Charles Bluhdorn

Last updated
Charles George Bluhdorn
Born
Karl Georg Blühdorn

(1926-09-20)September 20, 1926
Vienna, Austria
DiedFebruary 20, 1983(1983-02-20) (aged 56)
Residence Ridgefield, Connecticut, US
NationalityAmerican
Occupation Industrialist
Known for Gulf+Western
Spouse(s)Yvette M. LeMarrec
Children2
Relatives Hatuey de Camps (son-in-law)

Charles George Bluhdorn (born Karl Georg Blühdorn; September 20, 1926 – February 20, 1983) was an Austrian-born American industrialist.

Austria Federal republic in Central Europe

Austria, officially the Republic of Austria, is a country in Central Europe comprising 9 federated states. Its capital, largest city and one of nine states is Vienna. Austria has an area of 83,879 km2 (32,386 sq mi), a population of nearly 9 million people and a nominal GDP of $477 billion. It is bordered by the Czech Republic and Germany to the north, Hungary and Slovakia to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. The terrain is highly mountainous, lying within the Alps; only 32% of the country is below 500 m (1,640 ft), and its highest point is 3,798 m (12,461 ft). The majority of the population speaks local Bavarian dialects as their native language, and German in its standard form is the country's official language. Other regional languages are Hungarian, Burgenland Croatian, and Slovene.

Americans citizens, or natives, of the United States of America

Americans are nationals and citizens of the United States of America. Although nationals and citizens make up the majority of Americans, some dual citizens, expatriates, and permanent residents, may also claim American nationality. The United States is home to people of many different ethnic origins. As a result, American culture and law does not equate nationality with race or ethnicity, but with citizenship and permanent allegiance.

Contents

Life and career

Bluhdorn was born in Vienna, Austria. Per Who's Who in Ridgefield (CT), he was considered such a "hellion" that his father sent the 11-year-old to an English boarding school for disciplining. At 16, he moved to New York, studying at City College and Columbia and, in 1946, went to work at the Cotton Exchange, earning $15 a week. [1] Other accounts say that he immigrated to the United States in 1942 and served in the U.S. Army Air Forces. [2]

The New York Cotton Exchange (NYCE) is a commodities exchange founded in 1870 by a group of one hundred cotton brokers and merchants at 1 Hanover Square in New York City. In 1998, the New York Board of Trade (NYBOT) became the parent company of both the New York Cotton Exchange, and it is now owned by IntercontinentalExchange (ICE). Since 2003, its headquarters and trading facility have been in the New York Mercantile Exchange Building.

Details of his upbringing are unknown but Vanity Fair reported that: "Truth be told, Charlie wasn't elucidative about a lot of things, including whether he was Jewish, which he kept Hollywood guessing about by posting a sentry outside the men's room door. (That, at least, can be settled here: Not Cut, according to a movieland wife with opportunity for close observation.)" [3]

Three years later, he formed a company that would make him a millionaire at 30; in 1956, he acquired Michigan Bumper, a small auto parts company that eventually grew into Gulf and Western Industries, a conglomerate that ranked 61st in the Fortune 500 by 1981. [1]

Gulf and Western Industries American conglomerate (1934-1989)

Gulf and Western Industries, Inc., was an American conglomerate. Gulf and Western's origins date to a manufacturer named the Michigan Bumper Company founded in 1934, although Charles Bluhdorn treated his 1958 takeover of what was then Michigan Plating and Stamping, as its "founding" for the purpose of later anniversaries. Through asset management, the company's non-publishing and entertainment assets were dismantled; with the company re-branding as Paramount Communications in 1989 after Paramount Pictures. The company's current remnants operate as Viacom and CBS Corporation.

<i>Fortune</i> 500 annual list compiled and published by Fortune magazine

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along with privately held companies for which revenues are publicly available. The concept of the Fortune 500 was created by Edgar P. Smith, a Fortune editor, and the first list was published in 1955. The Fortune 500 is more commonly used than its subset Fortune 100 or superset Fortune 1000.

