The same year of her divorce with DeLorean, Ferrare married Tony Thomopoulos, an entertainment industry executive, with whom she had two daughters Alexandra and Arianna. Jay Leno's Garage The Coolest And Most Unique Cars In His Amazing $50 Million Dollar Collection, How Lee Iacocca Revolutionized The Car Industry, And How CEOs Make TONS Of Money. Due to Zachary's frequent violent episodes, Kathryn took the children to live with her sister in Los Angeles, where they stayed intermittently over the years. He was an executive in the United States vehicle industry that started the DeLorean Electric motor Business and dealt with General Motors. The 1969 Grand Prix production ended up at over 112,000 units,[25] far higher than the 32,000 1968 Grand Prix units built from the full-sized Pontiac body. [42] He was acquitted of all charges.[43]. ", This page was last edited on 8 February 2023, at 15:36. While interest in the DeLorean quickly dwindled, competing models with lower price tags and more powerful engines (such as the Chevrolet Corvette) sold in record numbers during 198081 in spite of the ongoing recession. By leaving GM to establish his own car company, DeLorean set in motion a turn of the wheel of fate that would revolve him from the top of the industry to the bottom in less than a decade. "Back to the failure: an analytic narrative of the De Lorean debacle. A foreman at Chrysler's engineering garage recommended he apply for work at Chrysler. [36], On October 19, 1982, DeLorean was charged by the US government with trafficking cocaine following a videotaped sting operation in which he was recorded by undercover federal agents agreeing to bankroll a cocaine smuggling operation. DeLorean ran into more legal trouble in 1985, when he was indicted on charges of defrauding investors and committing tax evasion. A subsequent proposed merger with American Motors Corporation (AMC) never passed the discussion phase. Rather than immediately enter the engineering workforce, DeLorean sold life insurance for a while, and then worked for the Factory Equipment Corporation. Offers may be subject to change without notice. For his personal life, it is known that DeLorean was married four times, firstly to Elizabeth Higgins from 1954 to 1969, then to Kelly Harmon from 1969 to 72. from Lawrence Institute of Technology (1948), M.B.A. from Detroit College of Law University of Michigan (1957), Spouse: He was married to Sally Baldwin up until his death. 2023 Celebrity Net Worth / All Rights Reserved. His remains are buried at the White Chapel Cemetery in Troy, Michigan, where his tombstone bears a depiction of his DeLorean sports car with the doors open. In 1953 he was offered a salary of $14,000 (equivalent to US$141,794 in 2021) at Packard Motor Company under the supervision of engineer Forest McFarland. [17], Instead of immediately entering the engineering workforce, DeLorean sold life insurance. Hoffman had approached DeLorean, a man whom he barely knew with no prior criminal record, and DeLorean was able to successfully defend himself at trial under the procedural defense of police entrapment. The engine was made by Renault, while Lotus designed the chassis and bodywork details. [12] She generally tolerated Zachary's intermittent episodes of erratic behavior; but during several of his more violent periods, she took her sons to live with her sister in Los Angeles, California, where they stayed for a year or so at a time. In 1942, DeLorean's parents divorced. John Zachary DeLorean (/dlrin/ d-LOR-ee-n; January 6, 1925[1] March 19, 2005) was an American engineer, inventor, and executive in the U.S. automobile industry, widely known for his work at General Motors and as founder of the DeLorean Motor Company. The reasons behind the separation are unknown. But in 1972, General Motors Assembly Division (GMAD) took over the Chevrolet Lordstown assembly plant and the adjoining Fisher body plant. By 1970, DeLorean, who was born in 1925, was 45 years old. As Ivan Fallon, author of John DeLorean: The Rise and Fall of a Dream Maker, puts it, "He went Hollywood.". At General Motors DeLorean was responsible for designing iconic vehicles such as the Pontiac GTO muscle car, the Chevrolet Vega, the Pontiac Firebird, and the Pontiac Grand Prix. Dec. 11, 1985 12 AM PT United Press International SOMERVILLE, N.J. A judge today settled the bitter divorce squabble between auto maker John Z. DeLorean and his wife, Cristina Ferrare,. By 1982, over half of the DeLoreans produced were unsold, and the company itself was in massive debt. His parents, both immigrants, found factory work in Detroit. But the money never made it to Colin Chapman's Lotus, who had collaborated with the development of the car, mysteriously dying at the start of the investigation into the missing money. The 1980s sports car with the gull winged doors and stainless steel body stood out from any car of . John DeLorean was dealt some huge legal battles in life. John subsequently saw little of his father, who moved into a boarding house and became a solitary and estranged drug addict. He was the youngest division chief in General Motors history, then left to start the DeLorean Motor Company (DMC) in 1973. Despite the