Of Clarence Avant
Clarence Avant, aka. Clarence Alexander Avant, was born on 25 February 1931, in Greensboro, North Carolina.
He was born to parents; mother Gertrude Avant and her husband. He was raised in New Jersey with his siblings, four brothers and three sisters.
Who Is Clarence Avant Married To? Wife, Children
Clarence Avant is married to Jacqueline "Jackie" Alberta Gray. The now husband and wife exchanged the vows in 1967.
The couple is blessed with two children, Nicole and Alexander.
Age, Height, And Weight
Clarence Avant is 88 years old as of 2019. He holds American Nationality and belongs to the Afro-American ethnicity.
Avant stands tall at 5 feet 9 inches (175 cm) and weighs around 69 kg (152 pounds).