Clarence Avant Net Worth

Overview

Clarence Alexander Avant (February 25, 1931 – August 13, 2023) was a highly influential American music executive, film producer, and businessman. Known as the “Godfather of Black Music,” Avant played a pivotal role in the careers of numerous artists, including Janet Jackson, Bill Withers, and many others. He began his career managing Teddy P’s Lounge in Newark, New Jersey, and went on to found several record labels, including Sussex Records and Tabu Records. He also served as Chairman of the Board of Motown Records in the 1990s. Avant was a strong advocate for the fair treatment and compensation of African American artists. He was inducted into the Rock and Roll Hall of Fame in 2021. His influence spanned across the recording and entertainment industry, politics, and both civil rights and charitable endeavors around the world. He was the subject of the 2019 Netflix documentary “The Black Godfather.”

What Is Clarence Avant’s Net Worth?

Clarence Avant, a highly influential American music executive and film producer, has accumulated a net worth estimated at $50 million. This substantial wealth is the result of a multifaceted career spanning several decades, characterized by strategic business ventures, successful artist management, and astute investments in the entertainment industry.

Clarence Avant’s Early Career and Rise to Prominence

Born on February 25, 1931, in Climax, North Carolina, Clarence Avant’s journey began humbly. As the eldest of eight children, he faced early challenges, including an abusive stepfather, which led him to relocate to New Jersey at the age of sixteen. There, he lived with an aunt and secured employment at Macy’s, marking the beginning of his professional life. He started his career in the music industry in the 1950s managing Teddy P’s Lounge in Newark, New Jersey.

Avant’s ascent in the music industry commenced in the 1950s when he took on the role of manager at Teddy P’s Lounge in Newark, New Jersey. This initial foray into the entertainment world paved the way for managing a diverse array of performers, including the legendary Little Willie John, the acclaimed Sarah Vaughn, and Tommy Wilson. Notably, Joe Glaser, who managed Louis Armstrong from 1935 until his death in 1969, served as one of his early mentors, providing invaluable guidance and insights into the intricacies of the music business. One pivotal moment in Clarence Avant’s career was his involvement in negotiating the sale of Stax Records to Gulf & Western, a deal valued at $4.3 million, which is equivalent to approximately $40 million today. His compensation for this transaction amounted to a 10% fee, further solidifying his financial standing.

Clarence Avant’s Venture Records and Sussex Records Era

In 1967, Clarence Avant relocated to California to join Venture Records, Inc., established by Mickey Stevenson, a former Motown songwriter and executive. Stevenson encouraged Avant to move to Beverly Hills to be more central to the entertainment industry. He then contacted Joe Glaser to lend him money for the downpayment on a house. This house is now likely worth $10 million. Venture Records closed in 1969.

Following the closure of Venture Records in 1969, Clarence Avant embarked on an entrepreneurial venture by launching his own record label, Sussex Records, Inc. However, the label faced financial difficulties and ultimately went out of business in 1975 after Avant overextended himself with the purchase of a radio station, among other ventures. Consequently, the IRS seized and auctioned his assets to cover a $480,000 tax bill, equivalent to around $2.3 million today. He then launched Tabu Records. Jam and Lewis, via Tabu, worked with Janet Jackson.

Clarence Avant’s Avant Garde Broadcasting and Later Ventures

In 1971, Clarence Avant founded Avant Garde Broadcasting. In 1973, Avant Garde launched the first African American owned radio stating after paying $321,000 for a radio license from a defunct station. By 1975, Avant Garde declared bankruptcy with debts totaling more than $600,000.

Clarence Avant’s influence extended to his role as an executive and consultant for various record labels and production companies. Additionally, he currently holds the position of President in multiple music publishing companies, further contributing to his income streams and solidifying his presence in the music industry. In 1973, Clarence paid $321,000 for a radio license. The IRS seized and auctioned his assets to cover a $480,000 tax bill from Sussex Records.