What happened to John DeLorean? – “Myth & Mogul: John DeLorean“ is Netflix docuseries that chronicles the life and career of John DeLorean, a former executive at General Motors and founder of DeLorean Motor Company. Directed by Don Argott and Sheena M. Joyce, it consists of three episodes, each lasting an hour.
The series delves into the life and times of John DeLorean, an accomplished automotive engineer and executive at General Motors, before founding his own car company. Through their creation of the iconic DeLorean DMC-12 sports car featured in the “Back to the Future” movie trilogy, viewers can explore John’s triumphs and failures in business.
However, the series also delves into darker aspects of DeLorean’s life, such as his involvement in a cocaine trafficking scandal during the 1980s. It explores how DeLorean’s fame and fortune ultimately proved detrimental and how his legacy has been forever altered by the myth and legend surrounding his life and career.
Who was John DeLorean?
John DeLorean was born on January 6, 1925, in Detroit, Michigan, to Romanian immigrants as the eldest son. He attended the Lawrence Institute of Technology, where he earned a mechanical engineering degree, and then received his master’s degree in automotive engineering from the Chrysler Institute of Engineering.
DeLorean began his career at Chrysler before transitioning to General Motors, where he quickly rose through the ranks. While at General Motors, DeLorean was instrumental in creating several iconic models, such as Pontiac GTO, that popularized muscle cars worldwide.
DeLorean’s success at General Motors ultimately led him to be appointed head of the entire Chevrolet division. He continued to innovate and develop new models, such as the iconic Chevrolet Camaro, that became an instant classic.
In 1973, DeLorean left General Motors to launch his own car company, DeLorean Motor Company. They created the iconic DeLorean DMC-12 sports car featured in the “Back to the Future” movie trilogy. Unfortunately, financial troubles and DeLorean’s involvement in a drug trafficking scandal ultimately led to its demise.
What Happened to John DeLorean?
In the early 1980s, John DeLorean became involved in a drug trafficking scandal. He was approached by James Hoffman, an old neighbor, and friend, who pretended to be a drug dealer and offered DeLorean money to keep his struggling car company afloat.
Hoffman was actually working undercover for the FBI, and this entire scheme was a sting operation. DeLorean was caught on tape discussing a deal to sell $24 million worth of cocaine, leading to his arrest in October 1982 and charge with drug trafficking.
DeLorean insisted he was innocent, asserting that he had only participated in the scheme to save his car company. He contended that government agents had set him up and that all charges against him were politically motivated.
In 1984, a jury acquitted DeLorean of all charges, ruling that he had been the victim of entrapment. Nonetheless, this scandal immensely affected his reputation and career; when his company went bankrupt in 1982, DeLorean Motor Company closed down, and he had no choice but to sell off his assets and retire from automotive design. Additionally, this affair damaged DeLorean’s personal life – including his marriage – and left him struggling with depression and financial issues for years afterward.
John DeLorean’s Net Worth
John DeLorean was a prominent executive at General Motors, particularly Chevrolet. While at Chevrolet, DeLorean spearheaded several iconic muscle cars, such as the Chevrolet Camaro and Pontiac GTO, popularizing the “muscle car” concept throughout the 1960s and ’70s. In 1973 he started his own car company called DeLorean Motor Company that would produce his beloved DeLorean DMC-12 model.
At the time of his passing in 2005, John DeLorean’s net worth was estimated to be around $50,000. He had been struggling financially for some time and filed for bankruptcy in 1999. Despite these setbacks, DeLorean’s legacy as an automotive pioneer and innovator continues to be celebrated today.