Paul Allen the 'Accidental Zillionaire'

An anonymous reader writes "The Sydney Morning Herald has an interesting story about Paul Allen, "the accidental zillionaire". Allen is the owner of the world's biggest private yacht and a huge landowner in the Seattle area in addition to his traditional accolades of helping to found Microsoft along with several other companies and foundations."

Comments

Re:What is a zillionaire?

[alicenextdoor]

Marital status: Single
Worth: $US21 billion, seventh richest person in the world, says Forbes Magazine, 2005

A clear case of too many LAN parties...

Re:What is a zillionaire?

[Trurl's Machine]

Anyways, I would hardly call it "accidential". It wasn't any accident that Microsoft got to license their OS to the IBM (and compatible) machines, it was cold and calculated. While they might not have known they'd end up being some of the richest people to have ever lived, they had to have known that they were never going to have to worry about money again in their lives.

Since early 1980's? Probably they knew that. But in early 1970's, Allen and Gates were just a couple of nerdy students, sharing a belief that the future is in household computers. While in that age everyone else shared a belief that a "computer" is meant to be maintained and operated only by specially trained staff wearing laboratory overalls. Yes, their deal with IBM was no accident but in order to get that deal, they had to establish their position in the 8-bit personal computing world - writing BASIC for Altair and Apple, and lot of stuff for CP/M (originally that was the IBM's system of choice for their first PC). That was largely an accident - lots of companies active in the 8-bit market (such as Altair or Digital Research, makers of the CP/M) simply didn't make it in 1980's.

Re:What is a zillionaire?

[hendersj]

Well, I don't know that I'd call it accidental, but there was a rather significant luck factor involved; if Gary Kildall had pursued the opportunity (and there are several stories about why he didn't - ranging from opting to fly his plane instead of meet with IBM to refusing to sign an NDA; according to Gordon Eubanks, Kildall just wasn't interested in porting CP/M to the 8088 processor). If Seattle Computer Products hadn't sold QDOS to MicroSoft, things also would have been pretty different.

So...

[AgentX24]

Does that make the rest of us accidental nillionaires?

Allen bought Washington state referendum

[Anonymous Coward]

http://www.thirdworldtraveler.com/Nader/CutCorpWel fare_Nader.html

Hijacking local democracy

Perhaps nothing illustrates the ruthlessness and shameless power plays of the corporate welfare kings than their extortionate demands for state and local subsidies on threat of picking up and moving elsewhere.

And no case illustrates the hijacking of democratic procedures more clearly than billionaire Paul Allen's buying of an especially-made-for-Allen Washington state referendum to approve $300 million in public subsidies to build a football stadium for his Seattle Seahawks. Mega-billionaire Allen, co-founder of Microsoft with Bill Gates and one of the richest men in the world, bought the referendum both literally and figuratively.

In a stunningly brazen maneuver, he paid the state of Washington for the costs of running the special referendum election in June 1997. Although later challenged as a violation of the state's constitution, the state Supreme Court upheld the private financing of the election. But even the Supreme Court majority which upheld the constitutionality of the election purchase blanched at its political ramifications. "Troubling questions may arise, such as whether any wealthy entity could persuade the legislature to place a measure on the ballot provided the costs of the election were paid," wrote Justice Barbara Madsen for the majority.

Having paid for the issue to get on the ballot, Allen then waged a $6.3 million campaign-the most expensive in Washington state history-to convince voters to support the $300 million public subsidy to the stadium. He devoted $2.3 million to radio and TV ads. In total, Allen outspent opponents of the referendum by a 42-to-1 margin.

Allen's investment proved just enough: Washington voters, initially opposed by overwhelming numbers to the idea of public funding for the stadium, approved the referendum with a 51 percent majority.

Re:largest yacht

[blosphere]

No, The largest yatch is owned by the Sheik Mohammed bin Rashid al-Maktoum, the Crown Prince of Dubai, the name is 'Platinum'

Allen's boat was designed by the same company btw.

