Peter Morton Net Worth - Pulptastic

What is Peter Morton’s net worth?

Peter Morton, co-founder of the Hard Rock Cafe and son of Morton’s Steak House founder Arnie Morton, has a net worth of $800 million. His son Harry Morton founded the Pink Taco restaurant chain. In 2018, Peter Morton briefly held the record for most expensive home purchase in Los Angeles after buying a Malibu beach house for $110 million. Combining food and music has proven to be a successful business venture, with the Hard Rock Cafe expanding into a worldwide empire since its launch in London in 1971. Peter Morton controlled all US properties, selling all except the Hard Rock Hotel & Casino in Las Vegas for $140 million in 1995. He then sold the Las Vegas location for $770 million in 2006.

Peter Morton’s Background in the Restaurant Business

Peter Morton was born in Chicago in 1947 and attended The University of Denver where he was a member of the Phi Sigma Delta fraternity. He learned the restaurant business from his father Arnie who was Hugh Hefner’s right-hand-man in Chicago in the 1960s. Arnie’s parents had a restaurant in Chicago for 23 years.

While working as the Executive Vice President of Playboy Enterprises, Arnie developed the company’s chain of Playboy Clubs. He then founded what would become the popular Morton’s Steakhouse chain which he sold for $13 million in 1987.