Steve Banerjee was a famous American entrepreneur who founded the Chippendales, a strip dance group for male dancers that became a sensation among women in the 1980s. He was also a notorious criminal who was involved in murder, arson, and racketeering. What was his net worth at the time of his death?
Early Life and Career
Steve Banerjee was born as Somen Banerjee in Mumbai, India, in 1946. He came from a wealthy family of printers and had a privileged upbringing. He moved to the United States in the 1960s with a dream of becoming rich and successful.
He started working at Mattel toy company and later operated a gas station for years, saving money to start his own business. In 1975, he bought a failing rock club in Culver City, California, with a partner and renamed it Destiny II. He experimented with various forms of entertainment, such as disco dancing and female mud wrestling, but none of them were profitable.
In 1979, he had a breakthrough idea: he launched the first male-stripper showcase exclusively for female audiences and called it Chippendales. He hired club promoter Paul Snider and choreographer Nick De Noia to help him create the show, which featured muscular men wearing bow ties and cuffs. The show was an instant hit and attracted thousands of women every night.
Success and Scandal
Banerjee expanded his business by opening more clubs across the country and licensing the Chippendales name for calendars, videos, and merchandise. He also produced television shows and movies based on the Chippendales theme. He became a millionaire and lived a lavish lifestyle.
However, he also faced several challenges and controversies. He had a falling out with his partner and bought him out. He had a bitter dispute with De Noia over the rights to the touring shows, which were more lucrative than the clubs. He also faced competition from rival dance troupes, such as Adonis and Men of Steel.
Banerjee resorted to illegal and violent means to protect his empire. He hired hitmen to kill De Noia and three former Chippendales dancers who had joined Adonis. He also ordered arson attacks on rival clubs and venues. He was paranoid and ruthless, trusting no one.
Downfall and Death
Banerjee’s crimes eventually caught up with him. In 1993, he was arrested by the FBI after one of his hitmen turned informant and recorded him confessing to the murder of De Noia and other plots. In 1994, he pleaded guilty to attempted arson, racketeering, and murder for hire. He faced a sentence of 26 years in prison and forfeited his shares of Chippendales.
However, he never faced justice. On October 23, 1994, hours before he was to be sentenced, he hanged himself in his cell at the Metropolitan Detention Center in Los Angeles. He was 48 years old.
Steve Banerjee Net Worth
According to various sources¹²³, Steve Banerjee’s net worth at the time of his death was estimated to be around $5 million. However, this figure may not reflect his actual wealth, as he had lost control of his business and faced legal fees and fines.
His legacy remains controversial. On one hand, he was a pioneer in women’s entertainment and created a cultural phenomenon that still exists today. On the other hand, he was a ruthless criminal who destroyed lives and careers in his quest for power and money.