Bob Guccione and friend

Robert Charles Joseph Edward Sabatini Guccione (b. 17 December 1930 in Brooklyn, New York) was founder and, until his resignation in November 2003, publisher of the adult magazine Penthouse. Image File history File linksMetadata Size of this preview: 450 × 600 pixelsFull resolution (2448 × 3264 pixel, file size: 4. ... Image File history File linksMetadata Size of this preview: 450 × 600 pixelsFull resolution (2448 × 3264 pixel, file size: 4. ... December 17 is the 351st day of the year (352nd in leap years) in the Gregorian calendar. ... Year 1930 (MCMXXX) was a common year starting on Wednesday (link is to a full 1930 calendar). ... For other meanings, see Brooklyn (disambiguation). ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Penthouse, a mens magazine founded by Bob Guccione, combines urban lifestyle articles and soft-core pornographic pictorials that, in the 1990s, evolved into hardcore. ...

In his youth he traveled widely and attempted, unsuccessfully, to earn his living as an artist. Guccione was very close to both his parents, Anthony and Nina Guccione until their death in the mid '90's. He was equally close to his uncle, Edward Sabatini Sr., whom he was named after in part. Guccione would often offer up his Manhattan mansion to host bi-annual "Sabatini Family Reunions" which often involved up to 100 relatives.

Guccione married his long time companion, Kathy Keeton, a native of South Africa. He stood by her side during her battle with breast cancer until her death. He began a cancer research foundation in her honor. It is often said that her death was the begining of his end. Guccione owned a pack of six Rhodesian Ridgeback dogs which had full run of his Manhattan mansion. Guccione now lives in Palm Springs where he enjoys his life-long passion of painting.

At the height of his success, Guccione was considered to be one of the richest men in the United States. He was once listed in the Forbes 400 ranking of wealthiest people ($400 million net worth in 1982^[1]). An April 2002 New York Times article quoted Guccione as saying that Penthouse grossed $3.5 billion to $4 billion over the 30-year life of the company, with a net income of almost half a billion dollars^[2].

Penthouse Creation

Penthouse was started in 1965 in England and began to be published in America in 1969. Penthouse was an attempt to compete with Hugh Hefner's Playboy on several levels. One approach Guccione took was offering editorial content that was more sensationalistic than Playboy. The magazine's writing was aimed more at the middlebrow reader than Hefner's upscale emphasis, with stories about government cover-ups and scandals. Penthouse, a mens magazine founded by Bob Guccione, combines urban lifestyle articles and soft-core pornographic pictorials that, in the 1990s, evolved into hardcore. ... 1965 (MCMLXV) was a common year starting on Friday (the link is to a full 1965 calendar). ... Motto (French) God and my right Anthem God Save the King (Queen) England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto) Government Constitutional monarchy  -  Queen Queen Elizabeth II  -  Prime Minister Tony Blair MP Unification  -  by Athelstan 967  Area... For the Stargate SG-1 episode, see 1969 (Stargate SG-1). ... This article or section does not cite its references or sources. ... The first issue of Playboy. ...

Art Background

Due to his lack of money and other resources, Guccione himself photographed most of the models for the magazine's early issues. Lacking professional training, Guccione applied his knowledge of painting to his photography, establishing the diffused, soft focus look that would become one of the trademarks of the magazine's pictorials. Guccione would sometimes take several days to complete a shoot and, as this was during the sexual revolution, had sex with many of his models.^{[citation needed]} Photography is the process of making pictures by means of capturing light on a light-sensitive medium, such as a sensor or film. ... Soft focus is a term used in photography and optics to describe a lens flaw. ... This article or section does not cite its references or sources. ...

Reclusive Lifestyle

As the magazine grew more successful, Guccione openly embraced a life of luxury; his mansion is said to be the largest private residence in Manhattan. However, in contrast to Hugh Hefner (who threw wild parties at his Playboy Mansions), life at Guccione's mansion was remarkably sedate even during the hedonistic 1970s. Reportedly, Guccione once had a party guest thrown out simply for jumping into the swimming pool fully clothed.^{[citation needed]} Manhattan is a borough of New York City, USA, coterminous with New York County. ... This article or section does not cite its references or sources. ... Playboy Mansion West, commonly known as The Playboy Mansion, is the Holmby Hills, Los Angeles, California, residence of Playboy magazine publisher Hugh Hefner and many of his playmates. ... The 1970s decade refers to the years from 1970 to 1979, inclusive. ...

