Frank Costello Net Worth

Overview

Frank Costello, born Francesco Castiglia, was a prominent Italian-American mobster and crime boss known as the “Prime Minister of the Underworld” for his political connections and influence. Born in Italy, he immigrated to the United States at a young age and became involved in gang activities in New York City. During Prohibition, he partnered with Lucky Luciano in bootlegging operations, and they later joined the National Crime Syndicate. Costello rose through the ranks, becoming the acting boss of the Luciano crime family and controlling lucrative gambling and slot machine rackets. He was known for his diplomatic approach and political influence, which helped him maintain relative peace in the underworld. In the 1950s, he faced legal challenges, including tax evasion charges, and survived an assassination attempt ordered by Vito Genovese, ultimately leading to his retirement from the top spot. Despite losing his citizenship later, Costello remained a respected figure in the Mafia until his death in 1973.

Luciano crime family (later Genovese crime family)

Acting Boss/Consigliere

What Is Frank Costello’s Net Worth?

Frank Costello, an influential Italian-American Mafia gangster and crime boss, had a substantial financial footprint during his lifetime. At the time of his death in February 1973, his Frank Costello net worth was estimated to be $1 billion, adjusted for inflation. This figure reflects the vast scale of his criminal operations and his significant influence within organized crime.

The Prime Minister’s Financial Empire

During his career, Frank Costello oversaw one of history’s most lucrative and powerful criminal organizations. At the peak of his success, Costello’s empire generated revenues equivalent to approximately $60 billion after adjusting for inflation. This enormous sum underscores the extent of his control over various illicit activities and his ability to generate wealth through illegal means. His operations spanned various criminal enterprises, with gambling being a cornerstone of his financial empire.

Costello’s influence extended beyond mere financial gain; he wielded considerable political power, allowing him to operate with a degree of impunity and further enhance his wealth and influence. He was known as “The Prime Minister of the Underworld” due to his ability to navigate the complex world of organized crime and maintain relationships with key political figures.

Early Life and Career

Born in Cassano allo Ionio, Calabria, Italy, in January 1891, Francesco Castiglia, later known as Frank Costello, immigrated to the United States in 1895. His early exposure to gang activities began shortly after his arrival. He became involved with the Morello gang, where he first encountered Charlie “Lucky” Luciano. This meeting marked the beginning of a long and impactful partnership. There are no specific details available regarding the exact earnings or assets he accumulated during his early years with the Morello gang.

Costello’s rise to prominence within the Luciano crime family, later known as the Genovese family, solidified his position as a leading figure in the Five Families of New York City. While specific financial records from his early criminal activities remain undisclosed, his involvement in bootlegging during Prohibition and subsequent gambling operations significantly contributed to his growing Frank Costello net worth.

Legal Battles and Later Years

In 1961, the United States Supreme Court upheld a decision that stripped Frank Costello of his U.S. citizenship, although a deportation order was set aside. This legal battle did not significantly impact his financial standing, as his wealth was deeply entrenched in various illicit enterprises. Despite facing legal challenges, Costello maintained a level of influence within organized crime until his death from a heart attack on February 18, 1973, at the age of 82. There are no specific records available describing his house or personal property.

His estimated Frank Costello net worth of $1 billion at the time of his death reflects the culmination of decades of involvement in organized crime, gambling, and political influence-peddling. Although the specific details of his financial holdings remain largely undocumented due to the nature of his activities, the estimated figure provides insight into the scale of his wealth and influence.