Adam Weitsman Net Worth 2022 – Wife, Family, House, Car

With income from his business, Adam Weitsman has amassed a net worth of $1.2 Billion as of 2022.

Adam Weitsman is an American entrepreneur and philanthropist who is the owner and Chief Executive Officer of Upstate Shredding – Weitsmaan Recycling. 

He opened Upstate Shredding in 1997 and successfully brought the company to the level of an industry leader despite significant setbacks that even landed him in jail. It later merged in 2016 with family-owned scrap processing company Ben Weitsman & Son, which Adam Weitsman took over from his father in 2005. He won Tioga County’s ‘Business of the Year’ award in 2010. 

He was featured in the March-April 2013 issue of ‘American Metal Market Magazine’. He was twice awarded the ‘Platts Industry Leadership Award’ and the ‘AMM Scrap Company of the Year’ Award in 2015 and 2016. 

As an antique collector, he has donated several of his stoneware pieces to the New York State Museum in Albany. He renovated the crab restaurant his wife purchased in 2010, and they donated the profits from it to 16 regional nonprofits in 2015. In January 2019, he donated $175,000 to four Boys & Girls Clubs in Owego, Binghamton, Syracuse and Endicott.

Today we’re going to discuss how much money Adam Weitsman has and how he builds his net worth.

At the end of this article, we will also tell you how to get rich like Adam Weitsman. So be sure to read to the end.

Adam Weitsman Net Worth 2022

Adam Weitsman has an estimated net worth of $1.2 Billion in 2022. Adam is an American businessman, entrepreneur and philanthropist. His business is his primary source of income.  He is the owner and CEO of Upstate Shredding – Weitsman Recycling. His annual income is $50 million.

Weitsman returned to his hometown to work in the family scrap metal business after his sister died of cancer in the early 1990s. It was then that he became interested in scrap metal processing, which led him to start Upstate Shredding.

Throughout the Southern Tier and from Albany to Rochester, he operates a scrap metal empire in New York. This is where he makes most of his money. He earns more than $5 Million a month.

To calculate the net worth of Adam Weitsman, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as student loans and credit card debt, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Adam Weitsman
Net Worth: $1.2 Billion
Monthly Salary: $5 Million+
Annual Income: $50 Million+
Source of Wealth: Entrepreneur

Adam Weitsman Net Worth Last 5 Years

Net Worth 2022: $1.2 Billion
Net Worth 2021: $1 Billion
Net Worth 2020: $0.8 Billion
Net Worth 2019: $0.7 Billion
Net Worth 2018: $0.5 Billion

How Much Money Does Adam Weitsman Make From Upstate Shredding?

Adam Weitsman’s primary income source is his company, Upstate Shredding. Let’s talk about how Adam Weitsman built his net worth of $1.2 Billion from scratch.

Adam Weitsman often went to auction houses with his father on weekends, which sparked his interest in collecting antiques. 

By 1982, he owned more than 60 stoneware pieces and often researched who had made them, which got the teenager noticed in antiques magazines. 

He later took courses in art history and worked briefly at the Hirschl and Adler Gallery in Manhattan in 1989 before opening the American Folk Art Gallery on Bleeker Street in Greenwich Village in 1991. 

After his sister Rebecca became terminally ill, however, he was forced to return home to help his father run the family junkyard.

For a time, he continued to run his gallery on weekends and also opened a clothing store and an upscale nightclub. 

In 1995, he became vice president of Ben Weitsman & Son. 

In 1997, he started a new business, Upstate Shredding, in the Tioga County Industrial Park in Owego, NY, but the business failed due to the declining metal industry. 

After a dark period serving a prison sentence for bank fraud, however, he was more determined to rehabilitate himself and make a name for himself.

Adam Weitsman started up again with the help of his then-girlfriend Kim, who took care of the shredding business while he was in prison. 

His professional colleagues, most of his customers and steel mill buyers, and his employees stuck by him during the hard times, which inspired him to change his work ethic. He has already managed to salvage his reputation and establish himself as a maverick industrialist.

Adam Weitsman’s Controversies & Scandals

After Upstate Shredding opened, Adam Weitsman took out a $10 million loan to buy a state-of-the-art shredding facility. But when market prices dropped, tons of scrap piled up around the machine while it sat idle for nearly two years. 

