Howard Hughes’s Net Worth
At the time of his passing in 1976, Howard Hughes was a wealthy American business mogul, producer, filmmaker, aviator, and engineer with a net worth of $2.5 billion. That is equivalent to $11 billion in today’s money after accounting for inflation.
With the money he received from his father’s estate, Howard Hughes started a successful career as a director and producer of blockbusters including “The Outlaw,” “Scarface,” “Hell’s Angels” and “The Racket.” “Arabian Nights” and “Everybody’s Acting” were the first two movies he ever made. The two had enormous success.
Howard Hughes was well-known for his phenomenal financial success as well as his subsequent eccentric, secluded way of life.
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Early Years of Howard Hughes
In Houston, Texas, on Christmas Eve of 1905, Howard Hughes was born to Allene and Howard Sr., a businessman and inventor.
He showed an early love in science by creating a wireless radio transmitter when he was just 11 years old.
At the age of 12, Hughes used parts from his father’s steam engine to build a bicycle, and at the age of 14, he had his first flight lesson.
He attended the Fessenden School in Massachusetts before transferring to the Thacher School in Ojai, California, for his schooling. In the future, Hughes attended Caltech to take math and aeronautical engineering courses.
Hughes’ mother lost unexpectedly in 1922 due to an ectopic pregnancy. Two years later, his father suffered a heart attack and died. Following this, Hughes was made an emancipated minor and received a share of his family’s wealth equal to 75%.
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Howard Hughes Career
In 1926, Hughes made his debut in the movie business when he created the quick comedy “Swell Hogan.” However, the movie was a complete failure and was never released. The following two movies Hughes made, “Everybody’s Acting” and “Two Arabian Knights.” fared better at the box office.
With the 1928 release of “The Racket,” he also enjoyed success. Hughes spent millions of dollars making the epic war movie “Hell’s Angels,” which he directed for the first time in 1930 but which ultimately failed to recoup its production costs. He then produced “The Front Page” and “Scarface.” two highly successful movies.
Hughes took over the struggling RKO studio in Hollywood in 1948. Production fell to nine pictures during his first year because he was unable to turn a profit.
The production subsequently stopped for six months, and paranoid Hughes sought investigations into the political beliefs of the studio’s surviving staff.
Later, in the early 1950s, Hughes made an offer to buy out every other shareholder as RKO’s minority stockholders came under scrutiny for suspected corporate mismanagement and financial misconduct. Later, he gained almost complete control over RKO, which he subsequently sold to the General Tire and Rubber Company.
Hughes, Howard: Personal Life
Howard Hughes married Ella Botts Rice in 1925. In 1929, he filed for divorce. He dated a number of well-known actresses, including Rita Hayworth, Ava Gardner, Gene Tierney, Janet Leigh, and Katharine Hepburn. He was wed to Jean Peters for the period of 1957 until 1971.
Hughes passed away on April 5, 1976, from kidney failure. When he passed away, he was 70 years old. In Houston’s Glenwood Cemetery, he was laid to rest.
Howard Hughes: Achievements & Awards
Howard Hughes received the Harmon Trophy in 1936 and 1938. In 1938, he received the Collier Trophy.
In 1939, he also received the Congressional Gold Medal. He was admitted to the National Aviation Hall of Fame in 1973. He received the Octave Chanute Award in 1940. Additionally, he received a posthumous induction into the Nevada Business Hall of Fame.
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