Beanie Babies Creator Ty Warner Still Has A Massive Net Worth
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It's officially launch day for Apple TV's latest film, The Beanie Bubble.
The comedy-drama, starring familiar faces such as Zach Galifianakis, Elizabeth Banks, and Sarah Snook, follows the rise of the Beanie Babies stuffed animals rage that took over the early 90s. Like the 2015 book, The Great Beanie Baby Bubble: Mass Delusion and the Dark Side of Cute, the movie also focuses on the creator of the iconic stuffed animals, Ty Warner.
Beanie Babies first came out in 1993 and the toys quickly developed a cult following. Despite their rapid success, other issues played out behind the scenes, ultimately leading to the discontinuation of the toys in 1999. Today, some Beanie Babies are worth well over $100,000 today, per Parade.
Whether you've already streamed The Beanie Bubble or not, you might have some lingering questions about the toy's creator.
So, if you're curious to know more about Ty Warner's whereabouts, net worth, and life in 2023, here's everything you need to know:
He started making toys before Beanie Babies.
Before his big break with Beanie Babies, Warner started his company, Ty Inc., in 1986 and made life-like toy cats, per Business Insider. It's not clear how much Warner made from that venture.
However, in 1993, he released the first nine Beanie Babies, and the launch would change the trajectory of his career.
Warner found success with Beanie Babies from 1993 to 1999.
To say Warner's Beanie Babies became a hit would be an understatement. He was constantly changing designs to his $5 toy animals, previous versions of the toy became collector's items and skyrocketed in value for resellers, per Business Insider. That seemed to increase the overall demand for his products.
Warner also signed some big deals as his business began to grow. In 1997, Warner and McDonald's struck a $100 million deal that featured the brand new Teenie Beanie Babies, per Business Insider. The same source reported that by the time Beanie Babies hit a peak in 1999, Warner had a net worth of about $5 billion. After that high, the toys became less popular and sales began a downward spiral.
He launched Beanie Babies 2.0 in 2008.
In an attempt to keep up with trends and find a footing again with his stuffed animals, Warner launched Beanie Babies 2.0 in 2008, per The New York Times. The toys were similar to the new buzzy stuffed animal toy at the time, Webkinz, which came with a code attached to each animal that allowed buyers to unlock and virtual world on their computers. Warner's version came with a scratch-off code on the toys' signature heart-shaped tags.
Unfortunately, the wave of virtual stuffed animal websites did not last very long. By 2009, the Beanie Babies 2.0 line was discontinued, and its companion website was later shut down as well, per Bustle.
He made major real estate investments over the years.
At the height of the Beanie Babies craze, Warner took an interest in real estate. He purchased the Four Seasons Hotel in New York City for $275 million in 1999, along with several resorts in Hawaii, Mexico, and California, per Vanity Fair. But with time, some of those investments backfired.
In 2022, employees of the Four Seasons sued Warner, alleging that he put off reopening the hotel during the pandemic to avoid paying wages and severance, per The New York Post. A similar lawsuit was filed by employees at a Biltmore hotel (owned by Four Seasons), who claimed they were owed $8 million in severance, per The New York Post.
The lawsuits appear to be ongoing, without any filed settlements.
He also faced legal troubles.
In 2013, Warner was charged with tax evasion for allegedly hiding over $93 million in a secret bank account with UBS, per the US Department Of Justice. He was also accused of failing to pay his 2002 taxes of $885,300, per CNN.
He ultimately avoided prison time by pleading guilty. He paid a $53 million civil penalty and roughly $27 million in back taxes as part of his plea agreement, per CNN.
In 2014, Warner was sentenced to two years of probation, consisting of 500 hours of community service at three Chicago high schools, per CNN. In the same report, it was noted that he was also ordered to pay a $100,000 fine.
What is Ty Warner's net worth?
Ty Warner currently has a net worth of about $6.1 billion, per Forbes. Stemming from the mix of Beanie Babies and real estate, his net worth has seemingly increased over the past three years by over $3 billion, per Forbes.
Where is Ty Warner now?
Ty Warner is spending his days out of the public eye and rarely makes public appearances. The 78-year-old is believed to be single and residing in Oak Brook, Illinois, per Forbes.
You can catch The Beanie Bubble streaming now on Apple TV.
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