Latest news with #netWorth
News.com.au
07-07-2025
- Entertainment
- News.com.au
Julian McMahon's fortune and real estate wealth revealed
Julian McMahon's net worth has been revealed following his tragic death at the age of 56. The beloved Aussie actor died last week in Clearwater, Florida, after a private battle with cancer, with the 'Charmed actor's wife, Kelly, confirming his death in a statement. McMahon was previously married to singer and actress Dannii Minogue from 1994 to 1995, after the pair met on the set of the Aussie soap 'Home and Away' in 1991. McMahon was also married to former 'Baywatch' star Brooke Burns from 1999 to 2001. Together, they share a daughter, Madison Elizabeth, 25. In 2014, he went on to marry former model and children's book author Kelly Paniagua after 11 years of dating. Details of McMahon's net worth have now been revealed. Aniston's unexpected $45m life exposed WHAT WAS JULIAN MCMAHON'S NET WORTH? It's understood McMahon – who is the son of late former Australian Prime Minister Sir William McMahon and his late wife Lady Sonia McMahon – had a net worth of $US16 million ($A24 million) at the time of his death. During 'Nip/Tuck', the actor earned between $US125,000 to $US155,000 ($A190,000 to $A236,000) per episode. REAL ESTATE A significant portion of McMahon's wealth came from real estate in both the US and Australia. In 1997, the 'Fantastic Four' star purchased a home just below the Hollywood Sign in Los Angeles for $US700,000 ($A1.06 million). He sold it in 2015 for $US2.18 million ($A3.32 million), netting a profit of $US1.5 million ($A2.2 million). In 2017, McMahon offloaded his Malibu home after a decade for $US3.55 million ($A5.41 million). The property featured five bedrooms, five bathrooms, a pool, and a volleyball court. Situated on more than an acre in Malibu Park, the home was initially listed for $US4.395 million ($A6.7 million) and later reduced to $US3.85 million ($A5.8 million) before the sale, according to the LA Times. McMahon and his sisters Melinda and Deborah, also inherited several properties in Australia from their mother, Lady McMahon. Their childhood home in Bellevue Hill was sold for $9 million in 2011 following Lady McMahon's death in 2010. The profits from the sale were split between the siblings. A second residence in Bellevue Hill was offloaded in 2012 for $6.25 million. That same year, the family's Palm Beach weekender was sold for around $2 million. JULIAN MCMAHON'S CAREER McMahon started his career in entertainment as a model but quickly transitioned to acting. In 1989, he starred in the short-lived Australian soap opera 'The Power, The Passion' before landing a stint on 'Home and Away'. The actor then made the move to the US, landing roles on shows such as 'Another World', 'Profiler', 'Charmed' and 'Nip/Tuck', which scored him a Golden Globe nomination. He also made a name for himself on the big screen, starring in two Fantastic Four movies: 2005's 'Fantastic Four' and 2007's sequel 'Fantastic Four: Rise of the Silver Surfer'. More recently, McMahon starred in the Stan Original Film 'The Surfer', which was filmed in Australia and co-starred Nicolas Cage.
