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Adnan Khashoggi made the bulk of his fortune
brokering arms deals between Western firms such as Lockheed Martin and Arab
governments. For each deal he was paid Millions of dollars as commissions
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In the early 1980s he was worth $4 Billion and
considered one of the richest men in the world
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A string of financial losses and unethical
business practices where he fronted for dictators and regularly laundered money
was his undoing
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At the height of his fortune Adnan was spending a
Quarter of a Million Dollars daily
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He had to resort to selling his properties like
his famous yacht and real estate to fund his lavish lifestyle
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He once threw a party that lasted 5 days
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Adnan sold his $70 million yacht to Donald Trump
for $30million when he needed funds
- -He was eventually arrested and tried in Switzerland in 1988 and jailed three months for obstruction of justice and mail fraud before being extradited to the U.S. He managed to avoid prosecution for serious offenses such as racketeering, and was eventually acquitted.
KEY TAKEAWAYS
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No one is above the law. Eventually the law
catches up with you
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Adnan Khashoggi was clearly addicted to leaving
a lavish lifestyle, such as spending $250,000 daily. He was said to be the
world’s biggest spender at the time
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When you are desperate for cash people tend to
pay far less than market value for your prized assets and you have no choice
but to accept it
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According to Donald Trump, ‘Khashoggi was a great broker and a lousy businessman,”“He
understood the art of bringing people together and putting together a deal
better than almost anyone—all the bullshitting part, of talk and
entertainment—but he never knew how to invest his money.”
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Today,
nearing eighty, Adnan, spends his time, using his connections, working as a
consultant. It is reported that he lives in both Monte Carlo and
Riyadh, and is by no means a poor man.
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