Russell Simmons Still Blames Ex-Wife Kimora Lee For Costing Him $400 Million

Highlights

• Russell Simmons based Def Jam Records, empowering hip-hop artists to mainstream good fortune.
• Simmons expanded his empire into comedy, model, and picture, accumulating wealth.
• After divorce, his net worth dropped to $10M; Simmons blames ex-wife for his financial loss.

Russell Simmons was once once the "Godfather of hip-hop." This was a results of Simmons founding Def Jam Records and bringing rap to mainstream America. He took artists that were another way being lost sight of through the music industry and gave them their own space. Simmons gave them a voice. Simmons gave hip-hop artists the ability to become some of the highest-selling in the industry. As a outcome, Simmons also built himself a massive fortune.

Being one in all hip-hop's first marketers, Simmons was once no longer content material with most effective being the founder of Def Jam on my own. Instead, he wanted to make bigger his empire. In doing so, Simmons took the comedy scene and model trade through typhoon. This further constructed Simmons' fortune, but it also offered Simmons to his now ex-wife, Kimora Lee.

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The then-couple were married in 1998. Lee welcomed the first two of her five children with Simmons. But Ming Lee Simmons and Aoki Lee Simmons were not enough to stay Lee and Simmons from divorcing in 2009, in a divorce that was once pricey for Simmons. It turns out that once the divorce, Simmons' web value dropped considerably.

Russell Simmons' Current Net Worth Is $10 Million

Russell Simmons has lost a fortune over time

Simmons is currently worth $10 million. While this can be a tidy fortune for maximum, for Simmons, this sum represents a fall from grace.

While in his heyday, Simmons was estimated to be worth $325 million. While the fortune used to be being constructed with the launching of the careers of The Beastie Boys, LL Cool J, Public Enemy, Run DMC, and more, it was when Simmons offered his share of Def Jam in 1999 for $100 million that he changed into insanely wealthy.

Simmons didn't just sit on his laurels after selling Def Jam, on the other hand. Instead, Simmons put his energies towards his different industry ventures, Phat Farm, a men's clothing corporate that will sooner or later have a women's department, Baby Phat, and the production of the Def Jam Comedy Tour.

The success of the Def Jam Comedy Tour would ultimately permit Simmons to foray into film. Because of this, he produced films comparable to The Nutty Professor, The Adventures of Pluto Nash, and extra.

In 2004, when Phat Farm was once at its top, Simmons sold the corporate for $140 million.

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While Simmons' skilled life was once extremely successful from the Nineties and into the mid-2000s, his private existence was once equally so. This is as a result of all through this time, Simmons married Lee, and the 2 welcomed daughters Ming and Aoki.

While Simmons was once working on his ventures, Lee was modeling and working Baby Phat. Simmons and Lee in reality looked like the hip-hip power couple who had all of it.

Russell Simmons And Kimora Lee's Marriage Was Not As Happy As It Seemed

Russell Simmons and Kimora Lee's marriage used to be mired with infidelity

From all outward appearances, it seemed like Simmons' and Lee's marriage was once a contented one. But from the beginning, the relationship was troubled, all because Simmons was once not able to stay trustworthy.

Before Lee and Simmons got in combination, Lee's buddies were warning her to steer clear of Simmons because of his popularity for being a "bad boy." But Lee fell hard and briefly for Simmons.

Despite the truth that he was not first of all in a position to calm down, Lee stuck the relationship out. That was once till Kimora caught Simmons kissing another woman on New Year's Eve and gave Simmons an ultimatum.

"I said, 'I’m leaving you, I don’t want to be with you, I don’t want to beg you anymore,'" Lee explained of her dialog after catching Simmons dishonest. "'Whatever it is that you’re doing, it’s really not my style.'"

Lee went on to mention, "'And he’s like, 'No, because I love you and you’re the woman I want to be with for the rest of my life, and I may be stupid sometimes, but I know that I love you and I want to be with you, and we’ll get married tomorrow if you don’t believe me.' And I said, 'OK, so let’s get married."'

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The two did just that during 1998. But Simmons may just no longer remain devoted. Try as she might, Lee in the end hit the snapping point with Simmons' infidelity, and the 2 filed for divorce in 2006.

The divorce would take years to finalize and value Simmons hundreds of thousands within the process.

Russell Simmons Paid A Hefty Amount Of Money To Kimora Lee After They Divorced

Russell Simmons apparently paid more to his daughters than to Kimora Lee when they divorced

Once the three-year legal struggle between Simmons and Lee concluded, Simmons used to be left footing a moderately hefty amount. While a few of it went to Lee, the bulk of the cash Simmons paid went to his women.

The settlement that Simmons agreed to included:

While money and different items needed to be divided between Lee and Simmons, simply what amount ended up going to Lee is unknown.

Today, Lee has a net worth of $80 million. Lee as soon as used to spend her cash on flashy things like cars, clothes, and jewellery. The way that Lee spends her fortune today is unknown, due to her private lifestyle.

However, it is not the divorce that Simmons claims has bankrupted him. Instead, Simmons claims it's Lee and her estranged husband Timothy Leissner who stole money from him years after he and Lee had been divorced.

Russell Simmons Blames Kimora Lee And Her Husband For His Loss Of Fortune

Russell Simmons claims Kimora Lee and her estranged husband stole hundreds of thousands of greenbacks of stock from him

Lee and her now-estranged husband, Leissner, in conjunction with Simmons labored with an investment company, Nu Horizons Investment Group. This group owned the majority of stock in the energy drink Celsius. The 3 invested in the power drink company, seeing that it was going to be a luck.

At some cut-off date, Simmons sold off his shares of Celsius stock. However, Lee and Leissner held onto their. These identical stocks, that have been worth about $44 million, had been used to bail Leissner out of jail after he was once accused of embezzling billions from other people in Malaysia.

Despite Lee having the ability to end up that Simmons bought off his stocks, he endured to claim that he was once owed half of the shares that Lee and Leissner bought off to keep him out of prison. He eventually sued Lee for the money.

As the lawsuit continues, Simmons continues to contend that the rationale he's now not wealthy has to do with Lee promoting off his stocks of Celsius.

Simmons states that he's "owed $400 million," which, if he were to get that quantity, would make him richer than he ever were. How this case will play out, remains to be observed.

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