Jimmy Hoffa Net Worth

What was Jimmy Hoffa's Net Worth and Salary?

Jimmy Hoffa was an American union leader who had a net worth equal to $13 million at the time of his death after adjusting for inflation. Jimmy Hoffa was the head of the President of the International Brotherhood of Teamsters from 1957 to 1971. When Jimmy first came into power, the union had around 70,000 members. Within a few years under his leadership, its numbers swelled to 150,000 and then 400,000… peaking at over 1 million by the early 1950s.

During his career, Jimmy was heavily involved with organized crime. In 1964 he was convicted of bribery, fraud and jury tampering. He went to jail in 1967 under a 13 year sentence. In 1971 he was pardoned by President Nixon and released early from prison. After being released from prison, the teamsters union awarded Jimmy a one-time lump sum pension of $1.7 million. That's the as around $13 million after adjusting for inflation today.

Jimmy's crimes were connected to the massive pension fund he controlled as union President. The pension topped $8 billion at his peak. Hoffa and his associates allegedly made improper loans with the pension money, and helped the mafia launder large quantities of illicit funds.

Jimmy Hoffa disappeared in 1975 and was legally declared dead in 1982. Many believe he was killed by the mafia.

Early Life

Jimmy Hoffa was born on February 14, 1913 in Brazil, Indiana to Viola and John. When he was seven, his father passed away. A little later, Hoffa moved with his mother to Detroit, Michigan, where he would live for the rest of his life. At the age of 14, he dropped out of school and began working full-time manual labor jobs.

Career Beginnings

As a teenager, Hoffa worked at a grocery store chain. Due to his substandard wages and poor working conditions, he started to get involved in union organizing at the grassroots level, and eventually achieved a leadership position among his coworkers. In 1932, after refusing to work for his abusive shift foreman, Hoffa left his job at the grocery chain. He was subsequently welcomed to become an organizer with Local 299 of the Teamsters of Detroit.

The Teamsters

After joining the Teamsters, Hoffa worked tirelessly with other union leaders to consolidate local union trucker groups, first into regional contingents and then into a national body. Due to this, the Teamsters grew exponentially, going from 75,000 members in 1933 to 420,000 in 1939. By 1951, the group topped a million members. Because trucking unions during the time were significantly influenced by organized crime, Hoffa was forced to engage with a variety of gangsters during his tenure.

In late 1946, Hoffa became the president of Detroit's Local 299. Subsequently, he led the combined group of Detroit-area locals, and then became the head of the consolidated Michigan Teamsters. In 1952, Hoffa was appointed the national vice president. Finally, in 1957, he took over as the president. He was reelected in 1961, after which time he started to expand the union. Among the ways he did this was to bring almost all over-the-road truck drivers in the continent under a single National Master Freight Agreement. Hoffa also attempted to bring in airline workers and other transit employees, but was less successful. Despite mounting pressures from his criminal convictions, he was reelected again without opposition.

Criminal Charges and Convictions

Hoffa faced his first significant criminal charge in 1957, when he was arrested for attempting to bribe an aide to the McClellan Committee, which was investigating his activities. Although acquitted, the arrest provoked a number of further investigations, arrests, and indictments in the ensuing weeks. Hoffa had his next major run-in with the law in 1963, when he was indicted for jury tampering and charged with attempted bribery of a grand juror, which had happened during his conspiracy trial the previous year. While on bail, Hoffa was convicted at another trial in Chicago for conspiracy, mail and wire fraud, and improper use of the Teamsters' pension fund. As a result, he was sentenced to five years in jail. Following numerous unsuccessful attempts to appeal the convictions, Hoffa started serving his 13-year prison sentence in 1967 in Pennsylvania's Lewisburg Federal Penitentiary. In 1971, he officially resigned as Teamsters president; Frank Fitzsimmons took over shortly after.

Post-Prison and Disappearance

Less than five years into his sentence, Hoffa was released from prison when Richard Nixon had his sentence commuted. However, he was disallowed from engaging with labor organizing for the remainder of the decade. Claiming he never agreed to this condition, Hoffa sued the Nixon administration; ultimately, he lost the case.

Despite his setbacks, Hoffa was determined to regain leadership of the Teamsters. He was met with severe opposition from many members of the Mafia, including former Teamster Anthony Provenzano and alleged Detroit kingpin Anthony Giacalone. The latter man, along with his younger brother Vito, had planned to meet up with Hoffa in order to set up a peace meeting between Hoffa and Provenzano. On July 30, 1975, before the meeting with Provenzano occurred, Hoffa disappeared. The ensuing investigations were multiple, but mostly unsuccessful, with numerous law enforcement agencies unable to reach a definitive conclusion as to how Hoffa disappeared and who was involved. In 1982, he was declared legally dead. Speculation has run rampant in the years since, with most crime historians and investigators believing that Hoffa was murdered at the behest of his Mafia enemies, and that his body was cremated.

Personal Life and Legacy

In 1936, Hoffa married 18-year-old Detroit laundry worker Josephine Poszywak, whom he had met at a laundry workers' strike six months earlier. Together, they had a son named James Jr. and a daughter named Barbara. The family resided in a modest home on the northwest side of Detroit. Poszywak passed away in 1980, five years after Hoffa's disappearance.

Hoffa has a controversial but storied legacy, with his life and mysterious death still intriguing the popular imagination. Due to this, he has been portrayed numerous times in the media. Notably, Hoffa was portrayed by Jack Nicholson in the 1992 film "Hoffa." He has also been portrayed by Robert Blake, in the television miniseries "Blood Feud"; by Tom Bosley in the television film "The Jesse Owens Story"; by Trey Wilson in the miniseries "Robert Kennedy and His Times"; and by an Academy Award-nominated Al Pacino in Martin Scorsese's 2019 film "The Irishman."

Real Estate

The family had two homes, a modest abode in Detroit which was purchased in 1939 for $6,800 and a summer cottage in Orion Township, Michigan.