Tommy Mottola Net Worth : $400 Million
An American Music Executive and Co-owner of Casablanca Records
Source of Wealth
Sony music, Casablanca records
Date of Birth
July 14, 1949
Dropout from Hofstra University
Tommy Mottola’s Income & Total Net Worth
Tommy Mottola is an American music executive, who owns a net worth of $200 million. He is a native of New York City. He is the co-owner of Casablanca Records. Mottola commenced his music career at CBS. At the age of 37, while running CBS, he hit a deal for the company to be bought by the Sony Corporation. Then, he was appointed as the Chairman and CEO of Sony Music Entertainment. When Tommy joined Sony, its yearly revenues were approximately $600 million. By 2000, he raised the company’s annual earnings to $6 billion per annum. Along with the revenues of Sony, the net worth of Mottola also increased considerably.
After retirement from Sony Music Entertainment in 2003, Tommy Mottola has been building an entertainment company, comprising fashion, theatre, TV production, recorded music, beside a management and branding company launching.
Properties: Private Fortune
Mottola is the owner of several impressive homes in many cities, like Connecticut, Manhattan, Columbia County, New York, and Greenwich, but the most beautiful amongst them is his 8,000 square feet Palm Beach mansion in Florida, which has recently been listed in the market for $8.25 million.
Apart from his dream mansion, he has sold off and purchased dozens of other properties, which are as follows:
- In 1998, Mottola sold Mount Kisco estate located in New York, for $20.55 million.
- He sold his 324-acre luxurious estate in Aspen, Colorado for $17.75 million.
- In 1999, Tommy purchased three apartments in New York and then, sold them for $7.65 million to Amazon’s Jeff Bezos.
- In 1999, he purchased New York City townhome for $13.3 million. Mottola spent $10 million on its renovations and finally, sold the house just for $13.8 million.
- In 2001, Tommy sold a 47-acre property in Katonah, New York for $18.3 million.
- In 2006, after completing the construction of his North Salem, New York home, he sold it off for $14.75 million.
- In 2006, he purchased the Crystal Island Ranch in Redstone, for $47 million.
Tommy Mottola’s Career
Mottola was passionate for music, since childhood. To pursue a career as an actor and singer, he dropped out Hofstra University. He was the part of ‘The Exotics’, an R&B cover band.
He entered the music world as a recording artist for CBS Records, in the mid 60s. While working for Chappell Publishing, he started Champion Entertainment Organization, his own management company. He worked as a mentor to several artists, like Diana Ross, Jennifer Lopez, Shakira, Taylor Dane, etc. He worked for Sony Music for 15 years. He left the company in 2003.
Tommy is associated with several philanthropic organizations, like
- The Federal Law Enforcement Foundation
- The Rock and Roll Hall of Fame Foundation and Museum
- Leukaemia and AIDS Research
- T.J. Martell Foundation for Cancer
- The National Center for Missing and Exploited Children