George Franklin Getty American lawyer and businessman Date of Birth: 17.10.1855 Country: USA

Biography of George Franklin Getty

George Franklin Getty, an American lawyer and businessman, was born on October 17, 1855, in Maryland. In 1884, at the age of 29, he settled in Minneapolis, Minnesota, where he opened a law practice specializing in insurance and corporate law. He found success in the city, which was known as the "flour capital of America."

Tragedy struck in 1890 when his first child, a daughter, died during a typhoid epidemic that swept through the city. In 1892, the family welcomed their second child, a son named Jean Paul Getty. In 1904, George and his family relocated from Minnesota to Oklahoma, where he began his career as an independent oil entrepreneur. Within two years, he amassed a fortune through his oil company, the Minnehoma Oil Company, and moved with his family to Los Angeles, California.

In 1913, George loaned money to his 21-year-old son, Jean Paul, who wished to invest in oil wells. By 1915, Jean Paul had made his first million, and the following year, George and Jean Paul registered the corporation "Getty Oil Company," which later became "Getty Oil." George did not approve of his son's lifestyle, as Jean Paul would frequently marry and divorce and even attempted to abandon business and live as a California playboy. However, this did not prevent Jean Paul from returning to the company after a few years of carefree living and amassing a massive fortune while remaining at the helm until the end of his life. Perhaps because of this, George did not leave sole control of the family enterprise to his son upon his death.

George Franklin Getty passed away on May 31, 1930, at the age of 75. He left his estate in the form of a controlling stake in the family enterprise, George F. Getty, Inc., valued at $10 to $15 million, to his wife Sarah Getty. However, Jean Paul Getty became the president of the company. Jean Paul named his eldest son George Franklin Getty II in honor of his father. George Franklin Getty II was one of the leaders at Getty Oil and passed away in 1973. He donated his residence, the Getty House, to the city, and since then, it has served as the official residence of the Mayor of Los Angeles.