I do think he has the biggest yatch in US

Linky. http://www.bostonboating.com/platinum.htm

Re:FYI

[Anonymous Coward]

Northwest franchises and real estate: Seattle Seahawks NFL football (First and Goal, Stadium construction company, includes all proceeds from new stadium, exhibition hall, and related revenues); Portland Trailblazers NBA basketball (Rose Garden Arena); South Lake Union Seaport Park redevelopment; Formal Naval Reserve Base (a 12 acre, $35 million park); Lake Union (223,000 square feet total ownership, $400 million total development costs so far); Quendall Landing in Renton (68 acres mixed business and residential real estate, $500 million to develop so far); Experience Music Project; Cinerama; Union Station & surrounding real estate; and leases extensive space at Smith Tower. International real estate: The Hospital--an Art space in Camden, England. Radio: KEXP (Seattle, non-commercial, underwriting agreement with Univ. of Washington); OneOnOne Sports (radio syndication network, also owns three commercial radio stations in Chicago); and two commercial radio stations in Portland. Charity and other organizations: Clear Blue sky--Production company for Indy films; The Paul G. Allen Foundation for Medical Research; The Allen Foundation for the Arts; The Allen Foundation for Music; The Paul G. Allen Forest Protection Foundation; and The Paul G. Allen Virtual Education Foundation. Cash: $28 billion in assets; $1.04 billion in public funds. Investments through Vulcan Ventures (Full or partial ownership): 800.com; Allegiance Telecom Inc.; Aluentive; Apex Learning; ARI Network Services; BOPS; Caspian Networks; Charter Communications; click2learn.com; Colorado Microdisplay; Command Audio; Cyber Source; Dick's Clothing and Sporting Goods; Diego Broadband Inc.; Dreamworks SKG; Drugstore.com; e-Media, LLC; e-Steel; Edison Schools; Encryptix, Inc.; eStyle, Inc.; Fantasma Networks; Fatbrain.com; Genomix; Go2Net Inc.; HarvardNet Inc.; Health Answers Inc.; High Speed Access Corp.; IFILM; imandi.com; Installations Inc.; inviso; iVast; IVT; Kestrel Solutions; LiquidAudio Inc. Magis Networks; Metricom Inc.; myplay Inc.; NetSchools Corp.; Northpoint Communications; oncology.com; OnePage Inc.; Oxygen Media; Paraform Inc.; RCN Corportation; Replay TV Inc.; RioPort Inc.; Rocket Network Inc. Sandbox.com; ScienceMedia; Sharewave Inc.; Stamps.com; Structural GenomiX; TechTV; Terra Stor; The Sporting News; Transmeta; Triscend Corporation; Tularik Inc.; USA Networks Inc.; Versata Inc.; Vulcan Northwest Inc.; Vulcan Ventures Inc.; Wavetrace; Wink Comm; and Xcyte Therapies.

Re:What is a zillionaire?

[QuantumG]

Gates' father's influence on Microsoft can't be ignored. He taught his son a healthy respect for the law. That is, always stay within the letter of the law but feel free to bend it as much as possible and if you do feel the desire to break it, try to find a good patsy to hide behind. I can remember having a long argument with a coworker about Microsoft not paying any taxes. His opinion was that Microsoft is following the letter of the law and therefore is doing nothing wrong. My opinion was that Microsoft is just sponging off the community by refusing to pay any taxes, even if it means paying more for tax lawyers than they would have to pay in taxes if they weren't so set on not paying taxes. And the fact that they force their employees to accept stock which has absolutely no value so they can avoid taxes, implicating every one of them in their immoral actions is most deplorable.

Re:What is a zillionaire?

[sheridan3003]

Chance favors the prepared mind.

They were lucky, but they also had some idea of what they were getting into. Taking advantage of an opportunity means recognizing that you have an opportunity to take advantage of.