Marvin Davis
| Marvin Davis | |
|---|---|
| Born |
August 31, 1925 Newark, New Jersey, U.S. |
| Died | September 25, 2004 (aged 79) Beverly Hills, California, U.S. |
| Nationality | United States |
| Occupation | businessman |
| Known for | Chairman of Davis Petroleum film mogul |
| Net worth | US$5.8 billion (2004) |
| Spouse(s) | Barbara Davis |
| Children | Patricia Davis Raynes John Davis Nancy Davis Rickel Gregg Davis Dana Davis |
| Parent(s) | Jack Davis Jean Spitzer |
Marvin H. Davis (August 31, 1925 – September 25, 2004) was an American industrialist and philanthropist. He made his fortunes as the chairman of Davis Petroleum and at one time owned 20th Century Fox, the Pebble Beach Corporation, the Beverly Hills Hotel, and the Aspen Skiing Company.
Marvin Davis was raised in a Jewish family, the son of Jack Davis and Jean Spitzer. He has one younger sister Joan (born 1929). His father came to the United States from London as a teenager in 1917 and later joined the British Navy after having been denied a college scholarship because he was Jewish. Jack Davis became a successful fashion buyer for New York department stores, and later founded the Davis Oil company. Marvin Davis graduated with a Bachelor of Science degree in Engineering from New York University in 1947.
He joined his father in the oil exploration business and was later nicknamed "Mr. Wildcatter." The Davis Oil Company drilled for oil and gas in the Midwest beginning in the 1940s and was incorporated in 1986 as Davis Petroleum. Marvin Davis's son Gregg Davis took over as president of Davis Petroleum and Davis Offshore in 1997.
Davis was a pioneer of the oil deal known as the "third for a quarter," where an oil prospector insulates himself from risk by selling one-quarter of a well for one-third of the price of the well. In essence drilling his own wells with other people's money. He also became a major real estate developer in Denver, acquiring a shopping center and office complex.
In 1981, Davis sold most of his oil holdings for $600 million to the Canadian company Hiram Walker-Consumers Home, Ltd. The United States Justice Department accused one of his Davis' companies of violating federal oil-pricing policies. The case was settled in 1981, with Davis paying a $20,000 fine. Business partners accused him in civil lawsuits of inflating the results of his oil wells.
In 1981, Davis acquired 20th Century Fox for $722 million with financier Marc Rich. Fox's assets included Pebble Beach Golf Links, the Aspen Skiing Company, and a Century City property upon which he built and twice sold Fox Plaza, which was made famous as the "Nakatomi building" in the original Die Hard film. While Davis was head of 20th Century Fox, President Ronald Reagan and his wife, Nancy, complained to him about excessive sexuality in films. Reagan suggested to Davis that he produce films that implied, instead of showing, sex, in the style of director Ernst Lubitsch. In 1984 Davis appointed Barry Diller, formally Chairman and Chief Executive Officer of Paramount Pictures, to the Chairman and CEO role at 20th Century Fox. Diller asked Davis for complete control, with Davis promising to provide financing for the studio. Fox's financial situation was precarious, with the company owing $600 million. Banks would not provide any extension to the loan, and Diller pressed Davis for the new equity he had promised to put into Fox. Diller claims that Davis stalled and suggested that Diller call Michael Milken for a $250 million junk-bond loan, which would have been Diller's, not Davis', responsibility.
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