#6 – David Geffen
Net Worth: $3.6 billion -25%
2008: $4.8 billion
Age: 66
Residence: Malibu
Source of Wealth: Entertainment
The Money:
Tough year for former record label impresario and DreamWorks co-founder. Had investments with celebrated financier Eddie Lampert that he is said to have sold. Geffen? huge art collection hit by softening of art market.
Buzz:
Quit DreamWorks board in October, but increased stake from 5 million to 12.5 million shares, and still retains at least 50 percent of voting shares alongside co-founder and Chief Executive Jeffrey Katzenberg. Share prices down, but they only make up fraction of his net worth. When news broke of Geffen? departure from DreamWorks, third co-founder Steven Spielberg referred to legendary dealmaker as one who ?uilt the house and saw that the bills were paid.?Geffen also was architect behind negotiations that released DreamWorks live-action studio from contract with Viacom parent Paramount; also wooed India? Reliance to put up $500 million and create a stand-alone production company with the DreamWorks name. Reportedly tried to buy stake in New York Times after failing to buy Los Angeles Times. Longtime Democratic Party supporter donated $45,000 to party last year. University of Texas dropout sorted mail at Williams Morris Agency. Amassed fortune in music industry, founding Geffen Records in 1980 and later selling for $750 million.
