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What Is Benjamin ‘Bugsy’ Siegel Net Worth?
Benjamin “Bugsy” Siegel, a notorious figure in American organized crime, had a net worth of $8 million at the time of his death in 1947. Adjusted for inflation, this is equivalent to approximately $100 million today. His wealth stemmed from a variety of criminal activities, solidifying his status as one of the most infamous and feared gangsters of his era.
Early Life and Criminal Beginnings
Born on February 28, 1906, in Brooklyn, New York City, Benjamin Siegel was the second of five children born to Jewish immigrant parents, Jennie and Max Siegel. Growing up in poverty, Siegel quickly turned to a life of crime. Restless in school, he dropped out to join a gang on Manhattan’s Lower East Side, where he primarily engaged in thefts. It was during this time that he met Moe Sedway, with whom he later launched a protection racket. Specific details regarding the exact sums earned from these early criminal endeavors are not publicly documented. Siegel’s criminal record expanded during his teenage and young adult years, encompassing charges such as armed robbery, murder, and rape. Although specific details about court records and addresses of incarceration are not provided, these charges underscored his growing involvement in illicit activities.
The Bugs and Meyer Mob and Prohibition Era
Shortly after the beginning of Prohibition, Bugsy Siegel, recognized for his criminal aptitude, was recruited by Meyer Lansky to form the Jewish-American street gang known as the Bugs and Meyer Mob. The group, formed in the early 1920s, collaborated with Charles “Lucky” Luciano and his right-hand man Frank Costello. This alliance significantly increased their operational capacity and influence within the criminal underworld. The Bugs and Meyer Mob specialized in recruiting skilled gunmen, supplying bootleggers with stolen trucks, facilitating illegal gambling operations, and executing “hits” for various bootleg gangs operating in New York and New Jersey. While exact figures for the profits earned during this era are not available, the gang played a critical role in diminishing or subordinating most of its rival Italian-American gangs, indicating a lucrative and powerful position in the criminal landscape. The exact number of trucks stolen and sold, as well as the specific revenue generated from illegal gambling operations, remains undisclosed, but these ventures significantly boosted Siegel’s financial standing.
Murder, Inc. and Notorious Murders
Following the Castellammarese War and the assassination of mob boss Salvatore Maranzano, Lucky Luciano established the Commission and created a Jewish-Italian criminal alliance known as the National Crime Syndicate. Soon after this, Siegel and Lansky disbanded the Bugs and Meyer Mob and co-founded Murder, Inc., the enforcement arm of the Syndicate. Active from approximately 1929 to 1941, Murder, Inc. carried out numerous hits. While the exact number of hits performed by Murder, Inc. remains unconfirmed, it’s estimated that the organization was responsible for hundreds of murders, each contributing to the power and infamy of its members, including Siegel. During his time with Murder, Inc., Siegel faced only one conviction; he was arrested in early 1932 in Miami for gambling and vagrancy. The specific details of this arrest, including the exact location and bail amount, are not specified. Later, Siegel engaged in a significant conflict with the Fabrizzo brothers, who attempted to assassinate him for sending their boss, Waxey Gordon, to prison. In retaliation, Siegel hunted them down and killed them. Among his other notable murders, Siegel killed rival loan sharks Louis and Joseph Amberg in 1935 and helped kill Harry Greenberg in 1939. Details surrounding these specific events, such as the exact locations and methods used, are not provided. For the latter homicide, Siegel was jailed before being acquitted on account of insufficient evidence in 1942. Precise details of the evidence presented and the factors leading to his acquittal are not available, but his involvement in these high-profile killings cemented his reputation as a ruthless and influential gangster, further contributing to his financial success.
