Bob Guccione bigraphy, stories - Publisher, businessman, art collector

Bob Guccione : biography

December 17, 1930 - October 20, 2010

Bob Guccione (pronounced "goo-chee-OAN-eh",. YouTube. October 21, 2010. Retrieved May 5, 2012. December 17, 1930 – October 20, 2010) was the founder and publisher of the adult magazine Penthouse until his resignation in November 2003.

Personal life

Family

Guccione's British-reared son, Bob Guccione, Jr. (born 1955), was given editorship of Spin, but father and son soon fell out over editorial decisions, and Bob Jr. eventually found independent investors to continue the magazine. Father and son remained estranged for a long time, but reportedly reconciled before Bob Guccione, Sr.'s death in 2010. Nicky, Guccione's youngest child, retained some contact since Nicky gave Guccione his only grandchild, Benjamin.

Marriages

He married his long-time companion, Kathy Keeton, a native of South Africa in 1988. In 1997 his third wife died of complications from surgery to remedy an obstruction in her digestive tract; she was 58. In her last few months, Keeton befriended an ex-model named April Dawn Warren. Gossip maintained that Warren was Keeton's hand-picked successor. After a long engagement, Guccione married Warren in 2006 and they remained together until his death. Guccione continued to list Keeton on the Penthouse masthead posthumously as President but later added Warren to the masthead after she spent 10 years as creative director of the magazine. Warren and Guccione were working on a book of reminiscences, Good to Know, until shortly before his death in late 2010. He died with Warren at his side.

Residence

Guccione brought artisans in from France and Italy to build the largest private residence in Manhattan. As a tribute to Guccione the artisans carved both his and his wife's face into the marble columns near the entrance. According to New York magazine, "It's one of the biggest private houses in Manhattan, with 30 rooms, and it costs $5 million a year to maintain."Haden-Guest, Anthony (February 9, 2004). . New York magazine. In November 2003, the mansion on Manhattan's Upper East Side was foreclosed on by Kennedy Funding of New Jersey, the mortgage holder along with an affiliate of multi billion-dollar hedge fund Elliot Associates of New Jersey. In January 2004, a group of investors came to Guccione’s aid during his Sheriff-enforced eviction. A London-based investor named Jason Galanis led an investment group that purchased the house for $26.5 million in cash. by Dash Hamilton, September 1, 2005] The house was purchased by NY Real Estate LLC, an entity set up to acquire the mansion. Galanis contributed $2.6 million, and two New York hedge funds, Laurus Funds and Alexandre Asset Management, made a mortgage loan of $24 million to NY Real Estate LLC, which was owned by Penthouse International, the parent and debtor-in-possession of General Media.

As a result of the continuing contentious bankruptcy which lasted over a year, the promissory notes due to Laurus were considered in technical breach of covenants which resulted in severe financial penalties in excess of $8 million. Penthouse International elected to forego refinancing the house due to the combination of the penalties and the unfavorable lifetime lease of $1.00/year that was granted to Guccione, which made the property unmarketable. Laurus sued Guccione to take possession of the house from the tenant. It was reportedly sold for $49 million, well below the asking price of $59 million, to Wall Street financier Philip Falcone.

Guccione also had to sell his country house in Staatsburg, New York. The estate was purchased by actress Uma Thurman and hotelier Andre Balazs.Tuman, Diane (October 21, 2010). . Zillow.

Guccione also owned a 15-room, Baroque stucco mansion on a 75-acre property on the Hudson River, which was foreclosed upon and sold for $4 million.Schiffman, Betty. Forbes.com; 2006; Accessed October 22, 2010.

Art collection

Although Guccione was a talented painter, during his life he went unrecognized as a successful artist. He was also a world-renowned collector of fine art.Marks, Peter (February 18, 1994). . The New York Times Highlights of the Guccione collection included a portrait by Amedeo Modigliani (1884–1920) and a portrait of the artist's son, Paulo, by Pablo Picasso (1881–1973). He also owned paintings by Sandro Botticelli, Albrecht Dürer, El Greco, Marc Chagall, Salvador Dalí, Giorgio de Chirico, Edgar Degas, Fernand Léger, Gilbert Stone, Henri Matisse, Jules Pascin, Camille Pissarro, Pierre-Auguste Renoir, Georges Henri Rouault, Chaïm Soutine, and Vincent van Gogh.

Living octopus

Living octopus

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