Career
Lyor Cohen began his career in the music industry in the early 1980s. He used to promote rock and rap shows at various events. However, in 1984 he decided to move to New York and took a job at Rush Productions. He worked as Run-DMC’s manager, but he began taking other responsibilities over time. After three years, Lyor Cohen was signing artists to Rush Productions. Some acts he signed include:
- De La Soul
- A Tribe Called Quest
- Slick Rick
- EPMD
Over time, Lyor Cohen had understood the basics of the music business. He had a no-nonsense approach to music and knew how to negotiate deals. Given his negotiation skills, he was tasked by Run-DMC to negotiate a deal with Adidas. It was a great deal and the first of many great deals. After that, Cohen brokered several deals for acts like LL Cool J and Jazzy Jeff & the Fresh Prince.
By 1989, Cohen had become a top agent in the music business. He went on to work with several companies at the management level; these include Def Jam, Island Def Jam Music Group, and YouTube.
Controversies
Lyor Cohen’s career has not been without controversies. In 2002, TVT Records sued Cohen for copyright infringement, breach of contract, fraud, and tortious interference. Cohen’s company, Def Jam Music Group had been sued as well, and TVT Records wanted to be paid 132 million dollars, with most of that amount coming from Cohen. Cohen appealed, and the figure was reduced, and they paid about 126 million.
The following year, Cohen and his company were raided by the NYPD and the FBI, who claimed that the company had ties with drug lord Kenneth McGriff. They were acquitted of the charges in 2005.
Real Estate
After making a good amount of money through his career in the music industry, Lyor Cohen decided to invest in the real estate industry. He bought his first property in 2000; the property, which was based in the Upper East Side, cost him 9.175 million dollars. He listed it for sale in 2010 for 28 million dollars. However, he sold it two years later for about 25 million dollars. From that one sale, Lyor made over 15 million dollars.
In 2014, Lyor Cohen purchased another property in New York City for 11.4 million dollars. It had initially been put on the market for 14.5 million dollars. Cohen is still the owner of the property, and it is currently valued at over 20 million dollars.
His Net Worth
Lyor Cohen’s 150 million dollars net worth is a statement of his determination towards realizing financial success. Through his ability to negotiate deals and no-nonsense approach, the music executive has managed to broker deals that have not only brought money to artists but also played a role in his financial success.
