Kirk Kerkorian is a well-known American businessman of Armenian descent and a billionaire. Owner and president of the Trasinda Corporation holding. In 2007, Forbes estimated Kirk Kerkorian’s fortune at $ 18 billion. At the time of the businessman’s death in 2015, this figure decreased several times and reached the level of 4.2 billion. Kerkorian was known as one of the main business figures of the city of excitement of Las Vegas. He owned 40% of casinos and hotels. In the article we will present a brief biography of the entrepreneur.
Childhood and first job
Kirk Kerkorian (birth name - Grigor Grigoryan) was born in 1917 in Fresno. The boy’s family emigrated from Armenia to the USA. Kirk began to earn his labor at the age of 9 years. And after the eighth grade, the future billionaire generally dropped out of school for the sake of boxing and working as an auto mechanic. Kerkorian achieved success in sports, becoming the local champion among amateurs (welterweight). Until 1935, the young man was engaged in small business.
Air Force Service
In 1939, Kirk Kerkorian became interested in aviation. He graduated from aviation school and got the job of an instructor pilot in the British Royal Air Force. Later participated in the Second World War. Repeatedly transported Mosquito bombers to the British Isles. After the war, he crossed the Atlantic Ocean several times on a business plane. Kerkorian is the author of the record for the time of flight across the Atlantic.
For 2.5 years of service in the British Air Force, Kirk transported 33 aircraft to Europe, having completed fifty flights. For each of them, the pilot received a thousand dollars. So the future businessman put together a start-up capital. Kerkorian began to sell airplanes, and also founded charter airlines. The young man became a pioneer in this area of ​​business.
First million
In 1947, Kirk Kerkorian acquired a small charter airline called Los Angeles Air Service. In her state there were only three aircraft. But the hero of this article already became a millionaire in the 50s thanks to his participation in transactions with major aviation companies.
Stock trading
Since 1962, Kirk Kerkorian has been actively working with securities. Within five years, the businessman earned 37.6 million dollars.
In 1965, he incorporated Trans International Airlines and conducted an initial public offering. Three years later, the stock price tripled, and Kirk sold the company to the larger TransAmerica airline. Under the terms of the transaction, the businessman received a package of securities for $ 85 million and 104 million in cash.
Airline Sales
In 1966, Kerkorian opened charter airlines and sold them a year later with a profit of 104 million US dollars. In 1967, the businessman decided to change his type of activity and started building the MGM Grand Hotel, which became the largest in Las Vegas. In 1986, Kirk sold it and the eponymous hotel in Reno for $ 594 million.
Film business
In 1968, Kerkorian headed MGM (Metro Goldwin Mayer). Subsequently, he added United Artists, 20th Century Fox, and Columbia Pictures to him. It is worth noting that in the field of productions, the 80s were rather passive. Naturally, creative scarcity affected business. After receiving losses, Kirk immediately sold the Columbia Pictures and invested in the gambling business.
At the end of 1987, Fortune published a rating of 400 American millionaires. Entrepreneur ranked fifty first. Three years later, the hero of this article sold the United Artists to an Australian television association and moved on to the thirty-seventh line.
Car business
According to Kirk Kirkorian’s biography, he took up buying Chrysler shares in the early 90s. In May 1998, a one-day increase in his securities occurred due to a press announcement about a merger with the German company Daimler-Benz. The businessman received 660 million US dollars, becoming the largest shareholder of the company. According to experts, its value is 32 billion euros.
Also, the entrepreneur was the owner of a package of securities of another automaker - General Motors. Kirk owned several $ 1 billion hotels, high-end airlines, and casinos in Las Vegas.
In 2008, Kerkorian acquired a 5.6% stake in Ford, becoming his third co-owner. For the package of securities, the businessman laid out 861 million dollars.
Charity
Kirk has been involved in charity work in Armenia since 1992. He also donated a lot to Artsakh to support his struggle for independence.
The businessman’s help to his historic homeland was not in vain - the old roads were repaired and new ones built, tunnels and infrastructure of the city economy were updated. After the 1988 earthquake, hundreds of homes for disaster victims were rebuilt in the affected areas. All this was paid for by Kirk's charity fund called Linsi. Thanks to this organization, more than 11 thousand people got jobs in Armenia.
The philanthropic activity of the entrepreneur also affected the cultural objects of the republic. Kirk renovated and modernized several art galleries, theaters and museums.
Personal life
Kerkorian was not so lucky with her as with business. Officially, Kirk was in two marriages, which eventually ended in divorce. Both times, the businessman left his wives real estate and significant amounts. From his first marriage, he has a daughter, Tracy. She was born by a former dancer, Gene Hardy. Later, the businessman adopted a girl named Linda. Kirk never separated children based on biological kinship. After thirty years of marriage, the couple divorced. 200 million dollars - this is the amount that the family of Kirk Kerkorian received after the divorce.
A businessman has never been a hero of public scandals. The only exception is the story of the birth of his third daughter. At the age of 74, the businessman began an affair with Lisa Bonder, a professional tennis player. Eight years later, the woman gave birth to a daughter, Kira, and convinced the aged tycoon that it was his child. As a result, Kirk legalized relations with Bonder and gave the girl his last name. The marriage lasted only a month. After the divorce, Kira received a huge monthly maintenance at that time - 30 thousand dollars. But Bonder constantly insisted on increasing this amount. As a result, a DNA test was performed. According to its results, it turned out that the real father of the child is not a businessman.
Death
Kirk Kerkorian, whose biography was presented above, died in 2015 at the age of 98. The businessman’s fortune is estimated at 4.2 billion US dollars. The heirs of Kerkorian were his daughters - Tracy and Linda.