Charles married Yvette M. LeMarrec, formerly of Paris, about 1950. [4]

Subholdings of Gulf and Western were blue-chip names such as Paramount Pictures (acquired in 1966), Madison Square Garden, and Simon & Schuster publishing as well as less glamorous holdings such as mining, New Jersey Zinc Company. Paramount was suggested to Bluhdorn by Sumner Redstone and the acquisition was encouraged by Paramount's head of publicity, Martin Davis. [5] It was during Gulf and Western's ownership of Paramount that it went from being number nine at the box office, based upon total receipt sales, to number 1 with such hits as The Godfather and Chinatown . [6]

Paramount Pictures Major film studio in America, specializing in film and television production, and distribution.

Paramount Pictures Corporation is an American film studio based in Hollywood, California, that has been a subsidiary of the American media conglomerate Viacom since 1994. Paramount is the fifth oldest surviving film studio in the world, the second oldest in the United States, and the sole member of the "Big Six" film studios still located in the Los Angeles neighborhood of Hollywood.

Madison Square Garden Multi-purpose indoor arena in New York City

Madison Square Garden, colloquially known as The Garden or in initials as MSG, is a multi-purpose indoor arena in the New York City. Located in Midtown Manhattan between 7th and 8th Avenues from 31st to 33rd Streets, it is situated atop Pennsylvania Station. It is the fourth venue to bear the name "Madison Square Garden"; the first two were located on Madison Square, on East 26th Street and Madison Avenue, with the third Madison Square Garden (1925) further uptown at Eighth Avenue and 50th Street.

Simon & Schuster large English-language publisher

Simon & Schuster, Inc., a subsidiary of CBS Corporation, is an American publishing company founded in New York City in 1924 by Richard Simon and Max Schuster. As of 2016, Simon & Schuster was publishing 2,000 titles annually under 35 different imprints.

In 1974 he hired Barry Diller as Paramount's chairman and chief executive, making Diller, at age 32, the youngest studio chief in history and the first to come from the TV business.

Bluhdorn was known to be a tireless executive once dubbed "The Mad Austrian of Wall Street." He maintained his position as chairman of Gulf and Western Industries until his death. [1] He was also infamous (and widely imitated) for his cement-thick Austro-German accent, which has been lampooned in interviews by former collaborators such as Francis Ford Coppola and Robert Evans.

He died of a heart attack on his private jet while returning to the United States from his Casa de Campo resort in the Dominican Republic. [1]

His private funeral services were held at St. Mary's Church in Ridgefield, Connecticut. Among those who attended was friend and former Secretary of State Henry Kissinger. [1]

At Tufts University in Boston, there is the Charles G. Bluhdorn Prize in Economics, awarded annually to an undergraduate majoring in economics who has demonstrated outstanding scholastic ability. This prize was founded in 1983 by Donald Gaston in memory of Charles G. Bluhdorn. [7]

Bluhdorn's tumultuous relationship with appointed Paramount executive Robert Evans was documented in Evans' 1994 biographical book The Kid Stays in the Picture and in the 2002 film of the same title. Bluhdorn initially hired Evans in 1966 to head European production for Paramount Pictures. He would promote Evans almost immediately to head of production at Paramount Pictures. [6]

The 1990 film The Godfather Part III was dedicated to Bluhdorn, "who inspired it." [8]

Dominican Republic

Charles Bluhdorn was very passionate about his projects in this country. He invested a lot of resources into its social and economic development. Bluhdorn is credited as being the father of the Dominican tourism industry.

In 1967 Gulf+Western paid $54 million for South Puerto Rico Sugar Company. Most of the company's operations were in the Dominican Republic, where it owned the extensive Central Romana sugar mill in La Romana and 300,000 acres (1,200 km2) of land. Nearly half of the land was used to produce sugar cane and, at the peak of the cane-cutting season, the company employed 19,000 people, making it the country's largest private employer as well as the largest taxpayer and landowner.

Gulf+Western acquired Consolidated Cigar in 1968 and shifted the Canary Island cigar-making operation to La Romana.

As Gulf+Western had purchased Paramount in 1966, Bluhdorn had plans to turn the island into a moviemaking mecca. For that purpose he constantly invited producers, directors, writers and movie stars so they could appreciate the natural beauty of the country.

