American entrepreneur Kirk Kerkorian (Grigor Grigoryan): biography, family, fortune

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Kirk Kerkorian is a well-known American businessman of Armenian origin and a billionaire. Owner and President of Tracinda Corporation Holding. In 2007, Forbes estimated Kirk Kerkorian's net worth at $18 billion. At the time of the death of a businessman in 2015, this figure had decreased several times and reached 4.2 billion. Kerkorian was known as one of the top business figures in the gambling city of Las Vegas. He owned 40% of casinos and hotels. In the article, we will present a brief biography of the entrepreneur.

Childhood and first job

Kirk Kerkorian (name at birth - Grigor Grigoryan) was born in 1917 in Fresno. The boy's family emigrated from Armenia to the United States. Kirk began to earn his own work at the age of 9 years. And after the eighth grade, the future billionaire dropped out of school altogether for the sake of boxing and working as an auto mechanic. Kerkorian achieved success in sports, becoming the local amateur champion (welterweight). Before 1935 young manran a small business.

Service in the Air Force

In 1939, Kirk Kerkorian became interested in aviation. He graduated from aviation school and got a job as an instructor pilot in the British Royal Air Force. Later he participated in World War II. He repeatedly transported Mosquito bombers to the British Isles. After the end of the war, he crossed the Atlantic Ocean several times on a service plane. Kerkorian holds the record for the longest flight across the Atlantic.

During 2.5 years of service in the British Air Force, Kirk ferried 33 aircraft to Europe, making fifty flights. For each of them, the pilot received a thousand dollars. So the future businessman made a start-up capital. Kerkorian began trading in aircraft and also founded charter airlines. The young man became a pioneer in this line of business.

First million

In 1947, Kirk Kerkorian purchased a small charter airline called Los Angeles Air Service. In her state there were only three aircraft. But the hero of this article became a millionaire already in the 50s thanks to his participation in deals with the largest aviation companies.

Stock trading

Since 1962, Kirk Kerkorian has been active in securities. Within five years, the businessman earned $37.6 million.

In 1965, he incorporated Trans International Airlines and held an initial public offering. Three years later, the share price tripled, and Kirk sold the firm to the larger airline TransAmerica. Under the terms of the deal,the businessman received a package of papers for 85 million dollars and 104 million in cash.

Selling airlines

In 1966, Kerkorian opened a charter airline and sold it a year later for a profit of US$104 million. In 1967, the businessman decided to change the type of activity and started building the MGM Grand Hotel, which became the largest in Las Vegas. In 1986, Kirk sold it and the Reno hotel of the same name for $594 million.

Film business

In 1968, Kerkorian headed MGM (Metro Goldwyn Mayer). He later added United Artists, 20th Century Fox and Columbia Pictures to it. It is worth noting that in the field of productions, the 80s were rather passive. Naturally, creative scarcity affected business. Having received losses, Kirk immediately sold Columbia Pictures and invested in the gambling business.

At the end of 1987, Fortune published a ranking of 400 American millionaires. The entrepreneur ranked fifty-first. Three years later, the hero of this article sold the United Artists company to the Australian television association and moved to the thirty-seventh line.

Auto business

According to Kirk Kirkorian's biography, he started buying Chrysler shares in the early 90s. In May 1998, there was a one-day increase in his securities due to the announcement in the press of a merger with the German company Daimler-Benz. The businessman received 660 million US dollars, becoming the largest shareholder of the firm. According to experts, its value is 32 billion euros.

Also the entrepreneur wasthe owner of a package of securities of another automaker - General Motors. Kirk owned several hotels, high-end airlines, and a $1 billion casino in Las Vegas.

In 2008, Kerkorian acquired a 5.6% stake in the Ford concern, becoming its third co-owner. The businessman paid $861 million for a package of securities.

Charity

Kirk has been doing charity work in Armenia since 1992. He also donated a lot to Artsakh to support its struggle for independence.

The businessman's help to his historical homeland was not in vain - old roads were repaired and new ones were built, tunnels and urban infrastructure were updated. After the 1988 earthquake, hundreds of houses were rebuilt in the affected areas for the victims of the disaster. All of this was paid for by Kirk's charitable foundation called the Lynsey. Thanks to this organization, more than 11 thousand people have received jobs in Armenia.

The entrepreneur's philanthropic activities also touched upon the cultural objects of the republic. Kirk has renovated and upgraded several art galleries, theaters and museums.

Private life

Kerkorian was not as lucky with her as with business. Officially, Kirk was in two marriages, which eventually ended in divorce. Both times, the businessman left real estate and significant amounts to his wives. He has a daughter, Tracy, from his first marriage. She was born to former dancer Jean Hardy. Later, the entrepreneur adopted a girl named Linda. Kirk never segregated the children on the basis ofbiological relationship. After thirty years of marriage, the couple divorced. $200 million is the amount that Kirk Kerkorian's family received after the divorce.

Businessman has never been the hero of public scandals. The only exception is the story of the birth of his third daughter. At the age of 74, the businessman began an affair with Lisa Bonder, a professional tennis player. Eight years later, the woman gave birth to a daughter, Kira, and convinced the elderly magnate that this was his child. As a result, Kirk legalized relations with Bonder and gave the girl his last name. The marriage lasted only a month. After the divorce, Kira received a huge monthly allowance for those times - 30 thousand dollars. But Bonder constantly insisted on increasing this amount. The result was a DNA test. According to its results, it turned out that the real father of the child is not a businessman.

Death

Kirk Kerkorian, whose biography was presented above, died in 2015 at the age of 98. The businessman's fortune is estimated at 4.2 billion US dollars. Kerkorian's heirs are his daughters, Tracey and Linda.