What is Bassam Alghanim's Net Worth?
Bassam Alghanim is a prominent Kuwaiti businessman with a net worth of $1.6 billion. He is considered the wealthiest individual in Kuwait and spends much of his time at an extensive estate in Bel-Air, Los Angeles.
Early Life and Career
Bassam Alghanim was born in Kuwait. Along with his brother Kutayba, he inherited Alghanim Industries, a multinational conglomerate founded by their father. The company operates in 40 countries and has formed partnerships with major corporations, including General Motors, Xerox, American Express, Whirlpool, British Airways, and Hitachi. Bassam led the company through the 70s, 80s, and 90s.
Family Feud and Legal Battles
In 2012, Bassam and his brother were embroiled in a protracted legal dispute over the division of family assets. The conflict escalated when Bassam accused his brother and nephew of hacking into his emails to gain information about his personal affairs, which was later confirmed. The case was eventually taken to the Kuwaiti courts.
The Bel-Air Mansion
In November 2002, Joe Francis, founder of "Girls Gone Wild," purchased a 6,500 square-foot mansion in Bel-Air for $5.5 million. His following decade was tumultuous, marked by legal troubles, imprisonment, and financial woes. Joe's debts to the US government and Casino magnate Steve Wynn grew to $19 million after a legal judgement.
In 2018, the Department of Justice seized Joe's Bel-Air home and sold it to Steve Wynn for $6.7 million. Wynn then flipped the property to Bassam Alghanim for $8.65 million after four months, making a $2 million profit. Over time, Bassam has acquired ten additional lots, creating a unique 10-parcel compound spanning over 21 acres. The estate's estimated value is between $100-150 million due to its unparalleled structure.