Yahoo
30-06-2025
- Business
- Yahoo
What is Elon Musk's net worth? Find out the wealth of the Tesla, SpaceX CEO
Tech mogul Elon Musk has an estimated net worth of $367 billion. His estimated fortune peaked at around $439 billion in December 2024 as Tesla shares soared. Musk often trades places with businesspeople like Jeff Bezos and Mark Zuckerberg for the title of world's richest person. Elon Musk has a net worth of around $367 billion, according to Bloomberg's Billionaires Index. His net worth, which is closely tied to Tesla's share price, received a huge boost following the news that Donald Trump had won reelection in November, as Tesla shares soared to an all-time high in December. But the tech mogul's wealth comes from a number of sources and it isn't stable. Musk is currently the world's richest person and other billionaires are close on his heels, too: Meta CEO Mark Zuckerberg is around $109 billion below Musk, while Jeff Bezos is $14 billion behind Zuckerberg. Musk, who was born in South Africa, moved to Canada and dropped out of a Ph.D. at Stanford, became a millionaire before he hit 30. Musk started Zip2, a website that provided city travel guides to newspapers, with his brother Kimbal Musk, and sold it to Compaq for more than $300 million in 1999. Musk, then aged 27, is believed to have got $22 million from the deal. He went on to cofound online bank in 1999. It soon merged with Peter Thiel's Confinity to become PayPal, and the company was bought for $1.5 billion by eBay in 2002. Despite having been ousted as CEO, Musk walked away with around $165 million. Musk cofounded space-exploration company SpaceX in 2002. In 2004, he became an investor in and the chairman of EV company Tesla. During the financial crisis in 2008, he saved Tesla from bankruptcy with a $40 million investment and a $40 million loan. That same year, he was named Tesla's CEO. Musk said 2008 was "the worst year of my life." Alongside problems in his personal life, Tesla kept losing money and SpaceX was having trouble launching the first version of its Falcon rocket. By 2009, Musk was living off personal loans. Tesla went public in 2010, though, and Musk's estimated net worth steadily climbed. In 2012, he debuted on Forbes' Billionaires List with an estimated wealth of $2 billion. In 2016, Musk set up the tunnel-digging business, the Boring Company. The next year, he founded the neurotechnology startup Neuralink. Musk's net worth began a rapid ascent at the start of the pandemic as Tesla stock prices soared. Musk started 2020 with an estimated net worth of just under $30 billion and was worth around $170 billion just a year later – a more than five-fold increase in just a year. His estimated fortune peaked at around $340 billion in November 2021. Musk also bought Twitter for $44 billion in October 2022, serving as its CEO until he stepped down in early June 2023. The stock is known to be volatile and it's had its ups and downs since then. Musk's net worth declined by $15 billion after Tesla's "We, Robot" day on October 10 when it unveiled its highly anticipated robotaxi lineup. While the event turned heads with dancing robots and sleek autonomous vehicles offering rides to guests, it left investors with question marks surrounding the economics of the ride-hailing service. Following a big earnings beat later that month, Tesla's stock surged by 22%, leading Musk's net worth to increase by about $30 billion. The morning of Trump's reelection on November 6, which Musk heavily campaigned for, Tesla's stock was up about 15% to $289.37 per share after the market opened. In late November, Musk broke his net worth record of about $340 billion, which had stood for over three years. Following an insider share sale at SpaceX, which boosted the startup to a $350 billion valuation, Musk's wealth surged again in December by about $50 million in one day, making Musk the first billionaire to reach the $400 billion mark. His net worth has fallen by over $70 billion since then, although it's still up from pre-election. In the months after its election highs, Tesla's stock dropped by over 50% following a number of factors, including a vehicle sales slump, a rising Tesla boycott movement, and Musk's stint in the US government, which some investors felt took him away from his day-in-day-out Tesla CEO duties. Tesla's stock rose back up following the CEO taking a step back from his role in the Department of Government Efficiency. However, it continues to have big swings. Musk had one of his single-day highest net worth losses in early June following a public spat on social media with the President, in which Trump floated the idea of having his government contracts revoked, and Musk repeatedly criticized Trump's "Big Beautiful Bill." The automaker has since met its promised June deadline for the robotaxi, and shares rose more than 6.5% the following Monday after the limited launch in Austin. Musk's wealth is largely dependent on Tesla shares. Though he takes no salary from Tesla, he's awarded