Net Worth Ranker
What Is David Letterman’s Net Worth?
David Letterman, a prominent figure in American comedy and a former late-night talk show host, has accumulated a substantial net worth of $400 million. While in the past, licensing and syndication fees contributed significantly to his annual earnings, reaching figures as high as $50 million, this income stream has seen a slight decline in recent years.
Early Life and Career Beginnings
David Michael Letterman was born on April 12, 1947, in Indianapolis, Indiana. He grew up in a family with two sisters, with his father, Harry Letterman, working as a florist and his mother, Dorothy Letterman, as a church secretary. His father passed away at the age of 57 due to a heart attack. Letterman’s early life included attending Broad Ripple High School and working as a stock boy at a local supermarket. In 1969, he graduated from Ball State University’s Department of Television and Radio. During his time at Ball State, Letterman gained experience as an announcer and newscaster at the student-run radio station, WBST, before being dismissed for his satirical commentary on classical music.
After graduating, Letterman began his television career as a weatherman for an Indianapolis TV station. His on-air demeanor was marked by unpredictable behavior and casual humor, often reporting the weather for fictitious cities. In 1975, encouraged by family and friends, Letterman relocated to Los Angeles to pursue a career as a comedy writer. He started performing stand-up at The Comedy Store, which led to connections and opportunities to write for and make guest appearances on various small acts, TV shows, and game shows by 1978. In 1980, he auditioned for the lead role in the movie “Airplane!,” however, Robert Hays was chosen for the part. His unique brand of sarcasm and dry humor eventually caught the attention of talent scouts from “The Tonight Show Starring Johnny Carson,” making him a favorite comedian of Carson and a frequent guest on the show. Letterman has consistently acknowledged Carson as a major influence on his career.
Late Night Career and CBS “Late Show”
On June 23, 1980, David Letterman was given his own morning comedy show on NBC. Despite critical acclaim, the show struggled in the ratings and was canceled after only four months. NBC, recognizing his talent, decided to move him to a different time slot. “Late Night with David Letterman” premiered in February 1982, with Bill Murray as the first guest. Airing at 12:30 A.M. EST, Monday through Thursday, following “The Tonight Show,” it developed a cult following among college students and young adults. Letterman’s irreverent, brash, cynical, and self-deprecating humor, along with quirky segments, quickly established him as a unique voice in late-night television.
His reputation as a sharp and direct interviewer became a hallmark of his show, with fans appreciating his honesty. “Late Night” also gained attention for its unconventional sketches, such as “Stupid Pet Tricks” and the “Top 10 List” segments. When Johnny Carson retired in 1992, many believed that Letterman would take over “The Tonight Show.” However, in a surprising turn of events, NBC awarded the job to Jay Leno. Subsequently, Letterman left NBC to host his own show, “The Late Show With David Letterman,” on CBS. This move created a direct rivalry with “The Tonight Show with Jay Leno,” as both shows aired in the same 11:30 p.m. time slot. “The Late Show” debuted on August 30, 1993, at the historic Ed Sullivan Theater. CBS signed Letterman to a three-year contract worth $14 million per year, doubling his previous salary at NBC. In anticipation of a larger, more traditional, and conservative audience, Letterman adjusted his humor, adding Paul Shaffer and his band as a sidekick and lengthening the opening monologue. Many of his signature bits from his previous show were retained by slightly rebranding them, for example, “The Top Ten List” became “The Late Show Top Ten.” The rivalry between Letterman and Leno continued for many years, with each show taking turns at the top spot in the ratings. Throughout his 20 years in late-night, Letterman’s shows received 67 Emmy Award nominations and won 12.
David Letterman announced his retirement in April 2014. His final episode, a star-studded event, aired on May 20, 2015, and was watched by 13.76 million viewers. Stephen Colbert was announced as his successor. In total, Letterman hosted 6,080 episodes of “Late Night” and “Late Show,” surpassing his mentor and friend Carson as the longest-serving late-night talk show host in American TV history. His substantial net worth can be attributed to his long-running and successful career in late-night television.
Post-“Late Show” Activities and Ventures
Since retiring from “The Late Show,” Letterman has maintained a relatively low profile, focusing his attention and resources on various philanthropic endeavors and personal interests. His private foundation, the Letterman Foundation for Courtesy and Grooming, has donated millions to non-profit organizations, including the American Cancer Society, Doctors Without Borders, and Ball State University. He continues to own Worldwide Pants Incorporated, which he founded in 1991. The company produced his show and has gone on to produce several other programs. In 2018, Letterman launched a long-form interview program on Netflix called “My Next Guest Needs No Introduction with David Letterman.” Barack Obama was the first guest featured on the show. During the fourth season, which premiered in 2022, Letterman traveled to Ukraine to film an interview with Ukrainian president Volodymyr Zelenskyy for episode seven. In February 2022, Letterman appeared on “Late Night with Seth Meyers” to commemorate the 40th anniversary of “Late Night with David Letterman.” These endeavors contribute to David Letterman’s net worth, though the exact figures from these projects are not publicly available.
Personal Life and Real Estate Holdings
In January 2000, David Letterman underwent quintuple bypass surgery after doctors discovered a major blockage in one of his arteries during a routine checkup. During his recovery, guest hosts filled in for him on “The Late Show.” Letterman was previously married to his college girlfriend, Michelle Cook, in 1968. They divorced in October 1977, shortly after moving to Los Angeles. From 1978 to 1988, he was in a long-term relationship with “Late Night” producer Merrill Markoe, who is credited with significantly influencing his comedy style. Letterman began dating Regina Lasko in February 1986, and they had a son, Harry, in 2003. The couple married in 2009, and the family resides in North Salem, NY. In 2005, authorities uncovered a plot to kidnap his son and demand a $5 million ransom. A house painter who had worked for Letterman was charged in the conspiracy. In 2009, Letterman was the target of an attempted blackmail, with the blackmailer threatening to reveal his affairs with several female staffers. Letterman acknowledged these affairs on his October 5, 2009, show and publicly apologized to his wife and staff. He has also admitted to struggling with alcohol addiction and anxiety, and he no longer consumes alcohol.
David Letterman has invested a portion of his significant net worth into real estate. He owns a 108-acre estate in Westchester County, New York, having purchased 88 acres for $5 million in 1994 and an additional 20 acres for $5 million in 2007. He also owns a 2,700-acre ranch near Chateau, Montana, a property on Martha’s Vineyard, and a house in St. Barth’s. Letterman’s real estate investments contribute to his overall net worth, providing a diverse asset base.
Other Ventures and Investments
Letterman’s business interests extend beyond television and real estate. He co-owns Rahal Letterman Racing, an Indy Racing League team. Letterman is also a car enthusiast and possesses an extensive collection, which reportedly includes 10 Ferraris, eight Porsches, two Honda motorcycles, a Mercedes-Benz, a Jaguar, and a Chevy pickup. These ventures and investments add to David Letterman’s net worth, although the exact financial details of these holdings are not publicly available.
