Robert Maxwell Net Worth: Ian Robert Maxwell MC was a British media owner who was born in Czechoslovakia and was suspected of being a spy and a fraudster.
Maxwell ran away from the Nazis when they took over his home country when he was young. He joined the Czechoslovak Army in exile during World War II and was given a medal after serving in the British Army. In the years that followed, he worked in publishing, making Pergamon Press one of the most important academic publishers.
After being a Labour MP for six years in the 1960s, Maxwell put all of his energy back into the business. He bought several publishing companies, including the British Printing Corporation, Mirror Group Newspapers, and Macmillan Publishers.
Maxwell lived a flashy life. He lived in Headington Hill Hall in Oxford, where he often flew his helicopter or sailed his luxury yacht, the Lady Ghislaine. He was always suing people and getting into trouble.
Brief Information About Robert Maxwell
|D.O.B||June 10, 1923|
|Death Date||5 November 1991|
|Net Worth||-$1 Billion|
Robert Maxwell’s Net Worth
British media mogul and politician Robert Maxwell left behind a -$1 billion fortune when he passed away. The peak of Robert Maxwell’s business empire resulted in a net worth of $1.9 billion. His business empire left as much as $4 billion in debt after his death.
However, he saved enough to set up trust funds that pay his children $100,000 annually. At the time of his passing, it was also discovered that Robert had stolen hundreds of millions of pounds from the pension funds of his employees.
He joined the Czechoslovak Army after escaping the Nazi occupation. While also serving as the Member of Parliament for Buckingham from October 1964 until June 1970, he founded and expanded Pergamon Press. Then he bought the Mirror Group of Newspapers and Macmillan Publishers, adding to his previous purchases of the British Printing Corporation. He would eventually amass tabloid newspaper holdings including the New York Daily News, The Mirror, and a portion of MTV Europe.
In 1989, Maxwell had to sell businesses like Pergamon Press to pay off his debts. In 1991, at the age of 68, Robert Maxwell’s body was discovered in the Atlantic. The Maxwell firms filed for Chapter 11 bankruptcy the following year.
Robert Maxwell’s military service
Maxwell enlisted in the Czechoslovak army while in exile in Marseille. He was transferred to the Royal Pioneer Corps in Great Britain and then to the North Staffordshire Regiment after he and hundreds of other soldiers protested the army’s command.
Maxwell later engaged in combat all over Europe, rising to the rank of sergeant and ultimately captain. He received the Military Cross early in 1945. Then, he was employed by the Foreign Ministry’s press office in Berlin.
Robert Maxwell Press of Pergamon
Maxwell entered the business world after World War II by utilizing his military connections. It quickly became Springer Verlag’s British and American distributor for science books. Later, in 1951, Maxwell bought out Paul Rosebud’s minority stake in publisher Butterworth Springer.
The house was then renamed Pergamon Press by the duo. Rosbaud was let go from the business in 1956. Over the ensuing years, Maxwell significantly expanded Pergamon, turning it into a pioneer in the publication of science, technology, and medical journals. In 1964, the business went public.
When American businessman Saul Steinberg suggested buying the company, Pergamon hit a snag. Pergamon was forced to lower its earnings projection and halt stock market trading during the negotiations. Maxwell lost control of the business as a result, and he has kicked off the board of directors.
According to a Ministry of Trade and Industry investigation, Maxwell planned to maximize Pergamon’s share price through deals between private family businesses. However, Maxwell took out loans to rebuild Pergamon in 1974 after the business struggled under Steinberg’s direction. Later, in 1991, he sold the business to Elsevier, an academic publisher.
Robert Maxwell Other businesses and initiatives
In addition to Pergamon Press, Maxwell acquired a number of other businesses to create a massive media empire. He acquired the British Printing Company in 1981; it later changed its name to Maxwell Communications Corporation. Maxwell also purchased the Mirror newspaper group in the 1980s, which sparked a widely reported media conflict between him and his publishing rival Rupert Murdoch.
Furthermore, Maxwell founded Fleetway Publications via IPC Media. He owned businesses like Nimbus Records, Macmillan Publishers, Prentice Hall Information Services, and Berlitz Corporation by the end of the decade.
In addition to his media businesses, Maxwell was well-known for serving as the chairman of Oxford United, a professional football team that he led to the pinnacles of English football by the middle of the 1980s. In 1987, he also purchased a piece of Derby County Football Club. Maxwell was involved with the covert intelligence agencies MI6, KGB, and Mossad in addition to his other endeavors.
Robert Maxwell Member of Parliament
In addition to his work in the media, Maxwell represented the Labor Party as a Member of Parliament for Buckingham, England, from 1964 to 1970. He attempted to win the seat in the 1974 general election but was unsuccessful after losing to conservative opponent William Binion.