Russell Wendell Simmons (born October 4, 1957) is an American entrepreneur, writer, and record executive. He co-founded Def Jam Recordings and created fashion lines like Phat Farm, Argyleculture, and Tantris. An advocate for veganism and yoga, Simmons has published books on lifestyle, health, and entrepreneurship.
In 2011, his net worth was estimated at $340 million. He played a key role in launching artists like Run DMC, Beastie Boys, and Jay-Z. In 2017, he was accused of sexual assault, leading him to step down from his business roles.
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Russell Simmons Net Worth
Russell Simmons has an estimated net worth of $10 million. In 2012, he listed his 7,500-square-foot Manhattan penthouse for $11 million, later lowering the price multiple times before accepting an undisclosed amount, with the final asking price at $5.5 million.
In 2013, he purchased a home in Los Angeles for $5.9 million. He sold this property in August 2018 for $8.125 million, making a significant return on his investment.
Early Life
Russell Wendell Simmons was born on October 4, 1957, in the Hollis neighborhood of Queens, New York. His father was a public school administrator, and his mother worked as a park administrator. His brothers include painter Daniel Simmons Jr. and Joseph Simmons (Rev Run of Run-DMC).
After graduating from August Martin High School in 1975, Simmons briefly attended City College of New York before immersing himself in hip hop. Influenced by DJ Kurt Walker and seeing Eddie Cheeba perform in 1977, Simmons chose hip hop as his career path.
Career
Russell Simmons teamed up with Kurt Walker to create the single “Christmas Rappin,” which sold 500,000 copies, prompting Simmons to drop out of college and pursue music.
He helped his brother Joseph Simmons (Rev Run) and his group, which became Run-DMC, secure a record deal. In 1983, Simmons partnered with Rick Rubin at Def Jam Records, producing LL Cool J’s first release. The label gained success with The Beastie Boys and others. Simmons later sold half of Def Jam for $33 million in 1994, and the remainder for $130 million in 1999.
Personal life
Russell Simmons married Kimora Lee in 1998, after meeting when she was 17 and he was 35. The couple had two daughters before divorcing in 2008. As part of their divorce settlement, Russell paid Kimora an undisclosed amount to separate their assets.
Shortly after the divorce, he helped fund her purchase of an $8.5 million Beverly Hills mansion. Additionally, he was ordered to pay $40,000 per month in child support, with $20,000 allocated per child.
What is Russell Simmons most famous for?
Russell Simmons is most famous for bringing rap and hip hop music into the cultural mainstream of America. His creation of Def Jam Records in the early 1980s played a pivotal role in making rap a dominant music genre. By the end of the century, rap had surpassed country music in both sales and popularity, cementing Simmons’ legacy in shaping the music industry.
Conclusion
Russell Simmons’s journey is a complex tapestry of groundbreaking achievements in music and business, marred by personal controversies and legal battles. His story reflects the volatile nature of fame and fortune in the entertainment industry.
FAQs about Russell Simmons Net Worth
- What made Russell Simmons famous?
- Co-founding Def Jam Recordings and promoting early rap artists to mainstream success.
- What is Russell Simmons’ net worth?
- Approximately $10 million as of 2023.
- How did Russell Simmons make his money?
- Through music production, fashion lines, and various business ventures.
- Was Russell Simmons nominated for an Oscar?
- There is no record of an Oscar nomination for Simmons.
- What did Russell Simmons do before fame?
- He promoted local artists and was involved in the early hip-hop scene while studying sociology.
