Marvin Davis
Marvin H. Davis | |
|---|---|
| Born | 31 August 1925 |
| Died | 25 September 2004 (aged 79) The Knoll, Beverly Hills, California, U.S. |
| Occupation(s) | Industrialist, oilman |
| Known for | Chairman of Davis Petroleum; ownership of 20th Century Fox, Pebble Beach Corporation, Beverly Hills Hotel, Aspen Skiing Company |
Marvin H. Davis (August 31, 1925 – September 25, 2004) was a prominent American industrialist who amassed his wealth as the chairman of Davis Petroleum. His portfolio included significant holdings such as 20th Century Fox, the Pebble Beach Corporation, the Beverly Hills Hotel, and the Aspen Skiing Company.
Early life and education
Davis was born into a Jewish household as the son of Jack Davis and Jean Spitzer, with a younger sister named Joan. His father immigrated from London in 1917 and later founded Jay Day Dress Co., a thriving women's dress manufacturer that distributed around 200,000 dresses monthly across the United States. In 1939, Jack Davis joined forces with Ray Ryan of Ryan Oil Company to create Davis Oil Company.
Marvin Davis graduated from New York University in 1947 with a Bachelor of Science degree in engineering.
Petroleum business
Marvin Davis ventured into the oil exploration sector alongside his father, earning the moniker "Mr. Wildcatter." The enterprise, originally known as Davis Oil Company and incorporated as Davis Petroleum in 1986, was headquartered in Denver, Colorado. It specialized in drilling operations primarily in Wyoming and managed a pipeline stretching 150 miles. From the 1940s through the 1980s, it stood as one of the nation’s foremost independent producers of oil and gas.
In 1997, Marvin’s son Gregg Davis took over as president of both Davis Petroleum and Davis Offshore. Ray Ryan, Davis’s business associate, was instrumental in developing the “third for a quarter” investment model, which enabled investors to acquire production interests at reduced drilling expenses while retaining ownership rights.
In addition to his oil ventures, Marvin Davis expanded his investments into Denver’s real estate market by acquiring various shopping centers and office buildings.
In 1977, Davis sought to purchase the Oakland Athletics for $12 million with intentions to move the franchise to Denver. However, legal disputes over existing lease agreements prevented the acquisition from proceeding, leading to the collapse of negotiations by early 1978.
Davis divested most of his oil holdings in 1981, selling them for $600 million to Canadian company Hiram Walker-Consumers Home Ltd. That same year, one of his firms resolved a federal oil-pricing violation case by paying a $20,000 fine amid civil allegations related to overstating well production figures.
20th Century Fox and later career
In 1981, Marvin Davis acquired 20th Century Fox for $722 million in partnership with financier Marc Rich. Fox’s assets included Pebble Beach Golf Links, Aspen Skiing Company, and properties in Century City—where Davis developed Fox Plaza twice sold later; this building gained fame as a location in the film Die Hard. During his leadership, President Ronald Reagan advised him to reduce explicit content in Fox’s movie productions.
Barry Diller was appointed chairman and CEO of Fox by Davis in 1984. At that time, the studio faced $600 million in debt and was unable to secure extensions on bank loans. Diller requested promised financial support from Davis but was told to independently arrange a $250 million junk bond loan.
By 1985, following Marc Rich’s legal difficulties overseas, Davis purchased Rich’s stake in Fox for $116 million and subsequently sold it to Rupert Murdoch for $250 million. Later on, he withdrew from a joint deal with Murdoch aimed at acquiring Metromedia TV stations that eventually became part of the Fox network; Murdoch proceeded alone and ultimately bought out Davis’s remaining shares for $325 million.
In 1990, Davis sold Pebble Beach to Japanese entrepreneur Minoru Isutani for $841 million. In 1986, he acquired the Beverly Hills Hotel for $135 million after outbidding Sultan Hassanal Bolkiah and later sold the property back to the sultan at a $65 million gain.
In 1999, Davis proposed constructing a stadium in Los Angeles as part of an effort to secure an NFL expansion franchise during the period when the city lacked a team (1995–2015). The NFL franchise was eventually awarded to Houston as the Texans in 2002.
