Michael Franzese was born on the 27th May 1951, in Brooklyn, New York City USA of American and Italian descent. Better known by his nickname Yuppie Don, he is a former mobster, a member of the Colombo crime family, who was involved in the gasoline tax rackets during the 1980 s. At the present time, he works as a philanthropist and motivational speaker.
So, have you ever wondered how rich is Michael Franzese, as of early 2016? It has been estimated by authoritative sources that the overall size of Michael’s net worth is currently $1 million. The main source of this amount of money has apparently been his career as a mobster, however, he has increased his wealth with the publishing of his autobiographical book, and assuming the career of motivational speaker.
Michael Franzese Net Worth $1 Million
Michael Franzese was raised in New York, the son of John Franzese, a Colombo crime family underboss. After matriculation, he enrolled at Hofstra University, but he did not graduate, as he quit education as early as 1975, and his career began when he decided to take care of his father and Colombo family operations. Within five years, he became the capo regime of the Mafia family.
His role quickly rose, and so did his net worth, some of his biggest operations including selling millions of gallons of oil to the Russian Mafia. The family would keep the money, while also collecting the state and federal gas taxes. In addition, they often sold gas at lower prices than at gas stations.
To speak further of his accomplishments, Michael is a co-founder of Motion Picture Marketing, alongside Norby Walters. The two signed several stars to their agency, including Michael Jackson and his brothers among others, which also increased Michael’s net worth.
However, it all ended in 1985, when he was charged on several counts of racketeering and extortion. At that time, he was listed as No. 18 on Fortune Magazine’s Fifty Most Wealthy and Powerful Mafia Bosses as of 1986. Eventually he was sentenced to ten years in federal prison, and $14 million fine in restitution money. In 1987, he decided to leave the Colombo family, and Mafia life behind him, which resulted in a release from prison on parole in 1989. However, he returned to prison in 1991 after breaking his parole, and was released in 1994.
After prison, he started the Breaking Out Foundation, which is focused on education and empowerment of youths who are facing life challenges, including gambling, drug and alcohol addiction. He became a motivational speaker, and so far has made over 400 public appearances on college campuses, at church services, and Christian conferences, among many others. In 1992, he also published an autobiography, entitled “Quitting The Mob”, which sales have also added to his net worth.
Furthermore, Michael has also been interviewedby several Networks and shows, including ESPN, HBO, Nat Geo, The Savage Nation, Jim Rome Show, and MSNBC, among others. He has appeared in a six-part mini series entitled “Inside The American Mob” (2013) on the National Geographic Channel, and was featured in a two-part documentary about the American mafia, which also added to his net worth. Regarding his personal life, Michael Franzese has been married to Camille since 1985. They are the parents of four children and their current residence is in Los Angeles, California.
