Irv Gotti Once Shared How Being Worth $300 Million Made Him Cheaper
Rappers like DMX had a lot to thank Irv Gotti for, including getting signed to major record labels. At the height of his popularity, Gotti was instrumental in a lot of artist’s success. And as rappers and singers became richer thanks to Gotti’s support, their wealth only made the former hip hop mogul even more money. Ironically, however, having all that cash only made him less like to spend.
Irv Gotti reached a new level financially after selling his masters
According to Celebrity Net Worth, Gotti was once worth $25 million. This was in large part due to his career as a producer and business mogul. In addition to DMX, Gotti helped discover Ja Rule and Ashanti, the latter of which he developed a strong relationship. His eye for talent paid off, as his record label, Murder, Inc., was worth $500 million when the company was at its peak.
Although Murder, Inc. never reached or exceeded the success it had in the 2000s, its catalogue of music still proved valuable. In 2022, Gotti sold the label’s masters to the music management firm Iconoclast for $300 million. It was reported that Gotti received $100 mullion for the sale, while the additional $200 million would be invested into Gotti’s television and film projects. In an interview with Billboard, Gotti revealed what initially set this historic deal in motion.
‘I raised $5 million for me to shoot my movie, and I used my music catalog as collateral. When I did that, it opened up a can of worms. My good friend Zach Horowitz, who used to be the CFO for the Universal Music Group, called me and was like, ‘Irv, are you interested in selling [your catalog]?” My guy Walter Jordan was always telling me, ‘Irv, you’ve got money there,’” Gotti said.
“Then Zach said he knows Oliver Chastan, and he’s the best and pays top dollar. We met and it was a love fest — Oliver felt my energy and the deal didn’t take long, a couple months. I’m a very spiritual person, and it’s God and my dad who passed away on Nov. 1 looking out for their boy. It’s very surreal, but I would give every dollar of the $300 million to get my dad back. But he’s with me and I feel his presence,” he added.
However, becoming richer than he’d ever been also made Gotti that much more cautious about what he spent his earnings on.
“I [had] the reaction of, ‘Yo you can’t f*** this up,’ so I kind of got cheaper. Everyone was calling me and I’m like — No, just wait a second, cause I gotta get used to having this bread,” Gotti told Page Six. “You know what’s so crazy? You would think when I got all this money, I would go out and go on a crazy spending spree.”
Why Irv Gotti felt the music industry was the lowest form of entertainment financially
Before Gotti died, the hip hop mogul was looking to break into the television and movie industry. He produced Tales, an anthology series that made mini-episodes based off of hip hop songs. Additionally, he starred in the reality TV series Growing Up Hip Hop New York, and produced a few documentary projects. Gotti was sitting on a mountain of wealth thanks to his music, but he believed the film industry had the potential to dwarf his catalog earnings.
“The entertainment industry is music, TV and film, right? The music business is the lowest form, and I just bagged $100 million for s*** I did 20 years ago,” Gotti said.
He clarified, however, that his transition into film didn’t make him love music any less.
“More money is made in TV and with movies than music. It’s a non-disputable fact. We love the music industry and I love the music industry. There’s money to be made,” he said. “But [it’s dwarfed by] the money made from TV and film. If I have 100 episodes of television and I own it, they’ll probably put a worth on it at $300 or $400 million. With $300 or $400 million, I could sell it at a 10 to 20 multiple. That’s three to six billion. This is why Tyler Perry is a billionaire. That’s why I sold my masters and did this deal with Iconoclast.”
