| J. Paul Getty | |
| Born | December 15, 1892 Minneapolis, Minnesota, U.S. |
|---|---|
| Died | June 6, 1976 (aged 83) London, England, UK |
| Occupation | Business |
| Net worth | ▲$50. Events 533 - Byzantine general Belisarius defeats the Vandals, commanded by King Gelimer, at the Battle of Year 1892 ( MDCCCXCII) was a Leap year starting on Friday (link will display the full calendar of the Gregorian Calendar (or a Leap year The United States of America —commonly referred to as the Events 1508 - Maximilian I Holy Roman Emperor, is defeated in Friulia by Venetian forces; he is forced to sign a three-year Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar. London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located A business (also called firm or an enterprise) is a legally recognized organizational entity designed to provide goods and/or services to 1 billion, according to Wealthy historical figures 2008, based on information from Forbes - February 2008. The list of the most wealthy historical figures of 2008 is based on research done around the world by Forbes magazine in 2007 and other sources of information and has been Forbes is an American Publishing and media company Its flagship publication Forbes magazine is published bi-weekly |
Jean Paul Getty (December 15, 1892–June 6, 1976) was an American industrialist and founder of the Getty Oil Company. Events 533 - Byzantine general Belisarius defeats the Vandals, commanded by King Gelimer, at the Battle of Year 1892 ( MDCCCXCII) was a Leap year starting on Friday (link will display the full calendar of the Gregorian Calendar (or a Leap year Events 1508 - Maximilian I Holy Roman Emperor, is defeated in Friulia by Venetian forces; he is forced to sign a three-year Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar. The United States of America —commonly referred to as the Getty Oil is an oil company founded by J Paul Getty. It was at its height during the 1960s
Contents |
Biography
Born into a family in the petroleum business in Minneapolis, Minnesota, he was one of the first people in the world with a fortune estimated at over $1 billion U.S. dollars. Petroleum ( L petroleum, from Greek πετρέλαιον, lit Minnesota ( Native Americans demonstrated the name to early settlers The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been He was an avid collector of art and antiquities, and his collection forms the basis of the J. Paul Getty Museum in Los Angeles, California. Art refers to a diverse range of Human activities creations and expressions that are appealing to the Senses or Emotions of a human individual Antiquities, nearly always used in the plural in this sense is a term for objects from Antiquity, especially the civilizations of the Mediterranean: the Classical The Getty Center in Brentwood Los Angeles California, USA, is the current home of part of the J Los Angeles (lɑˈsændʒələs los ˈaŋxeles in Spanish) is the largest City in the state of California and the American West California ( is a US state on the West Coast of the United States, along the Pacific Ocean.
He enrolled at the University of Southern California, then at Berkeley before graduating in 1914 from Magdalen College, Oxford with degrees in economics and political science. The University of Southern California (commonly referred to as USC, SC, Southern California, and incorrectly The University of California Berkeley (also referred to as Cal, Berkeley and UC Berkeley) is a major research university located in Berkeley Magdalen College redirects here see also Magdalene College Cambridge Magdalen College (ˈmɔːdlɨn "maudlin" is one of the constituent Economics is the social science that studies the production distribution, and consumption of goods and services. Political science is a branch of Social sciences that deals with the theory and practice of Politics and the description and analysis of Political systems He spent his summers between studies working on his father's oil fields in Oklahoma. Oklahoma ( is a state located in the South Central region of the United States of America. Running his own oil company in Tulsa, he made his first million by 1916. However, in 1917, he announced that he was retiring to become a Los Angeles-based playboy. Los Angeles (lɑˈsændʒələs los ˈaŋxeles in Spanish) is the largest City in the state of California and the American West Although he eventually returned to business, Getty had lost his father's respect. Just before George Franklin Getty died in 1930, he believed that Jean Paul would destroy the family company, and told him so. George Franklin Getty (b Maryland 17 October 1855-d 1930 was an American Lawyer and father of industrialist J
After taking a few years off from the money-making grind to enjoy spending his earnings on women, Getty returned to Oklahoma in 1919. During the 1920s he added about $3 million to his already sizable estate. His succession of marriages and divorces (three during the 1920s, five throughout his life) so distressed his father, however, that J. Paul inherited a mere $500,000 of the $10 million the senior Getty left at his death in 1930.
