Steven Spielberg Net Worth - Pulptastic

Publish date: 2024-04-10

What is Steven Spielberg’s net worth?

Steven Spielberg is a successful American director, screenwriter and producer. He has a net worth of $8 billion and an annual income of $150 million, making him the second richest celebrity on the planet. Only his friend and fellow director/producer, George Lucas, is worth more with a net worth of $10 billion.

Spielberg’s passion for filmmaking started at a young age. He began making short films at eleven, using his father’s video camera to earn his Boy Scout photography merit badge. At sixteen, he shot his first independent feature and decided to attend film school. Although he was rejected from the University of Southern California Department of Film twice, he eventually attended the University of California – Long Beach.

While still a student, Spielberg began working as an unpaid intern in the editing department at Universal Studios. He made the short film, “Amblin”, which caught the attention of Sidney Sheinberg, the Vice-President of Universal TV. Sheinberg invited Spielberg to direct various television episodes and then shifted him over to film work. Spielberg became a professional director at the age of 23 and has since created an impressive list of blockbuster films.

Some of Spielberg’s most popular works include “Jaws”, “Close Encounters of the Third Kind”, “Raiders of the Lost Ark”, “The Color Purple”, “Empire of the Sun”, “Always”, “Jurassic Park”, “Schindler’s List”, “Saving Private Ryan”, “Minority Report”, “Munich” and “The Adventures of Tintin”.

Steven Spielberg’s Salary Strategy

Steven Spielberg often chooses to take a lower upfront salary for his films, instead opting for backend points on gross revenue. This strategy paid off big for him with the release of “Jurassic Park” in 1993, resulting in a $250 million payday. He also earned $150 million from the sequel and $75 million from the third installment, which he did not even direct.

However, Spielberg famously refused to accept a salary for directing “Schindler’s List”, considering it “blood money”. Instead, he directed all proceeds owed to him in perpetuity to the USC Shoah Foundation, which honors and remembers Holocaust survivors.

Steven Spielberg Negotiated a Lucrative Deal with Universal Pictures

In 1993, Steven Spielberg negotiated a deal with Universal Pictures’ parent company MCA, entitling him to 2% of all Universal park gross ticket sales annually in perpetuity. This arrangement became public during a legal battle between Dreamworks and Disney in 2009, where it was revealed that Spielberg’s deal amounted to $30 million per year. By 2015, Universal was owned by Comcast and operated multiple theme parks around the world, all of which paid Spielberg a cut of ticket sales. In 2017, Comcast disclosed that it could owe Spielberg as much as $535 million due to a buyout clause in the contract, but instead, they agreed to a new deal in which Comcast took an ownership interest in Spielberg’s film studio, Amblin Partners, in a deal that could ultimately pay over $1 billion.

Steven Spielberg’s Lucrative Gamble on “Star Wars”

During the late 1970s, George Lucas was convinced that his passion project, “Star Wars,” would be a flop. In a moment of desperation, Lucas asked Steven Spielberg if he would trade backend points on their respective films. Spielberg agreed to trade two and a half percent of “Close Encounters of the Third Kind” for two and a half percent of “Star Wars.” While “Close Encounters” was a hit, “Star Wars” would eventually earn billions, making Spielberg a small fortune from a movie he had nothing to do with.

Early Life and Career

Steven Spielberg was born on December 18th 1946, in Cincinnati, Ohio. His childhood was spent in Haddon Heights, New Jersey and Scottsdale, Arizona. It was in Scottsdale where a young Spielberg would create 8mm short films. At age 12, he made his first movie when he filmed a train wreck involving his toy Lionel trains. Spielberg had the gall to charge 25 cents for the local kids to come and watch his many epics. At 13, he won an award for his 40-minute film about war called “Escape to Nowhere”. At 16, he made his first feature-length film, “Firelight”, which he played at his local cinema.

After his parents divorced, Spielberg moved with his father to Saratoga, California where he attended and graduated from Saratoga high school. He applied to the University of Southern California School of Theater, Film, and Television but was rejected three times. Instead he attended California State University, Long Beach, where he became part of the Theta Chi Fraternity.

Steven Spielberg’s Career Beginnings

Steven Spielberg began his career as an unpaid intern for the editing department at Universal Studios. During this time, he directed a short film called “Amblin,” which caught the attention of Sidney Shainberg, the vice president of production for Universal’s television division. Spielberg became the youngest director to sign a long-term contract with a major studio and dropped out of college for the opportunity.

