Berry Gordy Net Worth 2020, Biography, Education, Career and Achievement.
Berry Gordy Net Worth – Berry Gordy is an American record executive and producer who has a net worth of $400 million. Berry Gordy was born on November 28, 1929, in Detroit, Michigan. Berry is most famous for being the founder of Motown Records.
He was born in Detroit on November 28, 1929. His father worked as a contractor in painting and plastering, and his mother worked in a real estate agency. He was the seventh of a family of eight siblings from the state of Georgia.
In his teens, he left school to be a boxer, but eventually, he served in the Korean War and finished his school study in 1951.
That’s how he got involved in the music business and started working with The Miracles. On January 12, 1959, again with the financial support of his family (800 dollars), he founded Tamla Records that after three years he merged with his second project, Motown, keeping the latter name (Motor Town, the town of engines).
In 1953 he opened a jazz record store called 3-D Record Mart, with the financial support of his family. In 1955 the business went bankrupt and Gordy started working on the Ford assembly line.
However, he did not stop insisting on his passion for music and sent demos of his compositions to different contests. In 1957 Jackie Wilson recorded Reet Petite, a song that Gordy wrote along with two of his brothers.
The 1960s will witness the impact of this company through the work of Marvin Gaye, Stevie Wonder, Martha Reeves, Diana Ross & amp; The Supremes, The Temptations, The Jackson Five, Lionel Richie, and Michael Jackson, among others.
Since the 1970s the success of the company has been reduced notably, but not so its influence that continues to this day.
In July 1988, Gordy sold the Motown files to MCA for $ 61 million, which in turn sold them to Polygram for $ 325 million in 1993. At the end of 1994, Gordy’s official biography was published.
Berry Gordy is an American record executive and producer who has a net worth of $400 million. Berry Gordy was born on November 28, 1929, in Detroit, Michigan. Berry is most famous for being the founder of Motown Records.
As President of Motown Records, he was responsible for shepherding the careers of many music superstars including, Smokey Robinson, Stevie Wonder, The Temptations, Gladys Knight and the Pips, and The Jackson 5. Gordy dropped out of high school in 11th grade in order to pursue a career as a professional boxer.
hat career did not last long and soon Berry was drafted into the Army during the Korean War. When he returned from the war Berry opened a record store called 3-D Record Mart. The store specialized in selling jazz albums to a largely African-American customer base.
In his free time, Berry also wrote songs, one of which “Reet Petite” became a hit for Billy Davis. Using the profits earned from “Reet Petite” Berry began writing and producing full time.
As of January 2020, Berry Gordy’s enormous net worth of $450 Million is mostly attributed to the success of Motown Records.
He founded Motown Records in 1959. Technically he founded two companies, Tamala Records and Motown. He did this because he was worried about breaking payola laws where DJs play too many records from one company.
In April 1960 the two record companies were incorporated as one Motown Record Corporation. By 1966, Motown had 450 employees and generated $20 million in revenues ($144 million in today’s dollars).
Throughout the late 60s and 70s, Motown became one of the most successful independent record companies ever to exist. In 1988 Berry sold his stake in the company to MCA Records for $61 million ($120 million in today’s dollars).