Leon David Black Net WorthReal Name: Leon David Black
Date of Birth: 1/1/1951
Place of Birth: New York, NY
2017 Net Worth: $5.1 Billion
2016 Earnings: $200 Million
Profession: Founder of Apollo Management, a private equity firm
Leon Black Biography
Leon Black was born in 1951, son of a well-known businessman who owned United Brands Company. He attended Dartmouth College and received a BA in Philosophy and History in 1973. He then received an MBA from Harvard University. Black was 24 years old when his father committed suicide in New York City, leaving him $75,000 in life insurance money, which he used to trade commodities while attending Harvard.
Black began his career as the Managing Director of the Mergers and Acquisitions Group Drexel Burnham Lambert Incorporated, a famous investment bank, from 1977 until its collapse in 1990. Together with several colleges, Black founded Apollo Global Management. His company specialized in the purchase of distressed securities involving corporate restructuring and leveraged buyout transactions. Black has more than doubled the value of his company’s shares in the past year and paid out record dividends.
Other founders of Apollo Global Management include former employees at Drexel such as Antony Ressler, who worked in the high yield department, Craig Cogut, a lawyer from Los Angeles, Arthur Bilger, former head of the corporate finance department, Michael Gross, Josh Harris, and Marc Rowan, all of whom worked under Black in the mergers and acquisitions department at Drexel. Black recently attempted to buy out PetSmart, but lost out to BC Partners who bid more than $8 billion. He was later spotted drowning his sorrows in a Greenwich Village restaurant with $12,000 bottles of 1961 Chateau Latour.
Black is married to Debra Ressler, whom is a Broadway stage producer and sister of Apollo co-founder Antony Ressler. Black has four children and lives in New York City. He has a current net worth of $5.1 billion and is well known for being an avid art collect. He paid $120 million for “The Scream” by Edvard Munch, the highest price ever paid for a work of art sold at auction. He also paid out $48 million for a drawing by Raphael in 2012.