According to Forbes’ latest estimates Media mogul Tyler Perry is a freshly minted billionaire. Perry, 50, who says he once was ‘bad as hell’ and homeless, dropped out of high school and fought as a playwright until his success catapulted him into a stardom, becoming the first African American to own a studio independently. He attributes much of his fortune to ownership and Perry has invested in many properties as well as his 330 acre studio site.
‘Property affects everything,’ he said during an interview with Forbes.
The publication reports that since 2005, Perry has gained ‘more than $1.4 billion in pre-tax income,’ as it placed him in the group of billionaires and projected that he might be named to The Forbes 400 in the future.
He used some of that money to purchase homes in Atlanta, New York , Los Angeles and Jackson Hole, Wyoming, as well as two flights.
Among his investments was the creation of Tyler Perry Studios in Atlanta, now the most prominent black-audience production venue. The business was first founded in 2006, before settling five years ago at its current site.
In 2015, Perry paid $30million for the Atlanta studio property and invested $250million there constructing the studio facility.
It is built on a former stronghold of the confederate and has grown so far that it is now more than twice the size of the Warner brothers. Studio located in Burbank, California.
Keeping the studio’s ownership is also likely to make Perry wealthier, as it improves the money he gets back from a sale.
‘I own the luminaires. I own those sets,’ Forbes told him. ‘So here is the difference. My returns are better, because I own it.’
Terry owns 100 percent of the content he creates, meaning he’s built himself a back catalogue of movies , TV shows.
New Orleans-born producer owns 1,200 episodes of television shows, 22 films and at least 24 movies, Forbes reports.
He used the strong back-catalog to create a contract with Viacom the sees them investing $150 million a year to produce at least 90 TV episodes annually until 2025.
Perry already has $300million in cash and savings, $60million in BET+ equity and $40million in housing and toys.
The storey of the actor is a classic rag to wealthy tale, born into New Orleans poverty.
‘I love when people say that you are coming from’ humble beginnings, “he jokes Forbes.
Perry said that on his way up to the top he ‘had no mentors,’ and learned on the fly, suffering from a childhood with a mistreat man who he later discovered was not his father.