In 1975 Gulf+Western developed 7,000 acres (28 km2) of the sugar mill's land into the Casa de Campo resort. Casa de Campo is home to three internationally renowned golf courses designed by Pete Dye – Teeth of the Dog, Dye Fore and Links. [10]

One of Bluhdorn's Dominican friends, Oscar de la Renta, was hired to do interior design for Casa De Campo [10] and licensed his men's wear line through Kayser-Roth.

Kayser-Roth (a division of Gulf+Western), owned the Miss Universe pageant via its acquisition of Pacific Mills. Pacific Mills had invented the pageant to sell its Catalina Swimwear brand. Miss Universe 1977 was held in the Dominican Republic in order to promote tourism to this island.

Former Paramount Studios set designer Roberto Copa designed the artist village of Altos de Chavón [10] in 1976 and it was built by Bluhdorn in the early 1980s. Bluhdorn's daughter, Dominique Bluhdorn, is the current president of the Altos de Chavón Cultural Center.

Altos de Chavón also has a 5,000 seat open air Greek style amphitheatre, which was inaugurated in 1982 by Frank Sinatra [10] with the Concert for the Americas. Bluhdorn had Paramount Pictures record the concert so it could be shown all over the world. Viewers could see the Altos de Chavón artist village, the beauty of the landscapes, beaches and golf courses of Casa de Campo.

Property

Casa de Campo, an hour away from Santo Domingo, was a 7,000-acre (28 km2) exclusive retreat founded by Bluhdorn in 1974. His wife, Yvette, would sell the property after his death in 1984 to the Fanjul Brothers of Palm Beach, Florida. [10] [11]

In February 2007 the Bedford, New York estate of his late wife, Yvette, was put on the market for the highest price ever asked for a Westchester County residence. Acquired in 1990 with 25 acres (100,000 m2), Mrs. Bluhdorn expanded the estate to 70 acres (280,000 m2). It included a restored 20,000-square-foot (1,900 m2), 23-room Georgian mansion built in the 1920s, another six-bedroom home of 8,000 square feet (740 m2), several guest houses and two pools. [12]

A portion of Charles Bluhdorn's fortune continues with the Charles G. & Yvette Bluhdorn Charitable Trust. As of December 2005 it was reporting $2,396,383 in assets. [via Form 990 IRS] [13]

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References

  1. 1 2 3 4 5 "Who's Who in Ridgefield CT A-F" . Retrieved 29 November 2010.
  2. Blair, William (20 February 1983). "Charles G. Bluhdorn, the Head of Gulf and Western, Dies at 56". The New York Times. Retrieved 27 July 2015.
  3. Anson, Robert (April 2001). "Hurricane Charlie". Vanity Fair .
  4. Anson, Robert (April 2001). "Hurricane Charlie". Vanity Fair. Retrieved 27 July 2015.
  5. Bart, Peter. "Infamous Players: A Tale of Movies, the Mob (and Sex)" NY: Weinstein Books, 2011
  6. 1 2 "Kid Stays In the Picture, The : Who Is Robert Evans?" . Retrieved 29 November 2010.
  7. "Charles G. Bluhdorn Prize in Economics, 1983". Tufts Digital Library. Archived from the original on 10 June 2010. Retrieved 30 November 2010.
  8. The Godfather: Part III on IMDb
  9. Rowlands, Paul (2013-01-13). "SORCERER (William Friedkin, 1977)". Money Into Light. Retrieved 2013-05-25.
  10. 1 2 3 4 5 Treaster, Joseph (December 28, 1986). "A DOMINICAN RESPITE FROM REALITY". The New York Times. Retrieved 30 November 2010.
  11. Cole, Robert J. "Sugar Sale By G.&W". The New York Times. Retrieved 4 January 2016.
  12. "BRADY PUNTS". New York Post. February 8, 2007. Archived from the original on 21 October 2012. Retrieved 30 November 2010.
  13. "CHARLES G & YVETTE BLUHDORN CHARITABLE TRUST". taxexemptworld.com. Retrieved 30 November 2010.

Further reading