Steve Bing facts for kids

Stephen Leo Bing (March 31, 1965 – June 22, 2020) was an American businessman, film producer, and a generous giver to charities. He started a company called Shangri-La Entertainment, which worked in real estate, building, movies, and music.

Early Life and Fortune

Stephen Bing was born in New York City in 1965. His mother, Helen, was a nurse, and his father, Peter, was a public health doctor. When he was 18, he inherited about $600 million from his grandfather, Leo S. Bing. His grandfather was a real estate developer who became very wealthy in New York in the 1920s.

After getting his inheritance, Stephen Bing left Stanford University during his third year. He wanted to work in Hollywood and make movies. In 2010, a magazine called the Los Angeles Business Journal said he was one of the wealthiest people in Los Angeles. They estimated his worth at $590 million.

Working in Entertainment

Stephen Bing invested a lot of money in films. He put about $80 million into The Polar Express, an animated movie. This film featured the voice of Tom Hanks and made $285 million around the world. It was a big success at the box office.

He also helped pay for Robert Zemeckis' movie Beowulf. Bing also produced and financed Shine a Light. This was a concert film about The Rolling Stones directed by Martin Scorsese. He also helped produce a music album for Jerry Lee Lewis called Last Man Standing.

Besides producing, Stephen Bing also helped write movies. He co-wrote the story and screenplay for the film Kangaroo Jack in 2003.

Helping in Politics

Stephen Bing gave a lot of money to the Democratic Party and its candidates. Starting in 1993, he contributed more than $10.7 million at the national level.

In 2002, he gave $8.2 million to the Democratic National Committee. He also supported specific politicians like Al Gore, Hillary Clinton, John Kerry, Nancy Pelosi, and Dianne Feinstein.

Bing also supported Proposition 87 in California in 2006. This plan wanted to raise $4 billion from oil taxes to help create cleaner energy. He also helped Democratic candidates in other states. For example, he supported Bob Casey, Jr. in Pennsylvania and Tammy Duckworth in Illinois.

In 2005, he spent $4.25 million to help defeat Proposition 77. This was a plan sponsored by Governor Arnold Schwarzenegger. He also gave money to the California Democratic Party and politicians like Governor Gray Davis and San Francisco Mayor Gavin Newsom.

In 2008, Stephen Bing promised to match donations for the NO on Proposition 8 campaign for a few days in October.

The William J. Clinton Foundation shared a list of its donors in 2008. Stephen L. Bing was on it, having given between $10 million and $25 million.

In 2009, a private plane owned by Bing was used to bring American reporters Laura Ling and Euna Lee home. They had been held in North Korea for five months. Former President Bill Clinton helped bring them back. Bing reportedly paid for the entire flight, which cost about $200,000.

Personal Life

Stephen Bing had two children. He had a child with Lisa Bonder, a former professional tennis player. He was confirmed to be the father of her daughter, Kira.

He also had a child with actress Elizabeth Hurley. After a DNA test, it was confirmed that he was the father of her son, Damian Charles Hurley. Damian was born on April 4, 2002. Damian's godfather is Hugh Grant.

Giving to Charity

In April 2012, Stephen Bing joined The Giving Pledge. This is a promise started by Bill Gates and Warren Buffett. People who join agree to give away most of their wealth to charity during their lifetime or in their will.

Death

Stephen Bing passed away on June 22, 2020, at the age of 55. At the time of his death, he had spent most of the $600 million he had inherited.