Shrewdly investing his resources during the Great Depression, Getty acquired Pacific Western Oil Corporation, and he began the acquisition (completed in 1953) of the Mission Corporation, which included Tidewater Oil and Skelly Oil. In 1967 the billionaire merged these holdings into Getty Oil.
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Beginnning in 1949, Getty paid Ibn Saud $9. King Saud King Faisal Mohammed King Khaled Nasr Saad 5 million in cash and $1 million a year for a 60-year concession to a tract of barren land near the border of Saudi Arabia and Kuwait. No oil had ever been discovered there, and none appeared until four years and $30 million had been spent. From 1953 onward, Getty's gamble produced 16 million barrels a year, which contributed greatly to the fortune which made him the richest person in the world. He died on June 6, 1976. Events 1508 - Maximilian I Holy Roman Emperor, is defeated in Friulia by Venetian forces; he is forced to sign a three-year Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar.
Getty increased the family wealth, learning to speak Arabic which enabled his unparalleled expansion into the Middle East. Getty owned the controlling interest in nearly 200 businesses, including Getty Oil. Associates identified his overall wealth at between $2 billion and $4 billion. It didn't come easily, perhaps inspiring Getty's widely quoted remark -- "The meek shall inherit the earth, but not the mineral rights. "
He moved to England in the 1950s, where he lived and worked at his 16th-century Tudor estate, Sutton Place near Guildford, until he died of heart failure at the age of 83. Social and economic revolution Following the Black Death Plagues and the agricultural depression of the late 14th century population growth Guildford ( IPA /ˈgɪlfəd/ is the County town of Surrey, England, as well as the seat for the borough of Guildford and the Heart failure is a Cardiac condition that occurs when a problem with the structure or function of the Heart impairs its ability to supply
Marriages
Getty was married five times:
- Jeanette Dumont (1923–25); one son George Franklin Getty II (1924-1973)
- Allene Ashby (1926–28)
- Adolphine Helmle (1928–32); one son Jean Ronald Getty
- Ann Rork (1932–35); two sons John Paul Getty (1932-2003) and Gordon Getty (born 1934)
- Louise Dudley Lynch (1939 -1958); one son Timothy Getty (died aged 12)
He was later quoted as saying, "A lasting relationship with a woman is only possible if you are a business failure. Year 1923 ( MCMXXIII) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar. Year 1925 ( MCMXXV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar. Year 1926 ( MCMXXVI) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar. Year 1928 ( MCMXXVIII) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. Year 1928 ( MCMXXVIII) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. Year 1932 ( MCMXXXII) was a Leap year starting on Friday of the Gregorian calendar. Year 1932 ( MCMXXXII) was a Leap year starting on Friday of the Gregorian calendar. Year 1935 ( MCMXXXV) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. Sir John Paul Getty, KBE ( September 7, 1932 &ndash April 17, 2003) was a wealthy American-born British Gordon Peter Getty was born on December 20, 1934. He is the fourth child of oil tycoon J "
Views on his own success
Getty wrote a very successful book entitled How to be Rich. Note that it was not "How to get Rich. " His oil business was handed to him by his father, who started the business.
Getty fully acknowledges this in his autobiography, I enjoyed the advantage of being born into an already-wealthy family, and when I began my business career I was subsidized by my father. While I did make money—and quite a bit of it—on my own, I doubt if there would be a 'Getty Empire' today if I had not taken over my father's thriving oil business after his death. (Getty, 1976, pg. 336).
