Net Worth Ranker
What Is Truman Capote’s Net Worth?
At the time of his death on August 25, 1984, Truman Capote’s net worth was estimated to be $500,000. Adjusting for inflation, this is approximately $1.5 million in today’s dollars. However, it is important to note that his net worth was significantly higher at the peak of his career.
Early Life and Career Beginnings
Truman Capote was born Truman Streckfus Persons on September 30, 1924, in New Orleans, Louisiana. Following his parents’ divorce, he was raised by his mother’s relatives in Monroeville, Alabama. It was there that he befriended Harper Lee, who would later write “To Kill a Mockingbird.” Capote began writing at the age of 11, and by 1935, he was living in New York City with his mother and stepfather. He attended Trinity School, St. Joseph Military Academy, Greenwich High School, and Franklin School.
While attending Franklin School in 1941, Capote secured a position in the art department of The New Yorker as a copyboy. He held this role for two years before being terminated for allegedly upsetting poet Robert Frost. From 1943 to 1946, Capote dedicated himself to writing short stories, including “Miriam,” “My Side of the Matter,” and “Shut a Final Door,” which won an O. Henry Award. These stories appeared in magazines such as Harper’s Bazaar, Mademoiselle, and Story. Although written during this period, his first novel, “Summer Crossing,” was not published until 2006.
Literary Success and Landmark Works
Capote’s short story “Miriam” garnered him a contract with Random House in the late 1940s. He received a $1,500 advance and wrote “Other Voices, Other Rooms,” published in 1948. This semi-autobiographical novel, set in Alabama, became a commercial success, spending nine weeks on the New York Times Best Seller list. Subsequently, he published “A Tree of Night and Other Stories” and “Local Color.” His second novel, “The Grass Harp,” was released in 1951, followed by the journalistic work “The Muses Are Heard” in 1956.
In 1958, Capote released “Breakfast at Tiffany’s,” which includes the title novella and short stories like “House of Flowers,” “A Diamond Guitar,” and “A Christmas Memory.” The character Holly Golightly, as portrayed by Audrey Hepburn in the 1961 film adaptation, became one of Capote’s most recognizable creations. “Breakfast at Tiffany’s” was later adapted for the stage as both a musical and a play.
After six years of research and writing, Capote published “In Cold Blood” in 1966. Inspired by a New York Times article from 1959, the book details the murder of a Kansas family. Capote immersed himself in the project, becoming intimately familiar with the individuals involved and the residents of the area where the crime occurred. “In Cold Blood” became a bestseller and cemented Capote’s literary reputation. It was adapted into an Oscar-nominated film in 1967, directed by Richard Brooks.
Screenwriting and Adaptations
Beyond novels and short stories, Capote contributed to screen and stage productions. In 1952, he adapted his novel “The Grass Harp” into a Broadway play. The following year, he co-wrote the screenplay for John Huston’s film “Beat the Devil” and wrote the dialogue for Vittorio De Sica’s “Terminal Station.” In 1954, he wrote the lyrics and book for the Broadway musical “House of Flowers,” based on his short story. Later, in 1960, Capote co-wrote the screenplay for the psychological horror film “The Innocents,” adapted from Henry James’ novella “The Turn of the Screw.” He also wrote the screenplay for the television film “A Christmas Memory,” based on his short story.
Robert Morse portrayed Capote in the Broadway play “Tru” in 1990, adapted from Capote’s writings. Bob Kingdom created “The Truman Capote Talk Show” in 1994. Bennett Miller directed the biographical film “Capote” in 2005, starring Philip Seymour Hoffman as the author, earning Hoffman an Oscar. Toby Jones portrayed Capote in the biopic “Infamous” in 2006.
Estate Value, Book Advances, and Property Holdings
Later in his life, Truman Capote’s lavish lifestyle exceeded his income from royalties and book advances. In 1966, Random House provided Capote with a $25,000 advance (equivalent to $240,000 today) for a book that was to become “Answered Prayers,” with a two-year deadline. In 1971, he secured another advance to complete the book within two years, this time for $750,000 (approximately $6 million today). He missed that deadline as well. A final agreement was signed in the late 1970s to finish the book by March 1981, with a final advance of $1 million (around $4 million today). After receiving the equivalent of $10 million in advances, he never completed the book.
In 1965, Truman purchased a condo on the 22nd floor of the United Nations building in New York City for $62,000, using his royalties from “In Cold Blood” for the down payment. Truman also owned a six-acre beach property in Sagaponack, in the Hamptons, which he acquired in 1961. After his death, his longtime romantic partner, Jack Dunphy, was named the primary beneficiary in his will. Dunphy owned the Sagaponack property until 1992, when he left it to the Nature Conservancy. A year later, the Nature Conservancy sold the property for $800,000. In 2014, the property, reduced from six to four acres, sold for $14 million. Today, its estimated worth is at least $30 million.
Personal Life and Final Years
Openly gay, Capote had relationships with men such as literature professor Newton Arvin and writer Jack Dunphy. He was known for his distinctive high-pitched voice, effeminate demeanor, and flamboyant style of dress. Capote socialized in elite circles, interacting with major celebrities. In the 1970s, he bought a home in Palm Springs, California, and embraced a lifestyle of drug use and heavy drinking, resulting in multiple stays in rehab clinics throughout the decade. He also had a tumultuous relationship with bank executive John O’Shea. In the early 1980s, Capote suffered a seizure, leading to hospitalization and a more reclusive life. Truman Capote passed away in August 1984 at the age of 59 from liver disease, compounded by drug intoxication and phlebitis.
