Howard Hughes’ net worth is believed to be $11 billion. Howard Hughes, Jr. born December 24, 1905, in Houston, Texas, United States-died April 5, 1976, in an airplane over South Texas was an American factory owner, aviator, film producer, and director who amassed enormous wealth and fame through his various ventures but was perhaps better known for his eccentricities, particularly his reclusiveness.
The Early Life of Howard Hughes
Hughes’ father, Howard R. Hughes Sr., designed a rotary drill for oil drilling in 1909, which made the Hughes family very wealthy.
Hughes studied engineering at the California Institute of Technology in Pasadena and the Rice Institute of Technology in Houston.
Both his mother (1922) and father (1924) died during this period. Hughes dropped out of school to run his father’s company, Hughes Tool Company, in Houston.
When he sold the company in 1972, it was worth a billion dollars.
What Was Howard Hughes’s Sickness?
Howard Hughes had indicators of Obsessive-Compulsive Disorder (OCD) for much of his life, despite the fact that he went undiagnosed. Stories of his battles with mental illness range from true to fiction.
What Really Happened to Howard Hughes?
He died in 1976, at the age of 70, while flying from Acapulco, Mexico, to Houston, Texas, for medical treatment. Several “wills” were proved to be frauds when legal fights over his estate occurred.
Howard Hughes’ Career
Las Vegas, aviation, and the Howard Hughes Medical Institute
Howard Hughes was a pilot as well as a filmmaker. He established the Hughes Aircraft Company in Culver City, California, in 1932. In an airplane he designed, he established the global land speed record of 352.46 miles (567.23 km) per hour on September 12, 1935.
In the same aircraft, he set a new transcontinental flight record of 7 hours and 28 minutes on January 19, 1937. He circumnavigated the world in a Lockheed 14 in a record period of 91 hours and 14 minutes in July 1938. Hughes bought a 78 percent stake in Trans World Airlines (TWA) the following year.
Hughes worked on military aircraft during WWII, and his company received several government contracts, including the Hughes XF-11 and the H-4 Hercules.
However, the planes, like his films, were delayed and did not arrive until after the war. In 1946, he took the Hughes XF-11 reconnaissance plane on its first test flight and was nearly killed.
The Hercules, a 750-passenger eight-engine wooden flying boat, was not built until 1947. Hughes was called before a Senate committee examining war profiteering that year.
He fought Senator Owen Brewster in the well-publicized hearing and eventually won. Hughes then piloted the Hercules, often known as the Spruce Goose, on its one and only flight (in 1947). (1.6 km).
Hughes, who had always been a loner, formally retired in 1950. With proceeds from the Hughes Aircraft Company, he established the Howard Hughes Medical Institute in 1953.
The center was established, according to Hughes, to investigate “the origin of life itself.” It grew into a major biological and medical research institute and one of the world’s largest and most influential nonprofits.
He lost control of TWA after refusing to appear in court to answer antitrust charges against the company during the next decade. He sold his stock for more than $500 million in 1966.
Hughes purchased the Desert Inn, a Las Vegas resort casino, the following year. He is said to have purchased it after being asked to evacuate the penthouse.
This sparked a buying binge that included other casinos as well as big swaths of undeveloped property. He had already purchased land outside of Las Vegas in the 1950s, which would later become Summerlin, a planned town.
Hughes went on to play a key role in the growth of Las Vegas, transforming the city’s image – which had previously been connected with the Mafia – and attracting additional corporate investment.
The Private Life of Howard Hughes
Hughes’ propensity for privacy and seclusion drew a lot of criticism. This resulted in a scandal in 1971 over his claimed memoirs, which were purchased for $1 million for publication in books and periodicals.
Hughes’ work and supporting letters were eventually shown to be fraudulent and manipulated.
Hughes unexpectedly moved from one place to another in his final years (Bahamas, Nicaragua, Canada, England, Las Vegas, Mexico.
He took elaborate pains to secure full privacy, even in a luxury hotel, as he had done at the Desert Inn and was rarely seen except by a few male assistants.
He worked for days on end in a room with dark curtains, becoming malnourished and crazy as a result of a poor diet and an overabundance of medications. He died in 1976 while flying from Acapulco, Mexico, to Houston, Texas, for medical treatment.
Following his death, a legal battle ensued about how his fortune should be distributed. Several “wills” arose, including one discovered at the Mormon Church’s Salt Lake City offices, but all were eventually discovered to be forgeries.