Adnan Khashoggi Net Worth

Adnan Khashoggi: The Life and Legacy of a Controversial Billionaire

Adnan Khashoggi was a name synonymous with wealth, power, and controversy. A Saudi Arabian businessman, arms dealer, and financier, Khashoggi lived a life of unparalleled extravagance, earning him the moniker “The Great Gatsby of the Middle East.” This article delves into the fascinating, often tumultuous, life of Adnan Khashoggi, exploring his rise to prominence, his business dealings, the scandals that plagued him, and the lasting impact he had on the world stage.

Early Life and Career Beginnings

Adnan Khashoggi’s journey began on July 25, 1935, in Mecca, Saudi Arabia. Born into a privileged background, his father, Mohammad Khashoggi, served as the personal physician to King Abdul Aziz Al Saud. This connection provided young Adnan with access to influential circles and a foundation for future opportunities. He received a Western-style education, attending Victoria College in Alexandria, Egypt, and later pursuing studies in the United States at California State University, Chico, Ohio State University, and Stanford University. While his formal education was not completed, these experiences broadened his horizons and exposed him to diverse cultures and business practices.

Khashoggi’s entrepreneurial spirit emerged early. He facilitated a business meeting between the fathers of two classmates, demonstrating an innate ability to connect individuals and create opportunities. His first major business venture involved supplying Kenworth trucks to a construction company struggling with desert conditions. Leveraging capital provided by his father, he purchased trucks with wide wheels, which proved ideal for traversing the sands, and leased them to the company. This deal not only earned him a substantial profit but also secured him a position as Kenworth’s Saudi Arabia-based agent, marking the beginning of his successful business career.

Building a Business Empire in the 60s and 70s

The 1960s and 70s were the formative years of Khashoggi’s business empire. He became a key player in facilitating deals between Western companies and the Saudi Arabian government, particularly in the defense sector. His ability to navigate complex international relations and understand the needs of both sides made him an invaluable intermediary. Companies like Lockheed Corporation, Grumman Aircraft Engineering Corporation, Raytheon, and Northrop Corporation became his clients, seeking his expertise and connections to secure lucrative contracts.

Khashoggi’s commissions were substantial. Between 1970 and 1975 alone, Lockheed paid him $106 million. He provided strategic advice, analysis, and acted as the company’s marketing arm in the Middle East. To manage these substantial commissions, he established companies in Liechtenstein and Switzerland, allowing him to operate with a degree of financial discretion. During this period, he also cultivated relationships with influential figures, including CIA officers Kim Roosevelt and James H. Critchfield, further solidifying his position in the global power structure.

Triad International: Khashoggi’s Global Reach

One of Khashoggi’s most significant achievements was the creation and expansion of the Triad International Holding Company. Founded in the early 1960s, Triad grew into a multinational conglomerate with investments across five continents. The company’s diverse portfolio included properties, subsidiary companies focused on various sectors, including energy, technology, and finance.

Triad International’s holdings were extensive and impressive. They encompassed shopping centers, hotels, oil refineries, banks, construction companies, a gold mine, automobile franchises, and even the NBA team, the Utah Jazz. Among its notable acquisitions were the Mount Kenya Safari Club (also known as Ol Pejeta Conservancy), the San Francisco Town Center East (valued at $250 million), the Long Beach Edgington Oil refinery, the Colorado Land & Cattle Company, and Sahuaro Petroleum in Phoenix, Arizona. The company also owned luxury residences in numerous cities, including Beirut, Geneva, Cairo, Salt Lake City, Rome, Paris, and London, as well as a multi-floor penthouse in New York’s Olympic Towers. In addition to real estate, Khashoggi possessed a fleet of super-yachts, helicopters, and private jets, including three Boeing 727s. His opulent lifestyle, fueled by his business successes, became legendary.

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Controversies and Legal Troubles

Despite his success, Khashoggi’s life was not without controversy. He faced numerous accusations of unethical and illegal activities, which ultimately led to legal troubles. His involvement in the Iran-Contra affair, where he acted as a middleman in the arms-for-hostages exchange, brought him significant scrutiny. He was alleged to have facilitated the transactions by borrowing funds from the Bank of Credit and Commerce International (BCCI), with backing from both the US and Saudi governments.

In 1989, Khashoggi was indicted on fraud charges related to his donations to American University. Additionally, he faced legal challenges in Switzerland, where he was arrested for concealing funds and racketeering in connection with Imelda Marcos, the widow of exiled Philippine president Ferdinand Marcos. Although he was detained for three months and fought extradition, he was ultimately acquitted by a federal jury in Manhattan in 1990.

His lavish lifestyle also brought attention, and at its peak, he was reportedly spending $250,000 per day. His yacht was featured in the James Bond film “Never Say Never Again”, showcasing his connections to the world of entertainment.

Personal Life and Family

Adnan Khashoggi’s personal life was as dynamic as his business endeavors. He married Englishwoman Sandra Daly in 1961, who converted to Islam and took the name Soraya. The couple had five children: Nabila, Mohamed, Khalid, Hussein, and Omar. Their marriage ended in divorce in 1974, with the settlement being among the largest at the time. Adnan was later ordered to pay $875 million to Soraya, a record-breaking sum.

He subsequently married Italian Laura Biancolini (Lamia) in 1978, and they had a son named Ali. His third and final marriage was to Shahpari Azam Zanganeh in 1991, which lasted until 2014.

Legacy and Impact

Adnan Khashoggi’s influence extended beyond the world of business. He was a prominent figure in the media, appearing on television shows like “Lifestyles of the Rich and Famous” and “After Dark”, gracing the covers of magazines, and becoming a recognizable personality. His nephew, Jamal Khashoggi, was a prominent journalist who was murdered, further connecting his name to international affairs.

Adnan Khashoggi died in 2017 at the age of 81, leaving behind a complex legacy. He was a man of undeniable charisma, ambition, and wealth, who lived a life of extraordinary excess. While his business dealings and legal issues drew controversy, his ability to connect with people, build a global empire, and navigate the complexities of international relations cemented his place in history. He remains a fascinating figure, a symbol of the excesses of the 20th century, and a reminder of the intricate interplay between business, politics, and personal ambition.