Boston, MA 06/12/2014 (wallstreetpr) – The Blackstone Group L.P. (NYSE:BX)’s Vice President James Tomlinson Hill has surfaced as a billionaire as the biggest private equity firm of the world and his art collection surged in value.
Hill’s Worth
Hill currently manages the $58 billion hedge fund business and had joined the group after being an active member is some of 1980s biggest acquisition battles. He owns 17.4 million shares, which valued $585 million on Tuesday, of the alternative asset manager, as per the U.S. Securities and Exchange Commission’s filings. In addition, his art collection values $500 million according to the calculations of several appraisal experts. Hill’s wife, Janine, and he are owners of over 100 bronzes and art work spanning seven long years, from artists including Andy Warhol, Francis Bacon and Peter Paul Rubens.
Art Collection
Hill, who collects art works and paintings as a personal endeavor, started collecting art in 1980. The billionaire said that he does not like to discuss the financial aspect of art. Apart from this, he also owns 34 statuettes made of bronze and which belong to the 15th and the 18th centuries. He has displayed the statuettes at the Frick museum in New York. According to people familiar with the art works, the statuettes are worth $70 million.
Other Blackstone Billionaires
Established by Steven Schwarzman and Peter G. Peterson in 1985, The Blackstone Group L.P. (NYSE:BX) had minted its fifth billionaire with Hill. The company’s chairman has a net worth of as much as $10.7 billion and is counted as the world’s 114th richest billionaire in the Bloomberg Billionaires Index. Apart from this, The Blackstone Group L.P. (NYSE:BX)’s President, Tony James also has a stake priced at over $1.1 billion. HE has sold over $275 million of the company’s stock since its first initial public offering, which was made in 2007. He has amassed over $300 million from sales of shares in addition with earnings from dividends and compensation since 2006.
