What was Howard Hughes’ Net Worth?

Howard Hughes was a successful American business tycoon, film director, and producer, aviator, and engineer with a net worth of $2.5 billion at the time of his death in 1976, which is equivalent to $11 billion today.

He used his inheritance to launch his career in directing and producing films such as “The Outlaw,” “Scarface,” “Hell’s Angels,” and “The Racket.” Hughes was known for his incredible financial success and later eccentric, reclusive lifestyle.

Additionally, he founded Hughes Aircraft Company, Hughes Helicopters Division, and Hughes Aerospace Group. He also took over a controlling interest in TWA airlines in 1939 and purchased Air West in 1970, renaming it Hughes Airwest.

Hughes set many world records as a pilot and aircraft engineer. He also built the Hughes H-1 Racer while running Hughes Aircraft. Furthermore, he owned various pieces of real estate in Las Vegas, including hotels and casinos.

Unfortunately, Hughes suffered from years of physical and mental deterioration, passing away from kidney failure in 1976.

Howard Hughes’ Estate Disputed by Hundreds of Claimants

Howard Hughes left behind a $2.5 billion estate, equivalent to $11 billion today. More than 400 individuals claimed a portion of his will, with various wills being produced, including one leaving $150 million to a gas station attendant who helped Hughes. The Mormon church also claimed a share. After multiple lawsuits, a judge ultimately ruled that Hughes died without a valid will, resulting in his fortune being split among 22 cousins.

Howard Hughes’ Legacy

Howard Hughes’ name and inventions continue to be remembered. After his death, he donated all of his stock in the Hughes Aircraft to form The Howard Hughes Medical Institute (HHMI) in Chevy Chase, Maryland. In 1985, the HHMI sold all of its stock in Hughes Aircraft to General Motors for a tax-free $5.2 billion in cash and stock. HHMI is now one of the largest non-governmental funding organizations in the world for medical and biological research, with an endowment of $17 billion.

Howard Hughes suffered from obsessive-compulsive disorder, which caused him to have difficulty making decisions, leading to extended periods of isolation. He would spend days locked up, living on nothing but chocolate candy and milk, and only allowed people to speak to him when requested. He neglected his personal hygiene and would watch movies naked in his chair. After his death, authorities were unsure if it was him due to his drug use and deteriorated physical condition. An autopsy confirmed he died of kidney failure, and doctors found five broken hypodermic needles in his arms and legs. He was buried in Houston, Texas, at the Glenwood Cemetery.

Early Life and Education

Howard Hughes was born on Christmas Eve in 1905 in Houston, Texas to Howard Sr., a businessman and inventor, and Allene. He demonstrated a passion for science at an early age, building a wireless radio transmitter when he was only 11. At the age of 12, Hughes built a bicycle using pieces of his father’s steam engine; at 14, he had his first flying lesson. For his education, he went to the Fessenden School in Massachusetts, and then to the Thacher School in Ojai, California. Hughes went on to take math and aeronautical engineering classes at Caltech.

Inheritance

In 1922, Hughes’ mother passed away from an ectopic pregnancy. His father passed away two years later from a heart attack. Following this, Hughes inherited 75% of his family’s fortune, and became an emancipated minor.

Howard Hughes’ Film Career

Howard Hughes entered the motion picture industry in 1926 with the short comedy film “Swell Hogan,” which never saw the light of day. He had better success with “Everybody’s Acting” and “Two Arabian Knights,” and produced the hit films “The Racket,” “The Front Page,” and “Scarface.” In 1930, he directed the epic war film “Hell’s Angels,” which was unable to make back its budget.

In 1948, Hughes took control of RKO studio, but was unable to bring it back to profitability. Production declined and shut down for six months, while Hughes demanded investigations of the political affiliations of the remaining employees. After coming under fire for mismanagement and financial malfeasance, Hughes bought out all other shareholders and sold RKO to General Tire and Rubber Company.

Howard Hughes’ Aerospace Accomplishments

Howard Hughes formed the Hughes Aircraft Company in 1932, turning it into a defense contractor during and after World War II. He also set numerous world airspeed records as a pilot, including the fastest flight around the world. Hughes commissioned the H-1 Racer and the H-4 Hercules, also known as the Spruce Goose.

Despite his accomplishments, Hughes experienced multiple major crashes as a pilot, including one on the set of “Hell’s Angels.” He also suffered serious injuries in a 1946 accident in Beverly Hills, during which his XF-11 destroyed three homes. While recovering in the hospital, Hughes designed a new, pain-allaying bed that became the prototype for the modern hospital bed.

Howard Hughes and TWA, Northeast Airlines, and Hughes Airwest

In 1939, Howard Hughes started buying a majority share of Transcontinental & Western Airlines (TWA) stock at the urging of the company’s president, Jack Frye. After about five years, Hughes had controlling interest in the company, which he renamed Trans World Airlines. During his time at TWA, Hughes made a record-breaking $18 million order of 40 Lockheed Constellation airliners and helped to usher in an era of nonstop transcontinental flights. However, he struggled to come up with cash to pay for his exorbitant orders and refused to take the advice of board member Noah Dietrich, leading to tension between the two. Hughes was forced out of TWA management in 1960 but still owned a majority of the company until he was forced to sell his shares in 1966.

In 1962, Hughes took control of Northeast Airlines based in Boston, which he sold to a trustee two years later. In 1970, he acquired San Francisco-based Air West, renaming it Hughes Airwest. The company merged into Republic Airlines in 1980, which was later merged into Northwest Airlines and then Delta Air Lines.

Howard Hughes’ Real Estate Holdings

Howard Hughes, a major real estate owner, acquired 1,200 acres in Culver City, 4,480 acres in Tucson, and 25,000 acres outside of Las Vegas. He later expanded his financial empire by investing an estimated $300 million in hotels, casinos, media outlets, and other real estate in the Las Vegas area. Hughes owned notable properties such as the Desert Inn, Sands, Silver Slipper, Landmark, and Castaways.

Howard Hughes’ Romantic Relationships

Howard Hughes was involved in numerous romantic relationships with famous women. Some of the actresses he dated include Joan Crawford, Katharine Hepburn, Bette Davis, Gene Tierney, Janet Leigh, Ginger Roger, Olivia de Havilland, Ava Gardner, and Hedy Lamarr.

In 1925, Hughes married Ella Botts Rice, but they divorced in 1929. Later on, he married actress Jean Peters, and they were married from 1957 to 1971.

Howard Hughes’ Struggles and Legacy

Howard Hughes struggled with OCD and mood swings throughout his life, leading him to become reclusive in the late 50s. He developed an addiction to codeine, and continued to move between hotels in various cities, staying out of the public eye. He passed away in 1976 at the age of 70 due to kidney failure. Hughes’ legacy lives on through the Howard Hughes Medical Institute, which he founded for biomedical research. He remains a popular subject in various media forms.

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