Bob Guccione was a prominent figure in adult entertainment and an accomplished entrepreneur. Born December 17, 1930 in Brooklyn, New York – Guccione first rose to prominence upon founding Penthouse magazine in 1965. Originally positioned to rival Hugh Hefner’s Playboy, Penthouse stood out for its audacious content and investigative stories that targeted government corruption and scandalous art-world transactions.
Guccione, an individual of Italian ancestry, grew up in Bergenfield, New Jersey. As a young man, he took up various roles ranging from managing laundromats to cartooning for the London American. Guccione’s artistic bent extended to photography, with him personally photographing many early Penthouse models, setting a distinctive visual tone for the magazine.
How Did Bob Guccione Build His Fortune?
Guccione’s primary source of wealth was Penthouse, which saw unprecedented success during its initial years. Guccione reported to The New York Times in 2002 that his magazine had generated between $3.5 and $4 billion over 30 years, with profits nearing $500 million. At its height in 1982, his net worth was estimated at an estimated $400 million; that sum would translate to about $1.8 billion today after accounting for inflation.
However, Guccione wasn’t just content with magazine profits. Over the years, he ventured into a variety of investments ranging from luxury resorts to movies. He funded the lavish Haludovo Palace Hotel on the Yugoslav coast and the notorious historical film “Caligula.”
What Led to Bob Guccione’s Financial Decline?
Despite his staggering successes, Guccione’s financial decisions weren’t always astute. He lost millions on ventures like the ill-fated Penthouse Boardwalk Hotel and Casino and a nuclear fusion power plant that never came to fruition. The IRS also presented him with a back-tax bill of $45 million in 1985.
As debts mounted, Guccione’s assets came under the hammer. Foreclosure proceedings began against his 30-room Manhattan mansion in 2003 and it was ultimately sold in 2009 for $49 million to financier Philip Falcone. Meanwhile, in 2002 his invaluable art collection featuring pieces by Picasso, Degas, El Greco and other acclaimed artists was auctioned off, yielding $19 million compared to an expected value of $59 million.
How Did Penthouse Distinguish Itself from Other Magazines?
Penthouse magazine stood apart from its competitors, primarily Playboy, in several ways. Guccione made sure to introduce a more sensational editorial tone and shifted focus to investigative journalism. Renowned writers like James Dale Davidson and Seymour Hersh wrote explosive pieces that exposed corruption within the U.S. government.
Furthermore, Penthouse pushed boundaries with its pictorials. It was the first men’s adult magazine in the U.S. to showcase female pubic hair and later introduced more explicit content than most competitors.
What Happened to Bob Guccione’s Personal Life?
Throughout his life, Guccione had complex personal relationships. He was married four times, first to Lilyann Becker during his teenage years, followed by Englishwoman Muriel Hudson, with whom he had four children. Later, he was involved with Kathy Keeton and they tied the knot in 1988. Kathy tragically passed away in 1997, and Guccione later married ex-model April Dawn Warren in 2006.
Guccione’s health deteriorated due to a long battle with throat cancer, a result of his heavy smoking habits. He underwent surgery in 2004 to manage the condition. Sadly, in 2010, lung cancer took his life when he was 79 years old.