When his company was on the verge of bankruptcy, he decided to use his numerous accounts to commit check fraud, for which he was charged in 2003 and served 8 months in prison in 2004. 

According to him, the imprisonment changed his life for the better, as it made him more humble and helped him get his business back on track.

He faced another controversy in the mid-2010s when a former employee accused him of dumping the body of murder victim Michele Harris in his car shredder in 2001. 

He sued him for defamation in 2017 and won the case, but to put the rumors to rest, he arranged for a lie detector test to prove his innocence.

How Much Are Adam Weitsman’s Cars Worth?

Since Adam Weitsman is rich, he should own some luxurious cars. Unlike other celebrities, Adam Weitsman did not show up on social media with his cars, so we do not have accurate information about his car collection.

But we do know that he has a $ 250,000 Rolls-Royce Ghost and a Lamborghini.

How Much is Adam Weitsman’s Private Jet Worth?

He owns a private Gulfstream jet worth $18.5 million (INR 1,38.98 crore). 

What Houses Does Adam Weitsman Own?

Given Adam Weitsman’s wealth, his house is more expensive than ordinary people’s. He has bought and sold a number of beautiful houses over the years. He paid $1.2 million to buy a 3,000-square-foot, four-bedroom house in the US. The three-story house also has a large living room that opens onto a terrace, a well-appointed kitchen, a spiral staircase in the main entrance, an office, a dining room and a wine cellar.

Adam Weitsman’s Personal Life, Family and Wife

Adam Joel Weitsman was born on June 13, 1968, in Owego, New York, United States. He graduated from the Owego Free Academy in 1986 and then studied banking at the C.W. Post Campus of Long Island College in 1989. 

His grandfather, Ben Weitsman, had started a used auto parts business in 1938, which evolved into the scrap metal processing company Ben Weitsman & Son in 1958. 

His father, Harold Weitsman, ran the company for several decades before retiring in the early 2000s. Adam Weitsman took over the business from his father in 2005. His sister Rebecca, an artist by training, also helped run the company until she became ill. She later succumbed to her colon cancer.

Adam Weitsman is married to Kimberly DeFrance, a model. He met her in New York in 2000 when she was visiting her father in Owego. 

On their first date, he told her he was going to prison, after which she asked him if he would do it again. She eventually quit her job and learned the scrap metal business from him before he went to prison and kept the business going. 

The couple married in June 2006 in Skaneateles, NY. They have a daughter named Clover and had twins in 2017; the twins are named Monroe and Rae. The couple lives in their mansion in Skaneateles, which he had renovated after purchasing it in 2006.

How Much Does Adam Weitsman Make a Year?

According to some reports, Adam Weitsman’s annual income is over $50 Million.

FAQs About Adam Weitsman

How rich is Adam Weitsman?

As per the record of media, Adam Weitsman’s net worth is estimated to be around $1.2 Billion in 2022.

How tall is Adam Weitsman?

Adam Weitsman is 1.72m tall.

How old is Adam Weitsman?

Adam Weitsman was born June 13, 1968, in Owego, New York, United States, He is 53 years old as of 2022.

What did Adam Weitzman go to jail for?

Adam was found guilty of bank fraud and money laundering in 2004, crimes he had committed when he was in his 20s and his business was struggling. Just before he went to prison, he met Kim DeFrance, a fashion model in Endicott visiting her father.

Further Reading

Related Lists of Celebrities’ Net Worth

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How To Become Rich Like Adam Weitsman?

Adam Weitsman did not become rich by luck. To become as rich as Adam Weitsman, you have to work smart.

Successful people become rich because they take advantage of the opportunities that come their way. They are in the right place at the right time and take the right action.

Thanks to the Internet, the world has changed massively in recent years. Nowadays it has become much easier to make money online.

Instead of looking for a 9-5 job and staying in your comfort zone, it’s better if you become your own boss as soon as possible.

You can learn how to build a digital asset that generates cash flow for you while you sleep to grow your wealth quickly.

If you seize this golden opportunity in time, you can become as successful as Adam Weitsman one day.

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