Move to California and Hollywood Influence
Facing serious threats of reprisal from his enemies, Siegel was sent to California in the late 1930s. In Los Angeles, he quickly began developing gambling rackets, collaborating with Jack Dragna and Mickey Cohen. Details regarding the precise amounts earned from these gambling operations are not provided, but they formed a significant source of income. Siegel also initiated a drug trade route from Mexico, using the money he made to help start the operation. Specific information regarding the scale of this trade route, the types of drugs trafficked, and the financial returns are not publicly available. Additionally, he gained control of several offshore casinos and a prominent prostitution ring. The specific names and locations of these casinos, along with the earnings generated, are not disclosed. However, Siegel’s control over these ventures substantially increased his wealth and influence. He built his profile to the point where he became a bona fide star welcomed into the upper echelons of Hollywood society, associating with celebrities like Clark Gable, Cary Grant, Gary Cooper, and Jean Harlow, as well as studio executives such as Jack Warner and Louis B. Mayer. While the specific financial arrangements or business deals with these figures are not detailed, Siegel was notorious for taking loans from movie stars without repaying them, though specific amounts and names are not mentioned. His ability to move within these circles allowed him to further expand his criminal enterprises and financial gains.
Las Vegas and the Flamingo Hotel
In the mid-1940s, Siegel relocated to Las Vegas, recognizing the numerous opportunities for gambling. He soon took control of the Flamingo Hotel from William R. Wilkerson, coercing him into the sale under threat of death. The exact details of this transaction, including the initial price offered and the final agreed-upon amount, are not specified. Subsequently, the Flamingo became syndicate-run. The operation faced several setbacks from the start, including loud construction noise, a broken air conditioning system, unfinished luxury rooms, and bad weather. Specific financial losses incurred due to these issues are not detailed. By early 1947, the Flamingo was shut down, incurring significant financial losses for Siegel and his associates. The exact amount of these losses is not publicly available. However, Siegel was given a second chance and worked on renovations and generating positive PR. The exact amount spent on renovations is not specified. The Flamingo reopened a couple of months later and started turning a profit. Specific details regarding the initial profits and revenue generated post-reopening are not disclosed. However, the Flamingo’s success marked a pivotal moment in the development of the Las Vegas Strip, establishing Siegel as a key figure in the city’s burgeoning gambling industry. His vision and investment, despite initial setbacks, played a significant role in transforming Las Vegas into the entertainment and gambling mecca it is known as today.
Personal Life and Death
Siegel married his childhood sweetheart, Esta Krakower, in early 1929. Together, they had two daughters named Millicent and Barbara. However, due to Siegel’s prolific womanizing, the couple divorced in 1946. The specific financial terms of the divorce settlement are not available. During that decade, Siegel was romantically involved with actress Wendy Barrie and organized crime figure Virginia Hill. The exact nature and duration of these relationships, along with any financial implications, are not detailed. On June 20, 1947, Siegel was sitting with his associate Allen Smiley in the Beverly Hills home of Virginia Hill when a sniper shot him multiple times through the window, killing him instantly. The exact address of the Beverly Hills home is not specified. No charges were made, and the killer was never identified. Photos of his corpse were published in papers across the country, and his connection to Las Vegas propelled the city into the national spotlight. The immediate aftermath of his death, including the disposal of his assets and the distribution of his wealth, is not detailed in available records.
Legacy and Cultural Depictions
As one of the first “celebrity” gangsters, Siegel remains a mythic figure in popular imagination. He has been depicted numerous times in movies and television, perhaps most famously in Warren Beatty’s 1991 biographical drama “Bugsy,” where Beatty played Siegel. The financial success of the movie “Bugsy” and its impact on Siegel’s posthumous fame are not quantified. He was also depicted on the television series “Boardwalk Empire,” “Mob City,” and “The Making of the Mob: New York.” These depictions have further cemented Siegel’s legacy as a notorious and influential figure in American organized crime, contributing to the continued fascination with his life and crimes. While specific data regarding licensing agreements, royalties, or residuals related to these depictions are not publicly available, they have played a significant role in sustaining public interest in Siegel and his era.
