Facts of Paul Kemsley
|Full Name||Paul Zeital Kemsley|
|Birth Name||Paul Zeital Kemsley|
|Profession||Businessman & Investor|
|Birth Country||The UK|
|Relation With||Loretta Gold|
|No Of Children||5|
|Date of Birth||August,1967|
Paul Kemsley, an English businessman is the co-founder of Rock Joint Ventures Ltd & formerly served as Vice-President of Tottenham Hotspur football club of the Premier League.
Moreover, he was the chairman and CEO (2009- 2011) of the revived New York Cosmos, a soccer club in the USA.
Since the mid-90s, the Stanmore-born records stints in property & sports business. Currently, the owner of the Nixxi Entertainment agency, Paul works as a manager for pop singer Boy George.
What Is Paul Kemsley's Net Worth In 2020?
With the career in business venture spanning over 2 decades, Paul Kemsley indeed enjoyed success & owns a hefty sum. But also, he went through hard times as well- had filed for bankruptcy in 2012.
According to Celebrity Net Worth, 52-year-old Kemsley along with his wife Dorit has a net worth of $50 million as of March 2020.
Some online sources report that Dorit Kemsley, a reality TV star & fashion designer, as well as the founder of swim & resort line Dorit, owns $25 million fortune.
His early career success came through the foundation of real estate firm Rock Joint Ventures Ltd, & even more, he reported his personal fortune at $250 million in 2007.
However, after the 2008 housing market crash, he left the firm & thereafter, saw declination in net worth due to gambling debts & expenses of lavishness, that followed bankruptcy filling in 2012.
Reportedly, the English businessman made his most successful property sales of his career, after he sold 27–35 Poultry, an office block in the City of London in late 2006 for £72 million ($100 million).
He had purchased the property in May 2006 for £40 million ($50 million).
Drowned In Debt: Filed For Bankruptcy
In 2012, Paul Kemsley filed for bankruptcy in the United Kingdom stating $10-$50 million in debt & claimed that he earned $34,000- a-month while owning $104 in cash on hand & $1000 in the bank.
The court documents stated that his first wife Loretta Gold was paying for his personal expenses & after their split, Kemsley’s finance turned weak even more & re-attempted to file bankruptcy in 2013.
The bankruptcy filing came after the former Tottenham Hotspur’s Vice-President paid around $850,000 through 5 payment between 2010 & 2011.
As per reports revealed in August 2018, Paul had $3.6 million worth gambling debt at Bellagio hotel in Las Vegas.
In 2016, the English businessman was sued by Nicos Kirzis, who claimed that Kemsley did pay him back the $1.2 million loan granted in 2011, although, he claimed to have erased the loan during bankruptcy filing in 2012.
The documents in 2018 revealed that Paul paid him back $250,000; Nicos demanded to seize Kemsley's assets, as it was still $1,275,221.48 off to clear the debt.
As a result, in September 2019, Paul's wife's Dorit Kemsley's bank account with $30K balance in City National Bank was frozen & the money was handed to Nicos Kirzis that ended the lawsuit.
Lawsuit By Barclays Bank Nearly Got Him
Amidst of the bankruptcy, the Barclays Bank, in 2012, took legal action against Paul Kemsley & claimed that he was hiding assets in the USA & was running away from the loan of £5 million.
Further sources reported that claiming himself broke, the English businessman was rather living a lavish lifestyle & renting a New York Apartment costing $15,000-a-week.
Despite the fact that the United States Bankruptcy Court, in March 2013, supported the Barclays Bank, the court later denied the claims of the bank against Kemsley & cited they mousetrapped themselves.
Liens For Tax Evasion Worth Million-Dollars
In January 2019, the IRS accused the Kemsley couple: Paul & Dorit of tax evasion & reportedly owed $1 million in back taxes.
At first, they duo faced tax lien of of unpaid $635,887.23 for 2015 & the second lien stated that for 2014 & 2016, they were liable for additional $289,423.67, totaling $925,310.90.
How Paul Kemsley Career In Business Rose Up?
Kemsley worked at commercial real-estate firm Ross Jaye from 1985 to 1992 & later co-founded Rock Joint Ventures Ltd. in 1995, along with Joe Lewis of ENIC Group and Daniel Levy, the chairman of Tottenham Hotspur F.C.
Started with an invested £1,800 in the land trading firm 'Rock' Paul's company specialized in acquiring strategic stakes in public companies.
In 2004, the company sold its 28% share in Countryside Properties plc for a reported profit of £12 million.
By 2007, the firm stood with a portfolio of £700 million & later became a £1 billion portfolio after the joint venture with HBOS.
After the financial crisis of 2007- 2010, the private hedge was given put into administration in 2009 & later Paul left the company.
With the PwC taking the role of administration, it began to the company's properties that notably included Selhurst Park stadium.
Venture In Sports Business
Close friends with Mike Ashley, a Sports Direct equipment billionaire and Lord Sugar, Paul in partnership bought a majority shareholding in Premier League club Tottenham Hotspur.
Moreover, he also served as its Vice-President.
Thereafter, Kemsley acquired the name and image rights to New York Cosmos from Pinton in August 2009 & became its CEO & Chairman with the relaunched on August 1, 2010.
Moreover, he placed soccer legend and former Cosmos star Pelé as Honorary President. Paul's management agency Legends 10 estimated the endorsement & licensing revenue at $30 million & reported $100 million worth of contractual commitments.
Later on October 26, 2011, a Saudi Arabian sports marketing company Sela Sports bought the team.
Lives With Wife Dorit Kemsley: Detail On Their Residence
Currently, Pual lives with his second wife Dorit Kemsley, a cast member of reality series Real Housewives of Beverly Hills & a fashion designer.
She is also a personal designer for RHOBH star Lisa Vanderpump.
The English businessman Paul & Dorit married in 2015 & shares 2 children together: daughter Phoenix & son Jagger.
Where Do They Live?
The family of 4 currently lives in Encino, Los Angeles, California, in their 0.36-acre camera-secured mini-estate. Paul & Dorit bought the property in August 2019 for $6.475 million.
The mini-estate lies in the neighborhood of Dorit's RHOBH co-star Kyle Richards' $8.2 million worth residence that she shares with husband Mauricio Umansky.
As for a fact, in the reality show RHOBH, Paul & his wife Dorit are seen living in Mediterranean villa in Beverly Hills.
Actually, the property is partially owned by Paul Kemsley & his business partner, Sam Nazarian.
In 2019, the house was kept in the market for $7.5 million, a hefty slash over the original asking price of $12.75 million.
Father of 3 With (Ex) First Wife
Formerly, he was in a marital relationship with Loretta Gold; they exchanged vows in 2007 & later divorced (date undisclosed). Together, they lived in Boca Raton, Florida house from 2002 to 2007.
In 2007, the moved to Radlett, Hertfordshire, the UK.
The now-former duo welcomed 3 children: Atlanta, Daniel & Tatum.
Paul Kemsley was born Paul Zeital Kemsley in August 1967, in Stanmore, the UK. An English by nationality, Kemsley hails from white ethnicity.
He attended the Atholl School in Rayners Lane, Harrow, London & worked at John Paul Menswear during Saturdays. Later, in 1984, he left school & began working as a junior surveyor at Gross Fine & joined the real estate firm Ross Jaye in 1985.