What is Paul Kemsley’s net worth?
Paul Kemsley is a British businessman, celebrity manager, and reality TV star with a net worth of $50 million. He is known as P.K. Kemsley and is a sports executive and property developer. Kemsley manages Boy George and even has the musician living with his family from time to time. Additionally, Boy George is the godfather of Kemsley’s son. Kemsley played a key role in launching the New York Cosmos soccer club and managed the legendary Pele. He gained more international recognition after his wife, Dorit Kemsley, became a star on “The Real Housewives of Beverly Hills.”
Paul Kemsley’s Background and Real Estate Ventures
Paul Kemsley was born in August 1967 in Stanmore, UK. He first met Sports Direct equipment billionaire Mike Ashley when he worked at a Menswear store in high school and they played darts for money. Kemsley was eventually hired by Ashley in 1992 to help expand Sports Direct.
At age 28, Kemsley launched his own real estate investment and development firm called Rock Joint Ventures Ltd. The company became highly successful and by 2007, Rock’s portfolio was worth $1 billion. Kemsley also made a successful personal investment involving a London office block that he bought for $50 million and sold months later for $100 million to a Russian businessman.
Unfortunately, like many real estate investors, Kemsley and Rock Joint Ventures were severely impacted by the 2008 real estate crash.
Paul Kemsley’s Dramatic Rise and Fall
In 2007, Paul Kemsley’s net worth was $250 million, a testament to his immense success. However, by 2012, he had filed for bankruptcy in New York, claiming to be $10-50 million in debt.
At the time of the filing, Kemsley claimed to have just $104 in cash on hand and $1,000 in the bank. His separation from his first wife meant that she was paying for all of his personal expenses.
Kemsley attempted to file for bankruptcy again in 2013, marking a dramatic fall from his previous heights of success.
New York Cosmos Relaunch
Paul Kemsley is most known in the United States for relaunching the New York Cosmos soccer club. To boost the club’s success, Kemsley appointed soccer legend Pele as the honorary President. Eventually, Kemsley sold his stake in the Cosmos and reinvested his profits into Pele’s commercial rights.
Paul Kemsley’s Gambling Debt
Paul Kemsley, married to designer Dorit Kemsley and known for his appearance on The Real Housewives of Beverly Hills, reportedly accumulated $3.6 million in gambling debt at the Bellagio hotel in Las Vegas. Court filings revealed that he made five payments totaling $850,000 between 2010 and 2011.
Paul and Dorit’s Real Estate Ventures
In August 2019, Paul and Dorit purchased a $6.5 million home in Encino, Los Angeles. A year later, the couple put the property on the market for $9.5 million, with the listing handled by Mauricio Umansky, husband of Kyle Richards, Dorit’s Real Housewives cast mate.
On the show, the Kemsleys are often seen living in a large Beverly Hills mansion, which they co-own with a business partner. The property was originally listed for $12.85 million, but was eventually reduced to $7.5 million.
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