downfall, DeLorean can be recognized for leading a successful career at General Motors (before he created the DeLorean). In 1943, DeLorean's studies were interrupted by World War II, and he was subsequently drafted for military service. Biography in: "The Scribner Encyclopedia of American Lives". The 70-year-old has been married twice, first to the auto executive, John DeLorean in 1973, but divorced him in 1985, though she bore him a daughter Kathryn. John DeLorean's height Unknown & weight Not Available right. [citation needed] Another factor was DeLorean's lack of criminal history, whereas Hoffman was a career criminal who stood to directly benefit if he was able to convince DeLorean to incriminate himself on tape. [7], DeLorean's mother was a fellow Hungarian citizen of Hungarian origin. FBI . Both Zachary and Kathryn spoke with filmmakers of a 2019 documentary Framing John DeLorean about how their fathers fall from grace impacted them, even though he was eventually exonerated. DeLorean created numerous patented innovations for the company, and became very successful. Source of Wealth: Entrepreneur: Net Worth 2023: under review: Earnings in 2023: Pending: Yearly Salary: Under Review: House(s) He lives in Detroit: Cars: There are no vehicles shown to the public: All net worths are calculated by applying a proprietary algorithm. Submit a correction suggestion and help us fix it! which is often credited as the first muscle car. (That's about $38,000 in 2022.) In 1982, DeLorean was charged with cocaine trafficking, but was later exonerated. Hoffman (whose name was redacted on the original indictment) also stated that he was aware of DeLorean's financial troubles before he contacted him, and had heard him admit that he needed $17 million "in a hurry" to prevent DMC's imminent insolvency. [24] DeLorean received almost total credit for its successits conception, engineering, and marketingand was rewarded with a 1965 promotion to head of the Pontiac division.[16]. In 1964, got the bright idea to drop the Pontiac 389 cubic inch V-8 into the mid-size Tempest, thus was born the Pontiac G.T.O. Learn How rich is He in this year and how He spends money? Besides the Vega, DeLorean also had a role in the redesign of the Chevrolet C/K light truck, which dated back to 1968 where the cab and sheetmetal were redesigned with rounded corners with the use of a wind tunnel. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. John DeLorean was born in Detroit, in January 6, 1925. All of his achievements ensured the position of his wealth. DeLorean and Knudsen quickly became close friends; DeLorean later cited him as a major influence and mentor. When DeLorean was arrested for possible cocaine trafficking in 1982, Zachary was about 12 years old and struggled greatly with the aftermath. He was also known for his arrest for cocaine trafficking. All Rights Reserved. By 1971, Chevrolet was experiencing record sales in excess of 3 million vehicles, and his division alone was nearly matching that of the entire Ford Motor Company. [46] DeLorean adopted a son whom he named Zachary Tavio, 14 months old at the time of his marriage to model Cristina Ferrare, who co-adopted Zachary. During his tenure with Chevrolet he had oversight with the Chevrolet Vega subcompact where he assigned quality control inspectors until the Lordstown, OH assembly plant was taken over by GM (c. October 1971) where Chevrolet no longer operated the facility - GM corporate brass ended up cutting spending costs, laying off close to 1000 workers which resulted in the Vega tarnishing GM's reputation (from corrosion issues, reliability of the aluminum cylinder bores (which were unsleeved and consuming motor oil), overheating, and production speed (the Vega production increased when the work schedule has 73.5 automobiles produced within an hour where the United Auto Workers allegedly stated that workers sabotaged the cars on the assembly line including a March 1972 strike). DeLorean's time at Chrysler lasted less than a year, ending in 1953 when he was offered a salary of US$14,000 (equivalent to US$133,784 in 2019) at Packard Motor Company under the supervision of the engineer Forest McFarland. He is from USA. After the war he worked as a draftsman for the Public Lighting Commission before deciding to complete his studies. We welcome all corrections and feedback using the button below. John DeLorean was an American engineer and businessman who had a net worth of $50o thousand at the time of his death. John DeLorean was born in January 6, 1925. John DeLorean Net Worth $500 Thousand Info Category: Richest Business Executives Net Worth: $500 Thousand Date of Birth: Jan 6, 1925 - Mar 19, 2005 (80 years old) Place of Birth: Detroit. The car company that bore his name went bankrupt. As a slightly bigger Chevrolet, the Pontiac brand reached third place in annual industry sales in the United States. Cristina Ferrare net worth: Cristina Ferrare is an American actress, author, television personality, and fashion model who has a net worth of $20 million. All net worths are calculated using data drawn from public sources. DeLorean was at Chrysler for less than a year. 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