Net Worth Ranker
What Is Stephen Bing’s Net Worth?
At the time of his death on June 22, 2020, Stephen Bing’s liquid assets were reportedly around $300,000. This figure represents a stark contrast to his peak net worth, which was estimated to have reached $600 million earlier in his life. Bing accumulated his wealth through inheritance, investments in the entertainment industry, and business ventures. It’s important to note that “net worth” is a fluid concept, representing the difference between assets and liabilities at a specific point in time.
Financial Overview and Investments
Stephen Bing inherited a significant portion of his wealth from his grandfather, Leo S. Bing, a successful real estate developer who built numerous luxury apartment buildings in New York City, including the Drake and Gramercy Park Hotel. The inheritance was reportedly $600 million when Stephen was 18 years old. While the exact composition of Stephen Bing’s assets over the years is not fully public, his financial activities included substantial investments in the film industry through his company, Shangri-La Entertainment. For instance, he invested $85 million in the animated film “The Polar Express” (2004), which earned over $300 million at the box office. However, he also faced financial setbacks, such as an estimated $50 million loss on the film “Beowulf” (2007), as well as losses from the movie “Rules Don’t Apply” (2016) which cost $25 million to produce and only grossed $4 million.
Beyond film, Bing invested in various ventures, including property, construction, and music. He financed Jerry Lee Lewis’ album “Last Man Standing” and produced the Rolling Stones documentary “Shine a Light,” directed by Martin Scorsese. These investments reflect a diverse portfolio beyond his more prominent film ventures. Also, Bing donated about $25 million to the Clinton Foundation in 2008.
Philanthropy and Political Contributions
Stephen Bing was a significant donor to philanthropic and political causes. He pledged $50 million to Stanford University for the establishment of an energy research institute, now known as the Stanford Bing Concert Hall. His political contributions primarily supported the Democratic Party. He spent $50 million on the failed 2006 California Proposition 87, which aimed to tax oil production. Bing’s philanthropy also extended to personal gestures, such as reportedly purchasing an $85,000 sculpture made by Bob Dylan for Bill Clinton.
In 2009, Bing provided his private Boeing 737, at a reported personal cost of $200,000, to fly with Bill Clinton to North Korea to secure the release of journalists Laura Ling and Euna Lee. While the specific details of all his charitable contributions are not public, the available information indicates a substantial commitment to various causes.
Early Life and Inheritance Details
Stephen Leo Bing was born on March 31, 1965, to parents Helen, a nurse, and Peter, a doctor. His paternal grandfather, Leo S. Bing, was a highly successful real estate developer. Bing attended Harvard Westlake, an elite private school in Los Angeles. While still a student there, he co-wrote the screenplay for “Missing In Action,” which was later produced as a feature film starring Chuck Norris. This early success foreshadowed his future involvement in the entertainment industry.
When Stephen turned 18, he inherited $600 million from his grandfather’s estate. This inheritance provided the foundation for his later investments and business ventures. At the time, he was a student at Stanford University but dropped out in his junior year to pursue a career in Hollywood. Details of the exact distribution of the inheritance, such as specific asset allocations, are not publicly available.
Film Production Career
Stephen Bing founded the Shangri-La business group, which encompassed property, construction, entertainment, and music interests. His primary focus was film production, investing in projects through Shangri-La Entertainment. Notable films he produced include “Kangaroo Jack” (which he co-wrote), “Get Carter,” “Beowulf,” and “The Polar Express.” His $85 million investment in “The Polar Express,” which had a total budget of $200 million, was a significant financial commitment and yielded a substantial return, with the film grossing over $300 million globally. However, his reported $50 million loss on “Beowulf” and the financial underperformance of “Rules Don’t Apply” demonstrate the inherent risks involved in film production.
Bing also financed and produced Jerry Lee Lewis’ independently released album “Last Man Standing” and the Martin Scorsese-directed Rolling Stones documentary “Shine a Light.” These projects showcased his diverse interests within the entertainment industry. Further details about the specific financial arrangements for each film, such as profit-sharing agreements or distribution deals, are not publicly available.
High-Profile Paternity Cases
Stephen Bing’s personal life was marked by two high-profile paternity cases. The first involved actress Elizabeth Hurley, with whom he had a brief relationship in 2000. After Hurley announced her pregnancy in 2001, Bing initially denied paternity, claiming that they were not in an exclusive relationship. A DNA test later confirmed that he was the father of her son, Damian Hurley, born in 2002. While he initially had limited involvement in Damian’s life, he later fought attempts by his father to exclude Damian from family trusts. After Bing’s death in 2020, Damian was ultimately excluded from the family trust.
The second case involved billionaire Kirk Kerkorian, his ex-wife Lisa Bonder, and private investigator Anthony Pellicano. Bonder, a former tennis pro, was briefly married to Kerkorian. During a child support dispute, Kerkorian hired Pellicano to investigate Bonder’s claims. Pellicano illegally obtained Bing’s dental floss from his trash to conduct a DNA test, which suggested that Bing was the biological father of Bonder’s daughter, Kira. This illegal DNA collection became part of a larger criminal case against Pellicano. Kira was later confirmed to be Bing’s daughter through legal means. Specific financial details related to child support or legal settlements in these cases are not publicly available.
