What is Leon Black's Net Worth?
Leon Black is a distinguished American entrepreneur, art collector, and philanthropist with an estimated net worth of $11 billion. He co-founded Apollo Global Management, a private equity powerhouse managing over $500 billion in assets. An avid art collector, Leon chairs New York's Museum of Modern Art and made headlines in 2012 by purchasing Edvard Munch's "The Scream" for $120 million. He also serves as a trustee for Mt. Sinai Hospital and The Asia Society.
Epstein Associations and Allegations
Following the death of Jeffrey Epstein, it was revealed that Leon Black had longstanding associations with Epstein dating back to at least 1998. Disturbingly, between 2012 and 2017—after Epstein's conviction for soliciting children for prostitution—Black's company paid Epstein $158 million for tax and estate services. The fallout from these revelations forced Black to step down from Apollo Global in 2021. In January 2023, Black paid $62.5 million to the U.S. Virgin Islands to resolve potential claims from the Epstein investigation.
Early Life
Leon David Black was born on July 31, 1951. His father, Eli M. Black, a notable Jewish businessman, owned the United Brand Company, which famously owned Chiquita bananas. Tragically, Eli committed suicide in 1975 by jumping from New York City's Pan Am Building. Leon, then 24, learned that his father was under investigation for bribery involving Honduran officials. Leon graduated from Dartmouth with an undergraduate degree and earned an MBA from Harvard.
Drexel Burnham Lambert
In 1977, Black began his career at the investment bank Drexel Burnham Lambert. Over 13 years, he rose to Managing Director, Head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance Department. Black pioneered leveraged buyouts using high-yield, "junk" debt, working closely with Drexel's senior executive Michael Milken.
Drexel’s operations unraveled due to illegal activities in the junk bond market. The scandal began with the insider trading conviction of Ivan Boesky in 1986, which implicated Milken and Drexel. In 1988, Drexel paid $650 million in fines to settle these charges. Milken left the firm the same year and was later convicted of six counts of securities fraud, serving 22 months of a 10-year sentence. The scandal disrupted the junk bond market, causing several investment banks to go bankrupt and leading to stricter securities industry regulation.
Apollo Global Management
After Drexel's collapse, Black co-founded Apollo Global Management in 1990 with several former colleagues, including Marc Rowan, Joshua Harris, and Antony Ressler. Apollo specialized in leveraged buyouts and distressed securities, covering corporate restructuring and industry consolidations. Today, Apollo is a giant in the private equity world with over $500 billion in assets. In 2021, Black stepped down as CEO following his controversial payments to Epstein. Marc Rowan succeeded him.
Personal Life
Leon married Debra Ressler, the sister of his Apollo co-founder Antony Ressler. Debra is a theater producer, and the couple has four children. Antony Ressler has been married to actress Jami Gertz since 1990.
Photo by Andrew Toth/Getty Images for The Museum of Modern Art
Real Estate
Leon and Debra Black own an impressive real estate portfolio, including a Manhattan townhouse worth around $50 million and a Southampton beachfront property valued at $43 million. In 2016, they purchased a Beverly Hills mansion from Tom Cruise for $38 million. Their real estate agent was Sharyn Gertz, Jami Gertz’s mother.
In response to Debra's melanoma scare, the couple donated $25 million to found the Melanoma Research Alliance in 2007 and later added another $15 million.
Art Collection
As Chairman of MoMA, it's no surprise that Leon and Debra Black boast one of the world's most valuable private art collections. Their acquisition of Edvard Munch's The Scream for $120 million in 2012 set a record for the most expensive art sale at that time. Their collection includes works by Raphael, Picasso, and many more artists. In 2013, Leon purchased a Raphael chalk drawing for nearly $40 million.