stock options when the company hits challenging performance metrics. "Elon will receive no guaranteed compensation of any kind — no salary, no cash bonuses, and no equity that vests simply by the passage of time," Tesla said in 2018 when the company announced a 10-year performance award for Musk. "Instead, Elon's only compensation will be a 100% at-risk performance award, which ensures that he will be compensated only if Tesla and all of its shareholders do extraordinarily well." Investors had initially approved the $55 billion compensation plan in 2018, but a Delaware judge voided it last January on the grounds that Musk had undue influence over the package and its approval due to close ties with several board members. At its annual shareholder meeting last June, investors voted to approve Musk's pay package. However, the judge upheld the original ruling, and the company has since said it plans to appeal that decision. A large part of Musk's net worth comes from Tesla shares, while roughly over 20% comes from SpaceX stock. The rest of his wealth comes from shares in Twitter and The Boring Company, as well as other miscellaneous liabilities. Read the original article on Business Insider
Yahoo
29-06-2025
- Business
- Yahoo
Canadian retirees are being told to withdraw this shockingly low amount in 2025 — here's why
Retirees, brace yourselves: The golden rule of retirement withdrawals just got a cold dose of reality. A report from Morningstar recommends the safe withdrawal rate for retirees in 2025 is a mere 3.7% — a significant adjustment from the decades-old 4% rule that had dominated retirement planning. Amid rising costs, volatile markets and new prospects for inflation, a lower rate could disrupt the way many retirees think about their financial strategies. If you're wondering what Morningstart's updated benchmark means for your golden years — and whether you'll have enough to sustain a 30-plus-year retirement — it's time to dig deeper into how you can adjust your plan for success. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich — and 'anyone' can do it 5 essential money moves to help boost your net worth today — here's how to up your money game in 2025 (and you can complete each step within minutes) Are you rich enough to join the top 1%? Here's the net worth you need to rank among Canada's wealthiest — plus a few strategies to build that first-class portfolio A safe withdrawal rate is the percentage of your retirement savings you should be able to withdraw annually without risk of your money running out too soon. For decades, the 4% rule was the de facto standard, offering retirees a simple formula for how much of their nest egg they could withdraw each year in order to make it last for 30 years. (Remember: the safe withdrawal rate is not law, but rather a suggested guide from financial planners.) In recent years, the benchmark has come under fire from finance experts, including Suze Orman, who say the rule has become a cookie-cutter prescription that doesn't account for retirees' varied financial needs. Orman says those who need a target should consider 3%to stretch their money as long as possible, while the financial adviser credited with coining the rule, Bill Bengen, now says the rate should be 4.7%. Morningstar's updated analysis points to 3.7% as its new suggested rate, down slightly from 4% in 2024, but what is the reason behind this? Morningstar's downward revision stems from a combination of economic and demographic factors: Market uncertainty: After years of market turbulence, including fluctuating interest rates, retirees face increased risks to their investments. Persistent inflation: Although inflation has cooled somewhat since its peak in 2022-2023, it remains above pre-pandemic levels, making everyday expenses more costly. Longevity trends: Canadians are living longer, which means retirees must plan for more years of spending — potentially, 30 to 40 years in retirement. These factors underscore the need for a cautious approach to withdrawals, especially in the early years of retirement when overspending can have long-term consequences. Knowing what rate is best for you starts with understanding your retirement savings and expected expenses. Let's say you've saved $900,000 for retirement. Using the new 3.7% guideline, you'd withdraw $33,300 annually. By contrast, the 4% rule equates to withdrawing $36,000 annually. Now, compare this number to your expected yearly expenses. If your spending exceeds your withdrawal amount, you may need to explore ways to cut costs, boost income or supplement withdrawals with other savings or investments. For retirees with diverse portfolios, adjusting withdrawals based on market conditions can also help preserve savings. For example, in years when the market performs well, you might take out slightly more, while pulling back during downturns to protect your principal. Read more: Here are — and very quickly regret. How many are hurting you? Adopting the right withdrawal strategy is