Net Worth Ranker
What Is Michael Franzese Net Worth?
Michael Franzese, a former American mobster and captain within the Colombo crime family, has accumulated a net worth estimated at $1 million. While this figure represents his current financial standing, it’s crucial to understand the context of his past activities and subsequent life changes to appreciate the complexities surrounding his wealth accumulation and its present state.
Early Life and Career Beginnings
Born in Brooklyn, New York, in May 1951, Michael Franzese is the son of John “Sonny” Franzese, a reputed underboss within the Colombo crime family. He dropped out of college, a decision that marked the beginning of his ascent within the criminal underworld. He quickly rose to the position of capo regime (captain) within the Colombo family, demonstrating an early aptitude for leadership and criminal enterprise. Precise details about his early education, including the specific college he attended and the courses he pursued, are not widely available in public records.
Franzese’s initial involvement in criminal activities laid the foundation for his future wealth. He quickly ascended within the Colombo family hierarchy, becoming a capo regime. This early rise within the ranks provided him access to various lucrative criminal opportunities that contributed to his rapidly increasing net worth. Details regarding his specific income during these early years are limited. Still, his position as a capo regime suggests a substantial increase in his financial standing compared to his life before joining the Colombo family.
The Gasoline Bootlegging Racket
One of Franzese’s most significant ventures was his involvement in gasoline bootlegging rackets. This operation, conducted in partnership with the Russian Mafia, involved the sale of millions of gallons of gasoline, generating enormous profits. While precise figures for the total revenue generated by this operation are difficult to pinpoint, it is estimated that it amounted to tens of millions of dollars annually. The complex scheme involved evading taxes and regulations, thereby increasing profit margins. However, the details of how they avoided taxes and specific regulations are not available publicly. The actual profit that Franzese retained as income remains undisclosed due to the illicit nature of the operation.
In 1986, Fortune Magazine listed him as #18 on their list of the “Fifty Most Wealthy and Powerful Mafia Bosses,” a testament to his financial success within organized crime. It was stated that he made more money for a crime family since Al Capone. Although the exact figures regarding his personal income and the Colombo family’s earnings are not available, this recognition underscores the scale of his financial influence at the time. This acknowledgment from Fortune Magazine serves as a high-profile indicator of his substantial wealth and influence within the criminal world during that period.
Motion Picture Marketing and Other Ventures
Beyond gasoline bootlegging, Franzese ventured into various other enterprises, including Motion Picture Marketing. He co-founded this enterprise, aiming to capitalize on opportunities within the entertainment industry. The specific financial details of this venture, such as its revenue, profit margins, and Franzese’s personal earnings from it, are not readily accessible. The full extent of his financial involvement and returns from Motion Picture Marketing remains largely private. These ventures showcase his efforts to diversify his income streams and expand his financial influence beyond traditional organized crime activities.
He partnered with booking agent Norby Walters and allegedly extorted a role for Walters in Michael Jackson’s US tour. The specifics of this extortion scheme, including the exact amount of money involved and the nature of Walters’ role in the tour, are not fully disclosed in available sources. The success of this scheme is not precisely quantifiable. However, this episode reflects Franzese’s willingness to leverage his position and connections to secure financial benefits through illicit means.
Legal Troubles and Imprisonment
In 1986, Franzese was indicted on 14 counts of racketeering, counterfeiting, and extortion related to the gasoline bootlegging racket. This legal action marked a turning point in his life and career, leading to significant financial and personal consequences. He was sentenced to 10 years in prison and ordered to pay $14 million in restitution. The details of the legal proceedings, including the specific evidence presented and the arguments made by both sides, are not fully detailed in readily available sources. The requirement to pay $14 million in restitution put a large dent in his finances and impacted his future financial stability.
He decided to leave the Colombo family in 1989 and was released in 1989. He was sentenced to four years in 1991 for violating probation and was released in 1994. The details of his probation violation are not disclosed, nor are details of the impact this had on his personal net worth. Further, details of his exact earnings or loss of earnings while in prison, are unavailable. This impacted his financial trajectory at the time.
Life After the Mob
After leaving the mob, Franzese embarked on a new path, focusing on motivational speaking and founding the Breaking Out Foundation. His autobiography, “Quitting the Mob,” was published in 1992, providing insights into his past life and his decision to leave organized crime. The financial performance of “Quitting the Mob” in terms of book sales, royalties, and related income is not publicly documented. Furthermore, there are no detailed financial reports available for the Breaking Out Foundation. Therefore, it is difficult to assess their exact contribution to his net worth.
As a motivational speaker, Franzese earns income through speaking engagements, appearances, and related activities. However, the exact figures for his earnings from motivational speaking are not publicly disclosed. His speaking engagements provide a consistent, albeit unspecified, income stream that supports his post-mob lifestyle. The total amount he earns from each engagement is not made public, making it difficult to quantify his speaking income.
Real Estate and Personal Assets
Details about Franzese’s real estate holdings and personal assets are scarce. Specific information regarding his residences, including their addresses, purchase prices, and current values, is not publicly available. Information on vehicles owned by him remains private. This lack of transparency makes it challenging to assess the full scope of his assets and how they contribute to his overall net worth.
Other than real estate and vehicles, any investments or personal assets are unavailable. All the details about his financial transactions remain undisclosed. Information regarding stocks, bonds, or other financial instruments held by Franzese is not accessible. His personal investment strategies and portfolio allocations remain private.
Net Worth Analysis
Estimating Michael Franzese’s net worth at $1 million requires careful consideration of his past criminal activities, legal liabilities, and current sources of income. While his peak earnings in the 1980s were substantial, the restitution he was ordered to pay, along with potential losses from failed ventures and legal expenses, have likely impacted his current financial standing.
His current income from motivational speaking and related activities is likely modest compared to his earnings during his time in the Colombo crime family. The full financial impact of his transition from mobster to motivational speaker is not fully reflected in publicly available data.
