Learn about the man behind Geffen Records and DreamWorks SKG, David Geffen. As an American record executive, film producer, theatrical producer, and philanthropist, Geffen has had a significant impact on the entertainment industry.
The Birth of Geffen Records
In 1970, Geffen created Asylum Records, followed by Geffen Records in 1980. Geffen Records helped launch the careers of legendary bands such as The Eagles, Aerosmith, and Guns N’ Roses. In 1990, the label was sold to MCA Records for a staggering $550 million.
The Founding of DreamWorks SKG
Geffen was also one of the founders of DreamWorks SKG, a live-action and animation film studio established in 1994. Alongside Steven Spielberg and Jeffrey Katzenberg, Geffen raised $33 million each, with an additional $500 million from Microsoft co-founder Paul Allen. The founders agreed to make fewer than nine movies a year, be free to work for other studios, and go home in time for dinner.
Philanthropy and Net Worth
Geffen is also an active philanthropist, supporting medical research, AIDS organizations, and the arts. In 2002, he donated $200 million to the University of California in Los Angeles, which was renamed the David Geffen School of Medicine. Forbes estimates his net worth at $8 billion, and in 2015, he donated $100 million to Lincoln Center to renovate the Avery Fisher Hall, which was renamed Geffen Hall.
The Pelorus Yacht
Geffen is also known for owning the yacht Pelorus, which he sold to Hong Kong-based billionaire Samuel Tak Lee. However, Geffen currently owns the impressive Rising Sun yacht, which is estimated to be worth over $400 million and boasts luxurious amenities such as a movie theater, spa, wine cellar, and helicopter landing pad. The yacht is 138 meters (453 feet) long and can accommodate 16 guests and 45 crew members. Designed by Jon Bannenberg and built by Lürssen in 2004, the Rising Sun is one of the largest and most advanced yachts in the world.
Discover more about David Geffen’s incredible career and philanthropic efforts, as well as the impressive yachts he has owned, by delving into his life and legacy.
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