crucial for retirees navigating today's uncertain economic landscape. Here are a few approaches to consider: The 3.7% rule: Stick to the updated safe withdrawal rate, recalibrating annually to account for changes in expenses and portfolio performance. This conservative approach prioritizes long-term stability. Bucket strategy: Divide your assets into 'buckets' based on short-, medium- and long-term needs. For example, cash or bonds for immediate expenses and stocks for long-term growth. Dynamic withdrawals: Adjust withdrawals based on portfolio returns. In good years, withdraw more; in bad years, reduce spending to extend the longevity of your savings. Each strategy has its risks and rewards. The 3.7% rule offers simplicity and a steady income but may feel too restrictive for retirees with large savings or shorter life expectancies. Dynamic strategies provide flexibility, but require careful monitoring and may not work for those who prefer predictable income. Taking out more than 3.7% annually might seem tempting, especially if you have a substantial nest egg or immediate financial needs. But there are risks: Withdrawing too much early in retirement increases the likelihood of depleting your savings later — particularly if market conditions worsen. On the flip side, retirees with shorter life expectancies or guaranteed income sources, like pensions, may justify higher withdrawal rates. For instance, someone with $900,000 saved and a $30,000 annual pension might comfortably withdraw 4% to 5% of their savings without jeopardizing their financial future. The lower safe withdrawal rate for 2025 is a wake-up call for retirees to reassess their financial plans. If you're nearing retirement or already retired, consider reevaluating your budget to identify discretionary expenses you can trim to reduce withdrawals. Explore part-time work, annuities or rental income to supplement savings. A professional can help you create a tailored withdrawal strategy that aligns with your goals and risk tolerance. 1. Morningstar: Retirees, Here's What Your Withdrawal Rate Should Be in 2025, by Christine Benz and Susan Dziubinski (Jan 2, 2025) 1. YouTube: Suze Orman: Why High Income Earners Are Living Paycheck To Paycheck (May 26, 2023) 1. Statistics Canada: Key findings from the Health of Canadians report, 2024 (Mar 3, 2025) I'm almost 50 and don't have enough retirement savings. What should I do? Don't panic. Here are 6 solid ways you can catch up Warren Buffett's Berkshire Hathaway bought nearly 26 million shares of this Canadian company in 2024 — here are 3 ways to help you invest like the Oracle of Omaha What would you do if you had an emergency vet bill worth $5,000 tomorrow? Here's how to protect your furry friend (and keep your wallet intact) Billionaires like Mark Zuckerberg and Jay-Z have taken out mortgages for homes they can easily afford — here's why This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
News.com.au
27-06-2025
- Entertainment
- News.com.au
How Michael Jackson's estate went from debt to billions
When Michael Jackson died in 2009, he was over $US500 million in debt – now he is roughly $A768 million richer today. The King of Pop died of cardiac arrest caused by acute Propofol intoxication 16 years ago at the age of 50. At the time of his death, the singer owed money to more than 65 creditors, People reports. According to The US Sun, the Grammy-winner struggled financially and became technically homeless – staying with friends' while his home, Neverland, went into foreclosure. Since his passing, the 'Thriller' hitmaker's net worth has generated a staggering $US2 billion ($A3.07 billion). Here's a closer look at how Jackson's empire financially turned around and what became of his properties. How did Michael Jackson blow his money? According to Celebrity Net Worth, the 'Moonwalker' star had earned between $US50 million and $US100 million ($A76 million and $A152 million) a year from 1985 until 1995 through touring, record sales, endorsements and merchandise. But, the singer spent the money just as fast as he earned it. His lavish lifestyle reportedly cost about $US50 million ($A76 million) a year. The Grammy-winner's then home, Neverland, cost $US19.5 million ($A29 million) to buy and hefty $US10 million ($A15 million) a year to maintain. Jackson splashed $US35 million ($A53 million) remodelling the compound into his own amusement park. He blew his fortune on gifts, travel, antiques, art, zoo animals, jewellery and furniture – as well as making huge donations to numerous charities. The 'Billie Jean' hit maker forked out between $US50 and $US100 million ($A76 million and $A152 million) on movie and music projects that never got off the ground. He used 50 per cent of his ownership stake in music/publishing company Sony/ATV as collateral, as well as taking out a $US270 million ($A411 million) loan. However, the pop sensation managed to spend the entire $US270 million ($A411 million), plus an extra $US120 million ($A183 million) within a few