As a television director, Spielberg directed episodes of popular shows such as Rod Sterling’s Night Gallery, Columbo, and Marcus Welby M.D. He went on to direct four made-for-television films, including the successful 1971 film “Duel.” This success led to Spielberg being offered the job of directing the theatrical feature film “The Sugarland Express,” which was well-received.

Steven Spielberg’s Career and Achievements

Steven Spielberg’s career took off in 1975 with the success of his film, “Jaws”, which became the first real blockbuster film after over 67% of Americans went to see it. He followed this up with “Close Encounters of the Third Kind” and teamed up with George Lucas to create the first Indiana Jones film, “Raiders of the Lost Ark”. Spielberg also directed “E.T., the Extra-Terrestrial” which became the top-grossing film of all time and was nominated for nine Oscars. He further produced and directed several acclaimed and high-grossing films like “The Color Purple”, “Minority Report” and “Jurassic Park”.

Spielberg has won three Academy Awards, two for directing and one for Best Picture. His films are consistently nominated for Best Picture and Best Director. Apart from his film career, he has also been involved in video game production by collaborating, directing, designing and screenwriting. Spielberg continues to make, direct, produce, and breathe films.

Steven Spielberg’s Personal Life

In 1985, Spielberg and his first wife actress Amy Irving had their son Max Samuel Spielberg together. The couple would divorce in 1989 after 3 and a half years of marriage.

He got remarried on October 12, 1991 to actress Kate Capshaw, whom he had met when she was cast in Indiana Jones and the Temple of Doom. Capshaw converted to Spielberg’s religion, Judaism.

Their divorce was reportedly the third most costly celebrity divorce in history at that time. The couple cited competing stresses of their careers as a main cause of their falling out.

Steven Spielberg’s Impressive Real Estate Holdings

Steven and Kate own at least $200 million worth of real estate around the world. One of their most notable properties was a 1.4-acre slice of Malibu’s most-coveted beachfront. They bought the first parcel in 1989 for $3.375 million and expanded their footprint in 2002 by purchasing the lot next door for $3.2 million. They sold this property, which had 150 feet of ocean frontage, for $26 million in 2015.

The Spielbergs’ longtime primary residence is an incredible 5-acre multi-home compound in the Pacific Palisades overlooking the Pacific Ocean. They bought the enormous Pacific Palisades estate in 1985 from singer/songwriter Bobby Vinton. Steven was especially excited to buy the property after learning that it had previously been owned by a number of classic celebrities, including Cary Grant and Barbara Hutton. The Palisades home has a Hobbit-themed room with a retractable TV and hobbit-like fireplace. In 2013, he added a vineyard to the property. It is easily worth north of $100 million, perhaps $150-250 million.

Not far from their Palisades home, the Spielbergs own an equestrian facility. On the east coast, they own a 6,000 square-foot New York City apartment that directly overlooks Central Park West. The apartment is located in The San Remo building, a luxury 27-floor co-op building located between West 74th Street and West 75th Street. The building has long been a favorite of celebrities. Other famous residents have included Diane Keaton, Tiger Woods, Steve Martin, Bruce Willis, Demi Moore, Donna Karan, Mary Tyler Moore, and many more.

Out in East Hampton, they own a 10-acre estate that is partially oceanfront and partially on a cove. The Spielberg compound encompasses 7.5 acres. In 2013, a nearby 5.5-acre property was put on the market for $75 million by a woman named Courtney Ross. Spielberg’s Dreamworks co-founder David Geffen eventually bought the property for $67 million. The Spielberg-Capshaw property is at least two acres larger than the former Ross/Geffen property.

The Spielbergs also have a large mansion in Naples, Florida, in a very exclusive part of Old Naples. Steven has also financed several homes for his children around Los Angeles.

Aside from his successful career in filmmaking, Steven Spielberg also has some extravagant hobbies.

He is an avid boating enthusiast and purchased a mega-yacht called the Seven Seas in 2013 which he later sold and upgraded to a new 300-foot yacht that cost him $250 million.

Spielberg is also a collector of old film memorabilia and owns impressive trinkets like the Rosebud Sled from Citizen Kane and Orson Welles’s directorial copy of the script for The War of the Worlds. He also purchases Academy Award statuettes and donates them to the Academy of Motion Picture Arts and Sciences to prevent commercial exploitation. Additionally, Spielberg owns 57 Norman Rockwell paintings which were displayed at the Smithsonian in an exhibition titled Telling Stories.

Despite his busy schedule, Spielberg still finds time to indulge in his love for movies and watches several films on any given weekend.

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