Highlights
- Russell Simmons founded Def Jam Records, empowering hip-hop artists to mainstream success.
- Simmons expanded his empire into comedy, fashion, and film, amassing wealth.
- After divorce, his net worth dropped to $10M; Simmons blames ex-wife for his financial loss.
Russell Simmons was once the “Godfather of hip-hop.” This was a result of Simmons founding Def Jam Records and bringing rap to mainstream America. He took artists that were otherwise being overlooked by the music industry and gave them their own space. Simmons gave them a voice. Simmons gave hip-hop artists the ability to become some of the highest-selling in the industry. As a result, Simmons also built himself a massive fortune.
Being one of hip-hop’s first entrepreneurs, Simmons was not content with only being the founder of Def Jam alone. Instead, he wanted to expand his empire. In doing so, Simmons took the comedy scene and fashion industry by storm. This further built Simmons’ fortune, but it also introduced Simmons to his now ex-wife, Kimora Lee.
The then-couple were married in 1998. Lee welcomed the first two of her five children with Simmons. But Ming Lee Simmons and Aoki Lee Simmons were not enough to keep Lee and Simmons from divorcing in 2009, in a divorce that was expensive for Simmons. It turns out that after the divorce, Simmons’ net worth dropped substantially.
Russell Simmons’ Current Net Worth Is $10 Million
Russell Simmons has lost a fortune over the years
Simmons is currently worth $10 million. While this is a tidy fortune for most, for Simmons, this sum represents a fall from grace.
While in his heyday, Simmons was estimated to be worth $325 million. While the fortune was being built with the launching of the careers of The Beastie Boys, LL Cool J, Public Enemy, Run DMC, and more, it was when Simmons sold his share of Def Jam in 1999 for $100 million that he became insanely wealthy.
Simmons did not just sit on his laurels after selling Def Jam, however. Instead, Simmons put his energies toward his other business ventures, Phat Farm, a men’s clothing company that would eventually have a women’s division, Baby Phat, and the production of the Def Jam Comedy Tour.
The success of the Def Jam Comedy Tour would eventually allow Simmons to foray into film. Because of this, he produced films such as The Nutty Professor, The Adventures of Pluto Nash, and more.
In 2004, when Phat Farm was at its height, Simmons sold the company for $140 million.
While Simmons’ professional life was incredibly successful from the 1990s and into the mid-2000s, his personal life was equally so. This is because during this time, Simmons married Lee, and the two welcomed daughters Ming and Aoki.
While Simmons was working on his ventures, Lee was modeling and running Baby Phat. Simmons and Lee truly looked like the hip-hip power couple who had it all.
Russell Simmons And Kimora Lee’s Marriage Was Not As Happy As It Seemed
Russell Simmons and Kimora Lee’s marriage was mired with infidelity
From all outward appearances, it looked like Simmons’ and Lee’s marriage was a happy one. But from the start, the relationship was troubled, all because Simmons was unable to remain faithful.
Before Lee and Simmons got together, Lee’s friends were warning her to stay away from Simmons because of his reputation for being a “bad boy.” But Lee fell hard and quickly for Simmons.
Despite the fact that he was not initially able to settle down, Lee stuck the relationship out. That was until Kimora caught Simmons kissing another woman on New Year’s Eve and gave Simmons an ultimatum.
“I said, ‘I’m leaving you, I don’t want to be with you, I don’t want to beg you anymore,’” Lee explained of her conversation after catching Simmons cheating. “‘Whatever it is that you’re doing, it’s really not my style.’”
Lee went on to say, “‘And he’s like, ‘No, because I love you and you’re the woman I want to be with for the rest of my life, and I may be stupid sometimes, but I know that I love you and I want to be with you, and we’ll get married tomorrow if you don’t believe me.’ And I said, ‘OK, so let’s get married.”‘
The two did just that in 1998. But Simmons could not remain faithful. Try as she might, Lee finally hit the breaking point with Simmons’ infidelity, and the two filed for divorce in 2006.
The divorce would take years to finalize and cost Simmons millions in the process.
Russell Simmons Paid A Hefty Amount Of Money To Kimora Lee After They Divorced
Russell Simmons seemingly paid more to his daughters than to Kimora Lee after they divorced
Once the three-year legal battle between Simmons and Lee concluded, Simmons was left footing a fairly hefty amount. While some of it went to Lee, the bulk of the money Simmons paid went to his girls.
The settlement that Simmons agreed to included:
|
Child Support |
$20,000.00 per month for Aoki and Ming, coming to $480,000.00 per year |
|
Vehicle |
Provide a $60,000.00 vehicle for lease or purchase every two years for Aoki and Ming |
|
House |
Purchased $8.5 million Beverly Hills home for Lee and children |
While money and other items needed to be divided between Lee and Simmons, just what amount ended up going to Lee is unknown.
Today, Lee has a net worth of $80 million. Lee once used to spend her money on flashy things like cars, clothes, and jewelry. The way that Lee spends her fortune today is unknown, due to her private lifestyle.
However, it is not the divorce that Simmons claims has bankrupted him. Instead, Simmons claims it is Lee and her estranged husband Timothy Leissner who stole money from him years after he and Lee were divorced.
Russell Simmons Blames Kimora Lee And Her Husband For His Loss Of Fortune
Russell Simmons claims Kimora Lee and her estranged husband stole millions of dollars of stock from him
Lee and her now-estranged husband, Leissner, along with Simmons worked with an investment firm, Nu Horizons Investment Group. This group owned the majority of stock in the energy drink Celsius. The three invested in the energy drink company, seeing that it was going to be a success.
At some point in time, Simmons sold off his shares of Celsius stock. However, Lee and Leissner held onto their. These same shares, which were worth about $44 million, were used to bail Leissner out of jail after he was accused of embezzling billions from people in Malaysia.
Despite Lee being able to prove that Simmons sold off his shares, he continued to claim that he was owed half of the shares that Lee and Leissner sold off to keep him out of jail. He eventually sued Lee for the money.
As the lawsuit continues, Simmons continues to contend that the reason he is no longer wealthy has to do with Lee selling off his shares of Celsius.
Simmons states that he is “owed $400 million,” which, if he were to get that amount, would make him richer than he ever had been. How this case will play out, remains to be seen.
Source: NewsFinale