short years. Before his death, Jackson had been in the middle of preparing for his 'This Is It' tour, which added some strain on his finances. The musician died close to the tour's inception, which left his estate financially liable for $US40 million ($A61 million) to the tour promoter, AEG. How did Michael Jackson's empire go from debt to billions? Following Jackson's death, his executers began working to stabilise the pop star's financial situation. His lawyers went through personal home videos from the last year of the singer's life to produce a movie called 'This Is It'. To date, the film has made over $US500 million ($A762 million). After the success of 'This Is It', Pepsi struck a deal to license Jackson's image. Cirque du Soleil produced two Las Vegas shows around his music and image, where Jackson's estate is 50/50 partners with the entertainment company on both shows. In 2023, Jackson's estate pulled in around $US115 million ($A175 million), largely thanks to the success of the Broadway show 'MJ: The Musical'. Based on the music icon's life, the show raked in roughly $US85 million ($A129 million) just from ticket sales. Last year, Sony Music Group reportedly purchased half of Jackson's music catalogue in a deal that valued his songs somewhere above $US1.2 billion ($A1.8 billion), according to Billboard. The deal would also be the biggest ever for the work of a single musician, the BBC reported. Sony's deal with Jackson's estate does not include royalties from the Broadway play and other theatrical productions featuring his music. The news came just as an upcoming biopic about Jackson's life and career starring his nephew, Jaafar Jackson, is set to hit the big screen this year. 'The Wiz' actor's estate still earns a 50 per cent stake in the music licensing company Sony/ATV, which owns the rights to the Beatles catalogue. His share earns an eight-figure sum. To date, the singer has sold over 750 million albums, including 35 million that were sold in the year following his death. According to Parade, Jackson has been the highest-earning dead celebrity on the planet. What happened to Michael Jackson's properties? Neverland Jackson purchased the property, originally named Zaca Laderas Ranch, and later known as Sycamore Valley, in 1988. He had discovered the property after Beatle Paul McCartney had stayed there while they were making the music video for smash hit 'Say, Say, Say'. The 'Who Is It' singer renamed the estate Neverland after the character of Peter Pan, the boy who never grew up. The musician spent millions transforming the estate into a Disney-style amusement park. He was said to have installed a railroad, merry-go-round, arcade and ferris wheel. The property also had a zoo filled with tigers, crocodiles, elephants, giraffes, orangutans and a bear. Neverland included a 1200 sqm residence, 50-seat movie theatre building, guest quarters, barn and a pool house. The six-bedroom, nine-bathroom home spans a massive 1170 sqm and features an expansive master suit with private loft and two master bedrooms, as well as three separate guest homes. Other luxurious features include two fireplaces, a butler's pantry, spa bath, sauna, and breathtaking mountain views. It is also a short 8km drive to the nearest town, and two hours from LA. Jackson lived at the property until 2005. After he was acquitted of child sex charges, he moved out of Neverland and relocated to Bahrain. He transferred the property to Sycamore Valley Ranch Company LLC in 2008 to cover debts he had run up. In 2015, the property was renamed Sycamore Valley Ranch and put on the market for $US100 million ($A128 million). After five years and numerous price cuts, the sprawling property finally found a buyer. Billionaire and friend of the late pop star Ron Burkle purchased the 2700-acre (1092Ha) estate for $US22 million ($A28 million). It was considered a 'bargain' far below its initial asking price of $US100 million ($A128 million). Trump Tower Jackson once had a luxurious apartment in Trump Tower. The four-bedroom, four-and-a-half bathroom condo, sat a few floors below Donald Trump's penthouse in the complex. It boasts floor-to-ceiling windows, granite and marble floors, and a wood-panelled library — plus use of the building's doorman, concierge, valet and maid service. Listing broker Dolly Lenz said neighbours claim Trump rented it to Jackson for a while, charging $US110,000 ($A167,000) per month in 1994, after Jackson had secretly married Lisa Marie Presley, Page Six reports. The Donald and the King of Pop were buddies. 'I know him well. He lived in my building,' Trump previously told CNN. 'We never had one problem. He's a good guy.' After Jackson's death, The US President wrote in TIME: 'He was an amazing guy, but beyond all else, he was the greatest entertainer I've ever known.' Fans regularly camped out downstairs for a glimpse of MJ and Presley. 'Some residents say Jackson rented it because he would be able to go in the elevator directly to the garage and leave stealthily out of the building,' Lenz says. 