Later in his career, Davis was connected with attempted takeovers involving Northwest Airlines, US Airways, CBS, NBC, and T. Boone Pickens’ Mesa Inc. Known for supporting greenmail tactics, he commented on leveraging influence without necessarily investing capital. In 2002, through Ramy El-Batrawi’s financial structuring, he launched an unsolicited $15 billion bid targeting Vivendi’s entertainment divisions.
Davis also made unsuccessful attempts to acquire ownership of the Denver Broncos NFL team.
Philanthropy and political contributions
For many years, Davis was deeply committed to philanthropy, particularly in the field of medical research. A research facility at Cedars-Sinai Medical Center in Los Angeles carries his name as a testament to his support. Inspired by his daughter Dana's battle with diabetes, the family established the Children's Diabetes Foundation, which organizes the biennial Carousel of Hope ball to raise funds for juvenile diabetes. Both Davis and his wife played significant roles as donors and fundraisers for the Democratic Party over an extended period. When President Bill Clinton opted to send a video message instead of attending the Carousel of Hope event, Barbara Davis reportedly remarked, "There are 25 people in our family...I told the White House person, 'You are now talking to 25 new Republicans.'"
Personal life
Marvin Davis was married to Barbara Levine for 53 years. Together, they had five children and, as of 2005, fourteen grandchildren:
- Dana Davis, living with Type 1 diabetes and actively engaged in philanthropy related to the disease, initially worked as an elementary school teacher but retired due to diabetes-related foot complications requiring several surgeries. She founded Dana Davis Shoes, which blends comfort with high-end fashion, and serves as executive director of the Children's Diabetes Foundation.
- Gregg Davis served as President of the family's former oil and gas enterprises: Davis Petroleum Corp., Davis Petroleum Pipeline, and Davis Offshore. He was previously married to actress Kim Richards, with whom he shares two children, Whitney and Chad.
- Patricia Ann Davis Raynes wed New York real estate developer Martin Raynes in 1983. In 2005, she filed a lawsuit against her mother and siblings over allegations of misappropriating a trust fund created by her grandfather Jack Davis, founder of the original Davis Oil Co.
- John Davis (born 1954) is a film producer and founder of Davis Entertainment.
- Nancy Davis Rickel, diagnosed with Multiple sclerosis, supports charities focused on the disease. She has been married twice: first to Turkish-American vintner Nebil Zarif, with whom she had three children including actor Jason Davis, and later to entrepreneur Ken Rickel. They have twin daughters named Isabella and Mariella. Nancy is also godmother to Nicole Richie.
Their friend Aaron Spelling loosely modeled the Carrington family on the Davises for Dynasty, even filming an episode at their Colorado residence.
In 1984, the Davises acquired The Knoll, a 45,000-square-foot estate in Beverly Hills from Kenny Rogers, known for hosting extravagant Christmas celebrations.
While vacationing in southern France in 1993, they were victims of an armed robbery that resulted in the loss of $10 million worth of jewelry and $50,000 in cash.
Davis was recognized for his imposing height at and considerable appetite; Fox executive Alan Hirschfield once described him as "the poster boy for everything you shouldn't eat." Throughout much of his life he weighed over , though he lost approximately as his health deteriorated in later years.
Death and aftermath
During his last ten years, Davis contended with numerous health problems including diabetes, heart disease, a spinal tumor, pneumonia, and sepsis. He passed away at The Knoll on September 25, 2004, at age 79, and was laid to rest at Westwood Village Memorial Park Cemetery in Los Angeles.
Inheritance conflicts within the family
After Davis passed away, his oldest daughter, Patricia Davis Raynes, initiated legal action against her four siblings, mother, and family advisors, accusing them of facilitating her father’s misappropriation of her trust assets. The complaint further claimed that Marvin pressured Patricia into signing documents that granted him financial control. By January 2008, the matter was resolved with all 14 defendants involved.
Later, in 2006, sister Nancy Davis brought a lawsuit against brother Gregg concerning the sale of Davis Petroleum, alleging the business had been sold at a drastically undervalued price, causing the family to suffer losses estimated at $50 million. Gregg’s attorneys refuted these allegations. The Texas bankruptcy court confirmed the original transaction approval, and a district court rejected Nancy’s appeal. By 2009, the conflict had returned to bankruptcy court for additional hearings.