What was Stephen Bing's Net Worth?
Stephen Bing was an American heir, businessman, film producer, and donor to progressive causes who reportedly had just $300,000 in liquid assets at the time of his death. If accurate, that was a shocking fall from his peak lifetime net worth of $600 million. Bing committed suicide on June 22, 2020, at the age of 55. Bing famously made many investments in movies, some of which did not perform well. For example, he personally invested $85 million in the 2004 animated Tom Hanks movie "Polar Express." That investment proved wise when the movie went on to earn over $300 million at the box office. Unfortunately, Steve also allegedly lost $50 million personally on the 2007 film "Beowulf." He was also a major backer of the 2016 Warren Beatty movie "Rules Don't Apply," which cost $25 million and only earned $4 million.
Steve was best known for dating many very famous women, including Uma Thurman, Sharon Stone, Sheryl Crow, Liv Tyler, and Elizabeth Hurley. He had a high-profile paternity suit with Hurley. The two had started dating in 2000. Hurley got pregnant in 2001, and he initially denied being the father. At the time, he released a statement saying that he and Hurley were not in an exclusive relationship when she got pregnant and that it was her choice to be a single mother. In 2002, a DNA test revealed he was the father of her son Damian. He was also later proven to be the father of a child born to billionaire Kirk Kerkorian's ex-wife, Lisa Bonder.
Bing was a longtime friend of Bill and Hillary Clinton. Bing donated about $25 million to the Clinton Foundation in 2008 and convinced his wealthy friends to do the same. He spent $50 million on the failed 2006 California Proposition 87, which sought to tax the production of oil. He reportedly bought an $85,000 sculpture made by Bob Dylan for Bill Clinton. In 2009, Bing flew with Clinton to North Korea to free the journalists Laura Ling (sister of Lisa Ling) and Euna Lee. They flew on Bing's private Boeing 737 at a reported personal cost of $200,000.
Early Life
He was born Stephen Leo Bing on March 31, 1965. His mother, Helen, was a nurse, and his father, Peter, was a doctor. His paternal grandfather, Leo S. Bing, was a highly successful real estate developer. Leo Bing built the Drake, Gramercy Park Hotel, and dozens of luxury apartment buildings in New York City.
He attended Harvard Westlake, an elite private school in Los Angeles. Before graduating, he co-wrote a screenplay called "Missing In Action," which would later be produced as a feature-length film starring Chuck Norris (and had a sequel."
When Steven was 18, his grandfather died and reportedly left him a $600 million inheritance. At the time, he was a student at Stanford University. He dropped out in his junior year to pursue a career in Hollywood.
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Producing Career
Bing was the founder of the Shangri-La business group, an organization with interests in property, construction, entertainment, and music. But he was better known as a film producer, investing in projects through his company, Shangri-La Entertainment.
Over the years, Stephen produced dozens of movies. Notable projects include "Kangaroo Jack" (which he co-wrote), "Get Carter," "Beowulf," and "The Polar Express."
Stephen personally invested $85 million of the $200 million budget for "The Polar Express," an animated film featuring the voice of Tom Hanks. The movie earned $300 million globally and became one of the year's top box office successes. Unfortunately, Bing reportedly lost $50 million on his "Beowulf" investment and millions more on the 2016 Warren Beatty movie "Rules Don't Apply."
He financed and produced the independently released Jerry Lee Lewis album and "Last Man Standing." He also produced the Martin Scorsese-helmed Rolling Stones documentary "Shine a Light."
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Philanthropy
Stephen Bing's philanthropic efforts were as noteworthy as his film career. He donated generously to environmental causes, pledging $50 million to Stanford University for the establishment of an energy research institute, which is now known as the Stanford Bing Concert Hall. He also contributed significantly to political causes, primarily those aligned with the Democratic Party.
Paternity Suits
Steve Bing's personal life was marked by high-profile relationships and controversial paternity cases. The first major case involved actress Elizabeth Hurley. He initially denied but later confirmed paternity of their son Damian. The second, more complex case involved billionaire Kirk Kerkorian, his ex-wife Lisa Bonder, and notorious private investigator Anthony Pellicano. This case became part of a larger scandal when it was revealed that Pellicano illegally obtained Bing's DNA to prove he was the father of Bonder's daughter Kira. Both cases highlighted issues of privacy, wealth, and Hollywood intrigue.
Elizabeth Hurley Case:
- Bing initially denied paternity when Hurley announced her pregnancy in 2001
- He later issued a statement saying they had been in a non-exclusive relationship
- A DNA test confirmed he was the father of Damian Hurley, born in 2002
- Though he initially had little involvement, he later fought attempts by his father to exclude Damian from family trusts
- Damian was ultimately excluded from the family trust after Bing's death in 2020
Kirk Kerkorian/Lisa Bonder Case:
- This was a complex case involving private investigator Anthony Pellicano
- Lisa Bonder, a former tennis pro, was briefly married to billionaire Kirk Kerkorian
- During a child support dispute, Kerkorian hired Pellicano to investigate Bonder's claims
- Pellicano allegedly obtained Bing's dental floss from his trash to run a DNA test
- The test suggested Bing was the biological father of Bonder's daughter Kira
- This illegal DNA collection was part of the larger criminal case against Pellicano
- Kira was later confirmed to be Bing's daughter through legal means
Death
On June 22, 2020, Steve Bing leaped to his death from the 27th-floor balcony of his luxury high-rise Los Angeles apartment. He was 55.
