Harvey Weinstein's $300million net worth plummets to $25million since his 2017 downfall
Harvey Weinstein's estimated net worth has dwindled to less than a tenth of his previous $300million fortune, financial experts told DailyMail.com – as he is set to fight yet another costly trial.
The convicted rapist movie mogul, 72, is still likely to be sitting on tens of millions of dollars after decades at the pinnacle of Hollywood, but has been drastically devalued after his business' bankruptcy, two divorces, over $40million in class-action settlements, and millions in attorneys' fees.
Weinstein, who was transported to Rikers Island jail from his upstate prison after his rape conviction was nullified by the court, was taken to Bellevue Hospital for a 'series of tests,' on Friday.
And he continue to hemorrhage cash to lawyers after a New York appeals court ruled on Thursday that his rape conviction in that state will be retried.
'Following Harvey Weinstein's rape, sexual misconduct and assault charges, he no longer owns the empire he once did,' Southern California financial expert and investigator Jack Cohen told DailyMail.com.
Harvey Weinstein fortune has been drained by business bankruptcies, two divorces, over $40million in class-action settlements, and millions in attorneys' fees over the last seven years
At the height of his career, the now disgraced film mogul was estimated to be worth between $240million to $300million
Before his downfall in 2017, the award-winning movie producer was one of the most successful in the business, with movie assets valued at over $500million
'Between the legal fees, divorce settlements, and child support, in addition to currently being imprisoned and not being able to conduct any business or produce income, I estimate his current net worth to be around $25million, which is a huge drop from his past worth of between $240million and $300million, when he was at his peak of his career and very successful.'
Before his devastating downfall following public allegations of sexual assault and rape in 2017, CelebrityNetWorth.com estimated Weinstein's worth to be as high as $300million. Page Six estimated a more conservative $240million.
He had mansions in Connecticut and Manhattan, several properties in Los Angeles, and a business, The Weinstein Company, with movie assets valued at over $500million.
But in October 2017 his empire came crashing down, as dozens of claims of his prolific molestation and abuse of Hollywood actresses dating back 30 years were published in the New Yorker, New York Times and other outlets.
Among his accusers are a host of A-listers including Kate Beckinsale, Lysette Anthony, Cate Blanchett, Helena Bonham Carter, Cara Delevingne, Salma Hayek, and Paris Hilton.
His downfall led not only to his arrest and conviction of rape in both California and New York, but also the collapse of The Weinstein Company, which declared bankruptcy in 2018.
The firm made Weinstein tens of millions over his career, producing hit movies including Django Unchained, The King's Speech, Silver Linings Playbook, and Paddington.
But its folding left him and its other owners empty handed, as its debts of more than $520million outstripped its assets.
Weinstein also had huge costs to contend with in his personal life.
Weinstein's empire came crashing down in October 2017 as dozens of claims of his prolific molestation and abuse of Hollywood actresses dating back 30 years were made public
His downfall led not only to his arrest and conviction of rape in both California and New York, but also the collapse of The Weinstein Company, which declared bankruptcy in 2018
His legal team is now appealing the California conviction. Pictured: Weinstein with Oscar winner Meryl Streep in 2012 before the sordid accusations emerged
Weinstein, 72, whose health has also been on the decline, had sold about $62M of property from his vast portfolio - including his main residence in Westport, Connecticut (pictured) for $16M in 2018 - to fund his legal battles
His 2004 divorce from first wife Eve Chilton, mother of three of his five children, left him with significant child and spousal support costs. In 2018 she filed court documents claiming he still owed her $5million.
The same year, he settled his divorce with his second wife, Georgina Chapman, for a reported sum between $15million and $20million.
He was also hit with a raft of civil lawsuits over his alleged sexual abuse, and started selling off his vast property portfolio to pay for his marital and legal settlements.
According to a report by the Wall Street Journal, from 2017 to 2019 he sold about $62million of property.
Sales included a Hamptons family home that went for $10million in November 2017, a commercial condo in Tribeca sold in April 2019 for $6.1million, a Los Angeles house he bought for his daughter Lily at $1.8million in April 2018, and his main residence in Westport, Connecticut, for $16million February 2018.
