Born Marvin H. Davis on the 31st August 1925 in Newark, New Jersey USA, he was a businessman, best known to the world as the chairman of Davis Petroleum, while he also owned 20th Century Fox and its assets, Pebble Beach Golf Links, and the Aspen Skiing Company, among others. He passed away in 2004.
Have you ever wondered how rich Marvin Davis is, as of mid- 2017? According to authoritative sources, it has been estimated that Davis’ net worth was as high as $5.8 billion, earned through his varied and successful career.
Marvin Davis Net Worth $5.8 Billion
Marvin was the son of Jack Davis, a fashion buyer who later founded Davis Oil company, and Jean Spitzer, and was raised as Jewish alongside his younger sister, Joan, who was born in 1929. After finished high school, Marvin enrolled at New York University, from which he obtained a Bachelor of Science degree in Engineering in 1947.
He joined his father in the companyafter university, and transferred his knowledge into the family firm; he eventually took over the company and renamed it Davis Petroleum in 1986. He was one of the instrumental parts of creating the oil deal known as “third for a quarter”, in which the owner of the oil well sells one third of his well for one third of the price, securing himself if oil drilling doesn’t go as planned. Back in 1997, Marvin’s son Gregg assumed the position of the president of Davis Petroleum and Davis Offshore.
Thanks to the success of his firm. Marvin used profits to launch a career as a real estate developer; he focused primarily on Denver and acquired a shopping center and office complex.
To speak further of his accomplishments, Marvin bought out 20th Century Fox in 1981 with financier Marc Rich, for $722 million. In 1985 he bought out Rich’s stake, owning Fox and its assets outright. However, he later sold Fox Plaza and several other buildings, and soon after he sold his whole stake in Fox to Rupert Murdoch for the amount of $575 million.
In 1986 he became the owner of the Beverly Hills Hotel for $135 million, but then sold it to the Sultan of Brunei, Hassanal Blkiah for $200 million, which certainly added to his wealth.
Regarding his personal life, Marvin was married to Barbara Levine from 1951 until his death – the couple has five children. They were the victims of a robbery while I France in 1993, to the tune of $10 million in jewels and $50,000 in cash. Davis passed away in the 25th September 2004, in Beverly Hills, California.
Marvin was also a well-known philanthropist, and donor to the Democratic Party. Marvin and his family started the Children’s Diabetes Foundation, in support of Marvin’s daughter Dana, who is a type-1 diabetic, and a research facility at Cedars-Sinai Medical Center has been named after Marvin, thanks to his many donations.
Marvin was buried in the Westwood Village Memorial Park Cemetery in Los Angeles.
