Hollywood, as we know it, is one of the most lucrative industries in the world and one of the biggest earners in the industry are producers, especially owners of major studios, who invests their capital into movie production and reap the gains from box office success. The Weinstein Company was one of the studios known for producing great and popular movies in Hollywood and as a result, Harvey Weinstein’s net worth, as one of the studio’s owners, was one of the highest in the industry.
Harvey Weinstein built a production and financial profile that made him one of the most powerful men in Hollywood, which made his fall from grace in 2017 a seismic event.
Since falling from grace, he has had to face court battles and has seen a significant reduction in his wealth. We take a look at his net worth as well as how much it has dropped since the scandal.
Harvey Weinstein’s Net Worth
Harvey Weinstein is famously known as the co-founder of the entertainment company, Miramax as well as the major film studio, The Weinstein Company.
Before he and his brother, Bob Weinstein dived into the world of film and TV production after they had a career as rock concert promoters. Both of them had always had an affinity for films and having had a modestly successful career as rock concert promoters via their production company, Harvey & Corky Productions in Buffalo in the 70s, they turned their capital to the establishment of Miramax, an independent film distribution company.
Harvey Weinstein’s net worth grew via the success of Miramax, which became known for its slew of great arthouse films. Despite being an independent distribution company, it achieved the status of being one of the most successful movie studios in America in the 80s through the production and release of films like Sex, Lies, and Videotape.
After two decades of building Miramax into a successful film studio, Harvey Weinstein and his brother sold the company to Disney for $80 million, effectively making them Hollywood royalty as they retained creative control of the studio and followed it up with several blockbusters releases like Good Will Hunting, Pulp Fiction and Shakespeare in Love.
After 13 years under the umbrella of Disney, Harvey Weinstein and his brother moved on to form The Weinstein Company in 2005. The company grew to become one of America’s major film studios, growing to a market value of $910 million in 2015 according to the New York Times.
Through the successes of the company, Harvey Weinstein’s net worth grew to $300 million. Other contributors to his wealth included his investment and businesses in the fashion industry.
Aside from the fashion industry, Harvey also invested in real estate, owning a number of homes and various properties across the US. Two of his properties, which were situated in Connecticut were believed to be worth $7 million and $8.5 million. His other properties include one in Long Island, a waterfront home worth $13.5 million; another in West Village worth $15 million and a Beverly Grove in Los Angeles worth $1.5 million.
However, following the revelation about his sexual harassment and assault over the course of his career, his company has declared bankruptcy and was eventually sold to Lantern Capital on the dollar.
How Much Has It Dropped Since the Scandal?
Since news broke in October 2017 through The New York Times and The New Yorker that over a dozen women had accused Weinstein of sexual abuse, including rape, Harvey Weinstein’s net worth has taken a significant dip.
The allegations resulted in his expulsion from the British Academy of Film and Television Arts, the Academy of Motion Picture Arts and Sciences and the Directors Guild of America. He was also fired from The Weinstein Company, although the firing was not enough to keep the company from declaring bankruptcy.
Eventually, on the 25th of May, 2018, he was charged and arrested by the New York police for rape, criminal sex act, sex abuse, and sexual misconduct for incidents involving two separate women.
He was released after he posted a bail of $1 million. Aside from the bail, he has also lost $44 million in civil cases. He still continues to battle his criminal cases.
The bail, along with the gross devaluation in his company, The Weinstein Company as well as lawyer fees and other expenses he has incurred since the scandal broke, has grossly reduced Harvey Weinstein’s net worth to an estimated $130 million, a large drop from a peak of $300 million.