When the Grandson of the Richest Man in the World Was Kidnapped

Jean Paul Getty

Jean Paul Getty was named the richest man in America in 1957 by Fortune magazine and in 1966 was recognized as the richest man in the world by the Guinness Book of Records with an estimated worth of $1.2 billion.(approximately $8.6 billion in 2012), a position he held till he died. He made his money as an oil businessman.

In 1973, about 3 years before he died, his 16 year old grandson J. Paul Getty  III was kidnapped in Italy by gangsters. The kidnappers demanded a ransom payment of $18 million for his release. And the richest man in the world whipped out his checkbook, filled in the requested amount without batting an eyelid and secured the release of the grandson named after him… well, no, things didn't quite work like that in the world of J. Paul Getty, who although left most of his wealth to arts and trust funds when he died was a notoriously stingy man when he was alive.

Apart from having a miserly billionaire grandfather, the position of the 16 year old J. Paul Getty III was further exacerbated by the fact that he was not in good standing with the family. He had got kicked out of seven schools, abused drugs, had older lovers and also took part in violent left-wing demonstrations.

His parents were separated at the time. He lived in Italy with his mother while  his own father, a collector of rare books who resided in Chelsea, England complained to his mistress: “Do you realize that if I have to pay the ransom, I’d have to sell my entire library for that useless son?”

The police also gathered that Paul Getty III had mentioned to his friends that he could fake his kidnap as a means to extort money from his miserly grandfather.

J. Paul Getty announced that he would not pay a dime to the kidnappers telling reporters "I have 14 grandchildren, and if I pay one penny ransom, I'll have 14 kidnapped grandchildren."

Days became weeks and weeks became months, no one saw any sign of the kidnapped Getty scion and neither his father or grandfather made any move to pay, obviously they half believed it was a setup by the unruly teenager.

Four months after the kidnap, the kidnappers sent a envelope containing a lock of hair a severed ear to an Italian newspaper with the message "This is Paul's ear. If we don't get some money within 10 days then the other ear will arrive. In other words he will arrive in little bits."

To clear all doubt about who the ear belonged to, the kidnappers released pictures of J. Paul Getty III who was obviously missing an ear.

Jean Paul Getty III

It is likely J. Paul Getty knew he had no choice left at this point but it is also thought that he only agreed to pay up after been pressured by American President Richard Nixon who the boy’s mother had begged to intervene in the matter. Even at this he only agreed after the ransom had been reduced to about $3 million.

He agreed to pay no more than $2.2 million and borrowed his son, the boy’s father the remaining $800, 000. Yes, you read right, borrowed, to be repaid back at 4% interest.

J. Paul Getty III was released a short time after and never quite got over the trauma of the incident. He suffered from a stroke triggered by a drug overdose in 1981 and became partially paralyzed, dumb and nearly blind. He died in 2011.

And that’s how the kidnapping of the grandson of the richest man in the world went.

Sources

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1. Kidnap of the tycoon's tragic grandson
2. Kidnapped, mutilated, and unloved by miserly tycoon: the tragic life of J Paul Getty III is over

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