Controversial Use of Photos

The magazine's pictorials offered more sexually explicit content than was commonly seen in most openly-sold men's magazines of the era, being the first to show female pubic hair and then full-frontal nudity. Penthouse has also, over the years, featured a number of authorized and unauthorized photos of celebrities such as Madonna and Vanessa Lynn Williams. In both cases the photos were taken earlier in their careers and sold to Penthouse only after Madonna and Williams became famous. In Williams' case, this led to her resignation as Miss America in 1984. This is a list of magazines primarily marketed to men. ... Pubic hair is hair in the frontal genital area, the crotch, and sometimes at the top of the inside of the legs; these areas form the pubic region. ... Madonna Louise Ciccone Ritchie (born August 16, 1958), better known as simply Madonna, is a six-time Grammy[1] and one-time Golden Globe award winning American pop singer, songwriter, record and film producer, dancer, actress, author and fashion icon. ... Vanessa Williams on the cover of her 2005 album Everlasting Love Vanessa Lynn Williams[1] (born March 18, 1963) is an American R&B/pop/theatrical singer and actress. ... Not to be confused with Miss USA. Miss America contestants visit Andrews Air Force Base in 2003 The Miss America pageant is a long-standing competition which awards scholarships to young women from the 50 states plus two territories of the United States of America. ... 1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ...

Penthouse Forum

The famous “Penthouse Forum” column, consisting of letters from readers writing about their (alleged) sexual experiences, was and remains one of the most popular features of Penthouse, with several books of the letters in publication. Penthouse Forum, sometimes simply Forum, is a magazine owned by the publishers of Penthouse magazine. ...

Media Spinoffs

Penthouse enjoyed great success in the 1970s and 1980s, and Guccione used some of this fortune to make a major movie (Caligula (1979) with Malcolm McDowell) and to create Omni, a magazine of science fiction and science fact, and Spin, a music magazine intended to compete with Rolling Stone by being more “edgy”. The 1970s decade refers to the years from 1970 to 1979, inclusive. ... The 1980s refers to the years of and between 1980 and 1989. ... Caligula is a 1979 film directed by Tinto Brass, with additional scenes filmed by Bob Guccione and Giancarlo Lui, about the Roman Emperor Gaius Caesar Germanicus also known as Caligula. Caligula was written by Gore Vidal and co-financed by Penthouse magazine, though the script underwent several re-writes after... Malcolm McDowell (born June 13, 1943) is an English actor. ... The cover of the January 1991 issue of Omni. ... Science fiction is a form of speculative fiction principally dealing with the impact of imagined science and technology, or both, upon society and persons as individuals. ... Spin is a music magazine that reports on all the music that rocks. Founded in 1985 by publisher Bob Guccione, Jr. ... This article is about the magazine. ...

Falling Popularity

Penthouse was eventually superseded in notoriety by Larry Flynt's Hustler, which went further with both pictorial and editorial content than Guccione was willing to go. Penthouse thus was placed in a niche between Playboy's upper-class pretensions and Larry Flynt's blue collar no-holds-barred approach, and began to lose the significance it once had. Penthouse, a mens magazine founded by Bob Guccione, combines urban lifestyle articles and soft-core pornographic pictorials that, in the 1990s, evolved into hardcore. ... Larry Flynt in 2007 Larry Claxton Flynt, Jr. ... Larry Flynt Hustler Club on West 52nd Street in New York Hustler is a monthly pornographic magazine aimed at men and published in the United States. ... The first issue of Playboy. ... Larry Flynt in 2007 Larry Claxton Flynt, Jr. ...

Excessive Spending

Numerous unsuccessful investments on Guccione's part, including a never-built nuclear power plant and casino (which all-told lost in excess of $100 million USD), added to his publishing empire's financial strain.^{[citation needed]} Guccione's efforts to regain sales and notoriety, which included attempts to get Monica Lewinsky to pose for the magazine (which was parodied in a sketch on Saturday Night Live in 1998 ^[3], but didn't have someone impersonating Guccione) and offering the Unabomber a free forum for his views, were not successful in reviving the magazine. This article or section does not adequately cite its references or sources. ... Monica Lewinsky on her U.S. Government ID Monica Samille Lewinsky (born July 23, 1973 in San Francisco) is an American woman with whom former United States President Bill Clinton admitted to having had an affair [1] while Lewinsky worked at the White House in 1995 and 1996. ... Saturday Night Live (SNL) is a weekly late night 90-minute American comedy-variety show based in New York City which has been broadcast live by NBC on Saturday nights since October 11, 1975. ... Unabomber is a nickname applied to three people: Theodore Kaczynski, an American terrorist. ...

