Michael Franzese: The Former Mob Boss Who Found Redemption

What’s the Deal with Michael Franzese’s Net Worth?

Let me tell you about Michael Franzese. This guy isn’t your average Joe—he’s a former mobster and captain of the infamous Colombo crime family, and he’s worth a cool $4 million. Born Michael Grillo, Franzese is the son of John “Sonny” Franzese, a reputed underboss for the Colombo family. Now, picture this: young Michael drops out of college to join the family business, but not the kind you’d expect. Instead, he becomes a caporegime, or captain, for the Colombo crew. His racket? Gasoline bootlegging. That’s right, he teamed up with the Russian Mafia and sold millions of gallons of gas, making him one of the most powerful criminals since Al Capone. In 1986, Fortune magazine even listed him as the 18th most wealthy and powerful Mafia boss. He didn’t stop there—Franzese partnered with booking agent Norby Walters, extorting his way into Michael Jackson’s U.S. tour and co-founding Motion Picture Marketing.

But the ride didn’t last forever. In 1986, Franzese was indicted on 14 counts of racketeering, counterfeiting, and extortion tied to his bootlegging racket. He was sentenced to 10 years in prison and ordered to pay $14 million in restitution. He got out in 1989, but four years later, he was back behind bars for violating probation. After his release in 1994, Franzese found a new path. Today, he’s the founder and chairman of the Breaking Out Foundation, a motivational speaker, and an author. He’s penned books like “Quitting the Mob” and “From the Godfather to God the Father.” And if that wasn’t enough, he even inspired Joseph Bono’s portrayal in the 1990 film “Goodfellas,” which earned seven Academy Award nominations.

Early Days: The Making of a Mobster

Michael Franzese was born on May 27, 1951, in Brooklyn, New York, under the name Michael Grillo. His dad, John “Sonny” Franzese, was an underboss for the Colombo crime family, but here’s the twist—Michael didn’t know Sonny was his real father until much later. For years, he believed Frank Grillo, his mom Cristina’s first husband, was his biological father. Sonny had married Cristina after divorcing his first wife, and by the time Michael turned 18, he was using the last name Franzese. Life took a turn in 1967 when Sonny was sentenced to 50 years in prison for robbing a bank. That’s when Michael decided college wasn’t for him and dove headfirst into the family business. On Halloween night in 1975, he became a "made man" under acting boss Tommy DiBella, taking a blood oath and swearing omertà, the code of silence. By 1980, he was leading a crew of 300 people.

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Bootlegging: The Gasoline Scheme

In 1981, Franzese teamed up with Lawrence Salvatore Iorizzo and set up 18 Panama-based companies. Here’s how it worked: under Panamanian law, wholesale companies could sell gasoline tax-free to other wholesale companies. Michael and his crew exploited this loophole by shipping gas between companies and forging tax documents for the receiving company. When enforcement agents tried to collect taxes from the dummy company, it would declare bankruptcy. This scheme accounted for up to half of the gas sold in the New York metropolitan area. Officials estimated that Iorizzo made $45,000 per month, while Franzese pocketed over $1.25 million monthly, keeping 75% of the profits. Some reports even suggest he raked in $8 million per week at one point. The scheme cost New York $250 million in lost gasoline tax revenue annually. Eventually, Franzese expanded the operation to Florida.

Legitimate Ventures: The Mobster Goes Corporate

By the mid-1980s, Franzese wasn’t just about the illegal stuff—he was also diving into legitimate business. He held sway over industries like restaurants, car dealerships, nightclubs, and movie production companies. In the late '70s, his firm partnered with booking agent Norby Walters, and Franzese’s role? Intimidating clients and resolving disputes. In 1981, he extorted a role for Walters on Michael Jackson’s U.S. tour. The FBI got wind of his connections in 1983 and recruited him to introduce boxing promoter Don King to an undercover agent. The plan was to expose King’s ties to organized crime, but it fell apart when the agent didn’t follow through with the money. In 1985, Walters launched a sports management agency with Franzese as a silent partner. Meanwhile, Michael served as president of Miami Gold, a film production company behind the 1986 movie “Knights of the City.”

Indictment and Incarceration: The Fall of a Crime Boss

Things started unraveling for Michael in 1985 when he was acquitted of racketeering charges. But just months later, he was hit with extortion and counterfeiting charges related to the gasoline bootlegging scheme. He faced 14 counts in New York and 177 in Florida. His partner, Lawrence Salvatore Iorizzo, had already been sentenced to five years and testified against Franzese. In March 1986, Michael pleaded guilty to one count each of tax conspiracy and racketeering conspiracy. He was sentenced to 10 years in prison and ordered to pay nearly $15 million in restitution. To settle the debt, he sold his assets, including a New York mansion and the Miami Gold production company. After reaching a plea deal, Franzese was sentenced to nine years for the Florida racketeering charges and ordered to pay $3 million to the state. In 1989, he testified against Norby Walters in exchange for immunity, leading to Walters’ conviction. Michael was paroled after 43 months, but he violated probation and was sentenced to four more years in federal prison in 1991. During this time, a prison guard handed him a Bible, sparking his spiritual transformation. He spent three years in solitary confinement.

Life After Prison: Redemption and Reinvention

After his release in November 1994, Franzese decided to retire from the mob and move his family to California. It wasn’t easy—death threats and contracts on his life, allegedly approved by his own father, followed him. But Michael found a new calling as a motivational speaker, sharing his story at prisons, schools, and Christian churches. In 2002, he appeared on HBO’s “Real Sports with Bryant Gumbel,” where he claimed to have helped resolve gambling debts for some Yankees players, even suggesting they intentionally lose games. The Yankees organization denied the allegations, calling them “absolutely beyond belief.”

Michael’s post-prison career also included appearances in documentaries like “The Definitive Guide to the Mob” and “Inside the American Mob.” In 2014, the biopic “God the Father” hit theaters in 20 U.S. cities, and he starred as a reformed mobster in the 2017 film “Let There Be Light.” He also hosted the 2018 stage musical “A Mob Story” at Las Vegas’ Plaza Hotel & Casino. In 2019, he co-founded Slices Pizza, a pizza restaurant franchise, and in 2022, launched Franzese Wines, specializing in Armenian wines. He’s been featured in docuseries like “Fear City: New York vs The Mafia” and created a popular YouTube channel with over 1.6 million subscribers.

Personal Life: Family and Faith

Michael has been married twice. He’s been with Camille Garcia since 1985, and they’ve welcomed seven children together. Camille, a Christian, played a key role in Michael’s decision to leave the mafia. In 2010, his brother John Jr. testified against their father, Sonny, in a racketeering case, wearing a wire during conversations with him. Michael said Sonny felt “sick” about being betrayed by his son, calling John Jr. a “nobody in the mob life.” Sonny received an eight-year sentence and was released at 100 years old in 2017, passing away three years later.

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Real Estate: Where Does Michael Live Now?

Franzese once lived in an $18 million estate in Corona Del Mar, California. This 8,341-square-foot mansion boasts six bedrooms, eight bathrooms, and an infinity edge pool on a .26-acre property. It appears he rented the home, paying around $8,000 per month. In June 2021, he purchased a home in Newport Beach, California, for $2.89 million, marking a new chapter in his life far removed from his days as a crime boss.