Common ideas about Jean Paul Getty
Coin-box telephone
It is true that Getty had a pay phone installed at Sutton Place manor. However, the reason behind it is fairly simple. In Getty's own autobiography (Getty, 1976, pg. 319):
"Now, for months after Sutton Place was purchased, great numbers of people came in and out of the house. Some were visiting businessmen. Others were artisans or workmen engaged in renovation and refurbishing. Still others were tradesmen making deliveries of merchandise. Suddenly, the Sutton Place telephone bills began to soar. The reason was obvious. Each of the regular telephones in the house has direct access to outside lines and thus to long-distance and even overseas operators. All sorts of people were making the best of a rare opportunity. They were picking up Sutton Place phones and placing calls to girlfriends in Geneva or Georgia and to aunts, uncles and third cousins twice-removed in Caracas and Cape Town. The costs of their friendly chats were, of course, charged to the Sutton Place bill. "
Hence, the only solution was to place dial-locks on all the regular telephones, limiting their use to authorised staff, and the coin-box telephone was installed for others. However, when speaking in a televised interview with Alan Whicker, Getty simply explained it by saying that he thought guests would want to use a payphone.
Getty's initial refusal to pay ransom
On 10 July 1973 in Rome, 16 year old John Paul Getty III was kidnapped and a ransom of $17 million was demanded over the phone for his safe return. Events 48 BC - Battle of Dyrrhachium, Julius Caesar barely avoids a catastrophic defeat to Pompey in Macedonia. Year 1973 ( MCMLXXIII) was a Common year starting on Monday (link will display full calendar of the 1973 Gregorian calendar. Rome ( Roma ˈroma Roma is the capital city of Italy and Lazio, and is Italy's largest and most populous city with more than 2 Jean Paul Getty III (born 4 November, 1956) was the first of four children of Paul Getty and Gail Harris When the first ransom message arrived, the family suspected a ploy by the rebellious teenager to extract money from his miserly grandfather. A second demand was delayed by an Italian postal strike. [1] John Paul Getty II asked his father for the money, but was refused. Sir John Paul Getty, KBE ( September 7, 1932 &ndash April 17, 2003) was a wealthy American-born British [2] In November 1973 an envelope containing a lock of hair and a human ear was delivered to a daily newspaper, with a threat of further mutilation unless $3. 2 million was paid: "This is Paul’s ear. If we don’t get some money within 10 days, then the other ear will arrive. In other words, he will arrive in little bits. " At this point J. Paul Getty agreed to pay a ransom, subject to him negotiating the fee, and Paul II repaying the sum at 4% interest. [3]
Still reluctant to part with the ransom, Getty senior negotiated a deal and got his grandson back for about $2 million. Paul III was found alive in southern Italy shortly after the ransom was paid. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest His kidnappers were never caught. [4] Paul III was permanently affected by the trauma, and himself became a drug addict. In 1981, Paul III was rendered speechless, blind and paralyzed for the rest of his life by a cocktail of drugs and alcohol. Year 1981 ( MCMLXXXI) was a Common year starting on Thursday (link displays the 1981
J. Paul Getty defended his initial refusal to pay the ransom on two points. First, he argued he had fourteen other grandchildren, and to submit to the kidnappers' demands would immediately place his other fourteen grandchildren at the risk of copy-cat kidnappers.
Secondly: "The second reason for my refusal was much broader-based. I contend that acceding to the demands of criminals and terrorists merely guarantees the continuing increase and spread of lawlessness, violence and such outrages as terror-bombings, 'skyjackings' and the slaughter of hostages that plague our present-day world" (Getty, 1976, pg. 139).
Published works
- How to be Rich, a collection of Getty's essays.
- As I See It: The Autobiography of J. Paul Getty , Getty's autobiography published shortly before his death.
See also
References
- As I See It: The Autobiography of J. The Getty Center in Brentwood Los Angeles California, USA, is the current home of part of the J Paul Getty , Getty's autobiography published shortly before his death.
- Ralph Hewins, J. Paul Getty: the Richest American, Sidgwick and Jackson, London (1961).
- Robert Lenzner, The Great Getty: the Life and Loves of J. Paul Getty, Richest Man in the World (1986). ISBN 0-517-56222-7.
- Russell Miller, The House of Getty (1986). ISBN 0-8050-0023-2.
- John Pearson, Painfully Rich: J Paul Getty and His Heirs (1995). ISBN 0-333-59033-3.
External links
- Obituary, NY Times, June 6, 1976 J. Paul Getty Dead at 83; Amassed Billions From Oil
- J. Paul Getty Trust
- J. Paul Getty Museum
- Insecula biography
- Wiki-Genealogy
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