Don Hankey Net Worth | Celebrity Net Worth
What is the Net Worth of Don Hankey?
Don Hankey is an American car finance billionaire who has a net worth of $5.5 billion. Dawn has earned its fortune thanks to the Hankey Group, which owns Westlake Financial, one of the largest automobile financing companies in the world.
Early life and beginning of career
Don Robert Hankey was born on 13 June 1943 in Los Angeles, California. After graduating from the University of Southern California with a degree in finance, he was determined to conquer Wall Street as a stockbroker. Less than a decade later he was tired of the stock and decided to look to his roots for his next venture.
In 1972, Don acquired a Ford dealership in Koreatown, Los Angeles that was co-owned by his father. By the time he took over, the dealership was losing money. It was Don who eventually admitted that it was a fortune to focus on lending money to people with bad credit as opposed to selling a car.
Don eventually founded the Hanky Group. Hanky Group’s crown jewel company, Westlake Financial, is one of the largest auto financing companies in the world. The Hanky Group operates seven companies, including Westlake, a foreign car rental company called Midway, Knight Insurance Company, an automobile dealer software business called Nowcom, and a Toyota dealership.
Don has been known to reach office at 6 am every morning and work long hours even on weekends.
In 2011 a Japanese company called Marubeni invested $250 million for 20% of Westlake Financial, the first time that business was valued at $1 billion. Today Westlake is the largest used-car financing company in America.
At any given time, the Hanky Group has about 1 million personal loans on their books, most of which come through Westlake.
Don is married to Debbie Bowles and has four children. His son Don Jr., who goes by “Rufus”, runs the family software business, Nowcom. In June 2021, Rufus paid $27 million for Sumner Redstone’s former Beverly Park mansion.
Don and Debbie have at least three properties in Malibu that are in the public record. In May 2021 he spent a little less than $21 million for a property on Prime Carbon Beach in Malibu. He also has a vineyard in the Zuma Beach area of Malibu. His main Malibu home is a large mansion near Paradise Cove that was acquired in 2005. The seller was Olivia Newton-John.
In Beverly Hills, Don and his wife own a mansion in the gated community of Beverly Park, which they acquired from musician John Fogerty for $18.6 million in 2014. Today this house is likely to be worth $25+ million.
At some point, Don Hankey formed a business relationship with a real estate developer named Neil Niamey. Neil famously borrowed over $100 million from Hankey’s company to build a mansion in Bel-Air that became known as “The One”. Niamey was unable to complete construction even after borrowing a total of $165 million. In late 2021 Hankey forced the house into receivership, a move that allowed a new developer to come in and finish the project and sell it. At one point, Niamey was hoping to sell the house for $500 million. The price was reduced to $225 million at the end of 2021.
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