He remained living at the Westport home after he sold it in 2018 until February 2019, in a deal with the new owner.
But he appears to have now sold all his larger US properties, and since his New York conviction in 2020, has languished in state prison.
Though the conviction was overturned and he faces a retrial, another 2022 rape conviction in California for which he was sentenced to 16 years means he is likely to continue his incarceration on the West Coast.
The class action lawsuits against him by alleged sexual assault victims resulted in settlements of at least $43million.
He and his firm settled a class action with his victims for $25million in December 2019 and a second settlement for a reported $17million was made in January 2021.
His attorney Arthur Aidala (pictured on April 25) represented him throughout the New York appeal
Weinstein was convicted in 2020 of raping Jessica Mann (pictured at court in 2020) at her home in Manhattan in 2013
Justice James M. Burke, seen in a court sketch in 2020, was blamed for a 'crucial' mistake in Weinstein's New York trial
Steven Siegler, executive managing director at Palm Beach appraisal expert firm Equity Development Systems, said that a portion of Weinstein's previous financial worth was in his dealmaking ability as a Hollywood 'kingmaker' – a status that is likely never to return.
'Hollywood is fickle. It's certainly not out of the question that he could resurrect himself and grow his name, image and likeness values back again,' Siegler told DailyMail.com.
'But I don't know that he would ever work again with the likes of Class A talent like a Scorsese or Spielberg.
'Would you want to go have lunch with him on Rodeo Drive and be seen in public?'
Siegler added that super-wealthy individuals like Weinstein often stashed assets abroad, and a true accounting of his net worth would require a forensic audit.
'Being a person of great wealth, I would assume he would hold assets in securities, hard assets like gold or silver, in a personal capacity and maybe even offshore,' he said.
'They could be parked in different countries, not necessarily within the reach of the United States government. It would take a great forensic exercise to find all that.'
Between Weinstein's trials, appeals, and civil cases, his legal fees may have reached the tens of millions since 2017.
Weinstein disclosed that he was paying two of his attorneys $100,000 a month each, in a lawsuit he filed claiming they overcharged him and underperformed.
The lawsuit said attorney Jose Baez and his partner were paid a combined $200,000 per month to fight his criminal trial, for a total $2million.
Weinstein was a titan of the movie industry before the widespread allegations of sexual abuse made him the face of the #MeToo movement in 2017
Weinstein disclosed that he was paying two of his attorneys - one of whom was Jose Baez (pictured in 2019) - $100,000 a month each, in a lawsuit he filed claiming they overcharged him and underperformed
Attorney Arthur Aidala said Weinstein was moved to Bellevue Hospital in Manhattan, seen here, after his arrival on Friday into Rikers Island
Weinstein was represented by Benjamin Brafman from his 2018 arrest, then switched him for a team of four including Baez and Harvard Law professor Ronald Sullivan.
Arthur Aidala represented him in his New York appeal which he won last week; Michael Freedman and Jennifer Bonjean for his California appeal.
If he had retained a team of four lawyers paid $100,000 per month since 2018, the total bill would now be over $30million.
Westlake Village, California-based property expert Cohen said that the financial firestorm Weinstein faced has left him with an estimated net worth of about $25million.
'In the past, his net worth was estimated at $300million,' Cohen told DailyMail.com.
'Much of this valuation was based on the value of The Weinstein Company before the sexual scandals of 2017 broke worldwide.
'I estimate his current net worth to be around $25million.'
Bonjean, of NYC-based Bonjean Law Group, said that his successful New York appeal may have consequences for his California appeal.
'The impact (on the Los Angeles trial) is massive,' she told DailyMail.com.
'The entire trial was tainted from jump street because this jury was fully aware of New York convictions that are no longer valid.'
'I spoke with him yesterday. We were very anxious to get the New York decision.
'He's doing hard time and he's not a young man. He was entitled to a fair trial but he didn't get.'
'His appeal brief is due on May 20 but we're considering other avenues right this second.'
However, Weinstein faces a tougher battle in the golden state due to longstanding laws allowing alleged other victims of sexual abuse by the defendant to testify in rape trials.