What Was Paul Allen's Net Worth?
Paul Allen was an American industrialist, investor, musician, sports team owner, and philanthropist, boasting a net worth of $20 billion at the time of his death on October 15, 2018. Co-founding Microsoft alongside Bill Gates, he amassed most of his fortune from this venture. Upon Microsoft's public debut in 1986, Allen owned 25% of the company. By the time of his passing, his wealth was largely tied to properties, private equity, and energy investments. He possessed over 1 million square feet of space across California, New York, Washington, and Oregon through Vulcan Capital's investments. Noteworthy investments include Uber, DreamWorks, Plains All America, and Ticketmaster. Unfortunately, attempting to expand broadband too early led to an $8 billion loss.
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Early Life
Born on January 21, 1953, in Seattle, Washington, Paul Gardner Allen was the son of Kenneth and Edna Allen. He had a sister, Jody, born in 1959. Attending Lakeside School in Seattle, Allen befriended Bill Gates. Their mutual interest in computers led to them exploring programming and hacking using a mainframe system their school purchased, which they quickly exhausted. Allen's passion drove him to sneak into computer labs and pose as a graduate student for extra programming time until getting caught. Scoring a perfect 1600 on his SATs, Allen enrolled at Washington State University but dropped out after two years to work as a programmer in Boston near Harvard, persuading Gates to quit Harvard and form Microsoft with him.
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Microsoft
Allen and Gates commenced their collaboration in Albuquerque, New Mexico, in 1975. They achieved a breakthrough by developing a programming language for the Altair 8800 without even seeing the computer. Their BASIC programming language was successful, marking a significant opportunity. Microsoft was trademarked on November 26, 1976, and went public on March 13, 1986. Allen's 25% stake was valued at $195 million after the IPO. Though he departed Microsoft in the mid-1980s due to a management dispute with Gates, he remained on the board until 2000.
Vulcan Capital
Founded in 1986 with his sister Jody Allen, Vulcan Capital saw the investment of Allen’s Microsoft proceeds. Owning brands like Maaco and Meineke, it developed close to 7 million square feet of real estate and was a founding investor in Dreamworks SKG. Besides Vulcan Aerospace's involvement in winning the $10 million Ansari X Prize for financing SpaceShipOne, Allen sold SpaceShipOne's technology to Richard Branson. At his death, Allen's aerospace ambitions included building the world's largest airplane for orbital rocket launches.
Sports Team Ownership
Allen's sports team ownership consisted of the Seattle Seahawks, Seattle Sounders FC, and the Portland Trailblazers. Acquiring the Seahawks in 1997 for $194 million, he built a new stadium, recruited Pete Carroll, and secured a Super Bowl victory. His commitment turned the Seahawks into one of the most fervently supported teams in the NFL.
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Art Collection
Paul Allen accumulated a notable art collection including Jasper Johns' "Small False Start" and Paul Cezanne's "La Montagne Sainte-Victoire". Featuring works by Botticelli, Jan Brughel, Edgar Degas, Monet, Renoir, Georgia O'Keeffe, Mark Rothko, and others, his collection was set to be auctioned by Christie's in August 2022, with proceeds directed to charity.
Yacht
Allen's yacht, "Octopus," was 414 feet long and completed in 2003, remaining the world's largest yacht at that time. It featured a swimming pool, basketball court, music studio, two helicopters, multiple boats, jet skis, and submarines. The build cost $200 million, and operational expenses ran at $384,000 per week.
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Health and Death
Diagnosed with Stage 1-A Hodgkin's lymphoma in 1982, treated successfully with radiation, Allen's non-Hodgkin lymphoma diagnosis came in 2009. Treatable until it recurred in 2018, complications from septic shock led to his death on October 15, 2018, at 65.
Personal Life
Paul Allen's philanthropy saw over $2 billion contributed to science, technology, health, and human services. In 2013, his band, The Underthinkers, released a debut blues-rock album "Everywhere At Once," featuring collaborations with Joe Walsh and Chrissie Hynde. Without spouse or descendants, his assets were placed in a living trust with his sister Jody Allen and her children as beneficiaries. This includes the Seattle Seahawks, which are in the trust with no intent to sell.
Real Estate
Allen's substantial real estate portfolio spanned several prestigious locations:
- Santa Fe: Purchased Georgia O'Keefe's former Sol y Sombra estate for $12.2 million in 2000.
- Utah: Acquired Trees Ranch for under $25 million in 2013.
- Atherton: Bought a property with sister Jody for $27 million in 2013.
- NYC: Owned a penthouse and full-floor apartment at 4 East 66th Street; sold for $101 million in July 2022.
- Idaho: Owned properties near Tetonia, including the Teton Ridge Ranch.
- Hawaii: Bought a 10.3-acre compound in Kailua Bay in 1997.
- South of France: Owned Villa Maryland in Cap Ferrat.
- Washington: Owned the 387-acre Sperry Peninsula and multiple properties on Mercer Island.
