What makes a millionaire? If you ask Russell Simmons, it's having two, hardworking city administrators as parents, and a whole lot of ambition. Russell Simmons was born in Queens, New York, and went on to become the head of a massive multi-media empire. He was introduced to Rick Rubin when he was in his mid-20s. Mr. Rubin had recently started a record label from his college dorm room, and the two acquaintances decided to form a partnership. They founded Def Jam Recordings, and went on to become the label that launched some of the most influential hip hop artists of the last few decades. They signed T La Rock & Jazzy Jay, LL Cool J, the Beastie Boys, Slayer, Oran "Juice" Jones, and Public Enemy, among others. Russell Simmons later sold his portion of Def Jam Recordings to Universal Music Group for $100 million. However, he continued to remain influential in Def Jam's subsidiary labels, and subsequently launched three very popular clothing lines, Phat Farm, Argyleculture, and American Classics. Through his company Rush Communications, Inc., he also controls a production company for film, and another for television, a management company, a magazine, an advertising agency, and owns a large portion of the hip-hop focused website, Global Grind. Mr. Simmons is definitely lucky in business. Unfortunately, he is not so lucky in real estate. He has been trying to sell his house in lower Manhattan for almost two years.
Russell Simmons' house has five bedrooms and four and a half bathrooms. The 7,175 square feet home has two floors and a rooftop terrace. The house also features hardwood floors, 12-foot ceilings, a gas fireplace, multiple walk-in closets, and a private elevator. In addition to the bedrooms, Russell Simmons' house also contains floor-to-ceiling windows, an eat-in kitchen, and a kitchenette, a library, a den, and an ample living room. Russell Simmons' house is on the market for $11 million. It's been listed since the early fall of 2011, and it has gone on and off the market multiple times since then, but has never found an owner. Apparently, the business acumen that built a media empire, is just not as applicable to real estate.
Read more: Russell Simmons' House: Music Mogul… Real Estate Failure