Online Challenges

With the rise in online access to erotica and pornography in the 1990s, Penthouse's circulation numbers began to suffer even more. In 2003, General Media (the publishing company for Penthouse) declared bankruptcy, and Guccione himself resigned as chairman and CEO of Penthouse International, Inc. The magazine as of June 2006 was still in publication and had an online presence; its circulation was estimated at 500,000, roughly a tenth of what it was in at its peak. Pornographic movies Pornography (Porn) (from Greek πόρνη (porne) prostitute and γραφή (grafe) writing), more informally referred to as porn or porno, is the explicit representation of the human body or sexual activity with the goal of sexual arousal. ... For the band, see 1990s (band). ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared bankruptcy (strictly, put into administration - see text) in the UK. Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their... For the Manfred Mann album, see 2006 (album). ...

Family

Guccione's English-reared son, Bob Guccione Jr. (b. 1956), was given editorship of Spin, but father and son soon fell out over editorial decisions, and Bob Jr. eventually found independent investors to continue the magazine. Father and son remain estranged, despite the father's recent health problems.^{[citation needed]} Robert Charles Guccione Jr. ... 1956 (MCMLVI) was a leap year starting on Sunday of the Gregorian calendar. ...

Guccione's long-time publisher, companion and wife, Kathy Keeton, died in 1997 of breast cancer. Guccione has in recent years been treated for throat cancer, and is now fed through a tube directly into his stomach.^{[citation needed]} Kathy Keeton (b. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... Breast cancer is cancer of breast tissue. ... Throat cancer is a common way of referring to some head and neck cancers, usually squamous cell carcinomas. ...

Guccione Mansion

Guccione lived in the largest private residence in Manhattan. According to New Yorker Magazine “It’s one of the biggest private houses in Manhattan, with 30 rooms, and it costs $5 million a year to maintain^[4].”

In November of 2003, the mansion on the Manhattan’s Upper East Side was foreclosed on by Kennedy Funding of New Jersey^[5], the mortgage holder along with an affiliate of multi billion-dollar hedge fund Elliot Associates of New Jersey. In January 2004, a group of investors came to Guccione’s rescue during his Sheriff enforced eviction. A London based investor named Jason Galanis lead an investment group that purchased the house for $26.5 million in cash^[6]. Jason W. Galanis Jason Woodruff Galanis, (b. ...

The home was purchased by NY Real Estate LLC, an entity set up to acquire the mansion. Galanis contributed $2.6 million and two New York hedge funds teamed called Laurus Funds and Alexandre Asset management (today reportedly $1.6^[7] and $4 billion respectively) made a mortgage loan of $24 million to NY Real Estate LLC, which was owned by Penthouse International, the parent and debtor-in-possession of General Media.

As a result of the continuing contentious bankruptcy which lasted over a year, the promissory notes due to Laurus were considered in technical breach of covenants which resulted in severe financial penalties in excess of $8 million. Penthouse International elected to forego refinancing the house due to the combination of the penalties and the unfavorable lifetime lease of $1.00/year that was granted to Guccione, which made the property unmarketable. Laurus sued Guccione in to take possession of the house from the tenant and it was reportedly sold for $59 million^[8].

Fabled Art Collection

While unsuccessful as a recognized artist, Guccione was a painter and a world renowned collector of fine art ^[9]. His art collection included extensive Impressionist Art. The Guccione collection are highlighted by a fine portrait by Amedeo Modigliani (1884-1920) and a sweet portrait of the artist's son, Paulo, by Pablo Picasso (1881-1973).

The Guccione art collection was sold at auction by Sotheby’s in November 2002 to pay his personal debts originally incurred in the Atlantic City venture)^[10]. The collection was appraised by Christie’s at $59 million two years before. However, September 11, 2001 had depressed the art market and the Guccione collection failed to achieve its appraised price. The aggregate sale price was $19 million which was used to pay Swiss Re, the lender. Swiss Re sued Guccione in New York State Court for a $4 million shortfall on the loan balance.

Guccione had a history of leveraging his prized asset. He borrowed $20 million from AIG, the insurance company. Subsequently they refinanced with Swiss Re Insurance^[11].

References and Citations

1. ^ NY Times, September 25, 2005, Don't Blink. You'll Miss the 258th-Richest American, By NINA MUNK
2. ^ NY Times, April 8, 2002, Cybersmut and Debt Undermine Penthouse, By David Carr
3. ^ SNL
4. ^ New York Mag, The Porn King in Winter
5. ^ Real Estate Weekly, “Kennedy's funds get around,” June 23, 2004
6. ^ I Bill, You Bill, We All Scream for iBill: Is the check finally in the mail?, By: Dash Hamilton, Sept. 1, 2005
7. ^ SEC Filing
8. ^ South Florida Business Journal , “Penthouse owner sued by Guccione”, February 24, 2006, by John T. Fakler
9. ^ NY Times, “From Bob Guccione, an Exhibition in Shocking Good Taste”, By PETER MARKS, February 18, 1994
10. ^ Sotheby’s Auction
11. ^ Kennedy Funding