Howard Hughes Career and Net Worth
Howard Hughes Career and Net Worth, Who inherited all of Howard Hughes money? Read more about the eccentric engineer and how he distributed his estate in this article.
Howard Hughes was an American business tycoon, film director and producer, an aviator and engineer. he had about $2.5 billion in net worth at the time of his demise in 1979. The figure is equivalent to $11 billion today after the necessary adjustments. he used the wealth his father left upon his death to launch a career in directing and producing of hit films. Some of the films include “The Outlaw”, “Scarface”, “Hell’s Angel” and “The Racket”. His first two films were “Arabian Nights” and “Everybody’s Acting” which were all huge successes.
Howard Hughes Early Life
Howard Hughes was born on the eve of Christmas in 1905 in Houston, Texas. He was born to Howard Sr. (father, businessman and inventor) and Allene (mother). Hughes showed his interest and love for science at an early age. At only 11 years, he began building a wireless radio transmitter. He built a bicycle at the age of 12using pieces of his father’s steam engine. Hughes had his first flying lesson at the age of 14. He attended Fessenden School in Massachusetts and later to the Thacher School in Ojais, California. Hughes took classes in math and aeronautical engineering at Caltech. His mother passed away in 1922 from an ectopic pregnancy. Two years later his, father also passed away from a heart attack. Hughes inherited 75% of his family’s fortune and became free of parental custody.
Howard Hughes Hollywood Career
He made his first entry into the motion picture industry in 1926 with the production of the short comedy film “Swell Hogan”. The film was a major disaster. His next two films “Everybody’s Acting” and “Two Arabian Knights” were quite successful. “The Racket” was also a breakthrough in 1928. Hughes had his directorial debut in 1930 with the epic war film “Hell’s Angels”. He expended million to make. Hughes later produced the hit films “The Front Page” and “Scarface”. He took control of the failing Hollywood studio RKO. He was unsuccessful at rejuvenating it as production went to a low of nine films in his first year. After productions shut down for six month, Hughes requested an investigation of the political connections of the studios remaining employees. He offered to buy all the shareholders in the early 50s. This was after he had been chastised for corporate mismanagement and financial misappropriation by shareholders of RKO. Hughes acquired almost total control of RKO and later sold it to the General Tire and Rubber Company.
Howard Hughes Aviation
Hughes was a lifelong aerospace and aviation lover. He established the Hughes Aircraft Company- a division of Hughes Tool Company in 1932. During and after the World war II, he converted the company into a defense contract first with the helicopters division and later the Hughes Aerospace Group.
Howard Hughes Airline Purchases
At the behest of Transcontinental & Western Airlines president Jack Frye, he started to acquire majority share of TWA stock in 1939. About five years on, he had controlling interest in the outfit and was renamed Trans World Airlines. He did a lot of incredible things with TWA. He made a record-shattering 418 million order of 40 Lockheed Constellation airlines- among the best-performing aircrafts at the time.
Howard Hughes Personal Life
He was involved in several romantic relationships with high-profile women including actresses Joan Crawford, Katherine Hepburn, Bette Davis, Gene Tierney, Janet Leigh, Ginger Roger, Olivia de Havilland, Ava Gardner and Hedy Lamarr just to mention a few. He was married twice. He first got married in 1925 to Ella Botts Rice, he divorced her in 1929, Hughes later married actress Jean Peters whom he was married to from 1957 to 1971. Who inherited all of Howard Hughes money? He distributed his wealth among his 11 cousins.