'That was a big allure.' Las Vegas South Monte Cristo Way Jackson lived in Las Vegas for about a year starting in 2006. According to The Wall Street Journal, the King of Pop paid $US50,000 ($A76,000) a month in rent for the spacious pad. The 17,000-square-foot mansion sits on a one-acre corner lot in the exclusive Lakes neighbourhood, just a 15-minute drive from the famous Strip. The home is two stories with eight bedrooms – including a man-in-the-mirror-approved 2,500-square-foot master suite – and 7.5 bathrooms. The focal point of the grand entryway is an indoor fountain and a curved staircase. There's also a spiral staircase. Outside, there's a pool, spa, summer kitchen and tennis court. The home hit the market this year for $US11 million ($A16 million), according to 'Thriller Villa' Jackson reportedly lived at the Las Vegas property with his three kids. He never owned the home, but rented there from 2007 to 2009, selling agent Kristen Silberman of Sotheby's International Realty told Mansions Global. Owner Aner Iglesias, a supermarket mogul, nicknamed the property 'Thriller Villa' after his famous tenant. The almost 2,400 sqm home was built in 1952 under the guidance of Iglesias, who was inspired by Spanish architecture. The lounge, reportedly Jackson's favourite room in the house, has a rustic yet regal feel with exposed wood beams, a large stone fireplace and a Murano glass chandelier. The biggest showstopper in the 10-bedroom home is the 74-seat Medieval-style chapel, complete with handpainted sky scene ceiling and a Crown of Thorns chandelier. When Jackson lived at the property he used the chapel as more of a theatre. An elevator connects the top level of the house, which holds the large master suite complete with a bar. Jackson is said to have used the original mirrors in the bedroom to practice his choreography. The home also has a second bar, two kitchens and a huge barbecue area with multiple tables and chairs to cater large gatherings. The luxe residence was last listed for sale in 2016 with a $US9.5 million ($A14.4 million) price tag. Beverly Hills Jackson's last home in Holmby Hills, Los Angeles, was leased to him by AEG, after he signed a deal for a comeback tour. Situated in a secluded Los Angeles neighbourhood, the home boasts seven bedrooms, 13 bathrooms, and 12 fireplaces. The residence features a wine cellar, theatre, tasting room, spa with a gym, elevator guesthouse, along with a pool and gardens. The mansion where the King of Pop died finally sold for $US18.1 million ($A27.6 million) in 2012, according to the Wall Street Journal.
Yahoo
25-06-2025
- Entertainment
- Yahoo
‘Justin Bieber Net Worth' Searches Soar Amid Scooter Braun Settlement Rumors
Justin Bieber's net worth has been trending on social media after news of his rumored settlement with Scooter Braun emerged. The pop icon's career spans over a decade, and it has captured headlines for his potential wealth. Speculation has increased after Hailey Bieber's financial success with her beauty brand, Rhode. Ever since rumors of Justin Bieber and Scooter Braun's settlement hit headlines, speculation about Bieber's net worth is on the rise. Consequently, the key phrase 'Justin Bieber Net Worth' has become a buzzing trend. Per TMZ's exclusive report, Bieber's financial settlement with Braun is causing monetary conflict between the two. As Braun and Bieber edge closer to settling their financial dispute, sources close to the situation have suggested the duo will come to an agreement in a few weeks. TMZ reported that Bieber owes a substantial sum to Braun, his former manager. According to an independent audit by PwC, Bieber owes Braun $8.6 million in unpaid commissions. Though Braun has offered to waive the amount, critical disputes between the duo remain unsolved. The ongoing drama has thus put Bieber's net worth under scrutiny, following Forbes's report that the amount was $83.5 million in 2017. Currently, Justin Bieber's net worth is estimated to be about $201.3 million. Meanwhile, Hailey Bieber's success with 'Rhode' has boosted her net worth to around $300 million. Together, the couple possess a combined net worth of approximately $500 million. Still, Bieber was in debt after cancelling the 'Justice World Tour,' leading to hefty financial losses. He canceled the tour post his Ramsay Hunt Syndrome diagnosis, after which he sold his music catalog for $200 million. As a result, the financial clash between Bieber and Braun deteriorated their relationship. Moreover, TMZ confirmed via PwC that Bieber indeed owed money to Braun. With rumors of Justin Bieber and Scooter Braun coming to a settlement gaining traction, Bieber's net worth has again captured public interest. Given Hailey Bieber on his side, the couple will tackle these personal and professional challenges together. Originally reported by Ishika Mishra on Reality Tea. The post 'Justin Bieber Net Worth' Searches Soar Amid Scooter Braun Settlement Rumors appeared first on Mandatory.
