Leon David Black (born July 31, 1951) is an American private equity investor and co-founder of Apollo Global Management in 1990 alongside Marc Rowan and Josh Harris. He served as CEO of Apollo and was chairman of the Museum of Modern Art from 2018 to 2021.
Black resigned from both Apollo and the museum following sexual misconduct allegations and reports that he paid $158 million to Jeffrey Epstein. His departure marked a significant controversy in finance and the arts world.
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Leon Black Net Worth
Leon Black has a net worth of $14 billion. He co-founded Apollo Global Management, managing over $500 billion in assets. An avid art collector, Black is chairman of New York’s Museum of Modern Art and paid $120 million for Edvard Munch’s The Scream in 2012.
He is a trustee of Mt. Sinai Hospital and The Asia Society. Black’s ties to Jeffrey Epstein included paying $158 million for services after Epstein’s conviction. In 2023, Black paid $62.5 million to settle claims linked to Epstein’s trafficking investigation.
Early life
Leon David Black is the son of Eli M. Black (1921–1975), a Jewish businessman who emigrated from Poland as a child with the original surname Blachowitz. Eli Black was the chairman and later majority owner of the United Brands Company.
Leon’s mother, Shirley Lubell, an artist, was the sister of Tulsa oil executive Benedict I. Lubell. In 1975, Eli M. Black died by suicide at the age of 53, a tragic event in Leon’s family history.
Career
Leon Black began as an accountant at Peat Marwick (later KPMG) and worked with Boardroom Reports. He interviewed at Lehman Brothers but was rejected. From 1977 to 1990, he worked at Drexel Burnham Lambert, becoming managing director and head of Mergers & Acquisitions, and was Michael Milken’s right-hand man.
In 2009, Black paid $60 million to settle with Huntsman Corporation. In 2021, he stepped down after a Dechert LLP report revealed he paid $158 million to Jeffrey Epstein. In 2022, Black sued Josh Harris in a RICO case, which was dismissed.
Personal life
Leon Black is married to Debra Ressler, a 1976 Barnard College graduate, Broadway producer, and sister of Ares Management co-founder Antony Ressler. They have four children, including Benjamin, who runs an investment fund and was nominated by President Donald Trump to lead the U.S. International Development Finance Corporation.
Debra is a melanoma survivor; in 2007, they donated $25 million to create the Melanoma Research Alliance, where both serve on the board. Black was MoMA chairman from 2018 to 2021 but stepped down amid protests over ties to Jeffrey Epstein.
Does Leon Black still own Apollo?
Leon Black left Apollo in early 2021, a surprise move that followed corporate governance changes prompted by a review of his ties to the late financier and convicted sex offender Jeffrey Epstein. The review cleared Black of any wrongdoing.
Conclusion
Leon Black’s net worth is not just a reflection of his financial success; it symbolizes his multifaceted impact on the worlds of finance, art, and philanthropy. Despite facing controversies, his legacy in these areas remains influential and enduring.
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FAQs about Leon Black’s Net Worth
- What role did Leon Black play at Apollo Global Management? Black co-founded Apollo and was instrumental in its growth into a leading private equity firm.
- What is notable about Leon Black’s art collection? His collection includes works by Picasso, Van Gogh, and Pollock, showcasing his deep appreciation for fine art.
- What philanthropic efforts is Leon Black known for? Black has contributed significantly to healthcare, education, and cultural institutions.
- How did Leon Black’s association with Jeffrey Epstein affect him? His ties to Epstein led to public scrutiny and controversies, impacting his reputation.
- What is the significance of Leon Black’s real estate investments? Black’s real estate portfolio, including properties in New York and Los Angeles, reflects his astuteness in luxury property investments.
