Bob Guccione built, lost porn empire
(NEWSER) - Porn pioneer Bob Guccione has died aged 79 after a long battle with cancer. The Penthouse magazine founder built a soft-core publishing empire worth billions, starting out in 1965 with a loan for $1,170 and an idea for a magazine with nude photos more provocative than Playboy's, the New York Times reports. He lost his fortune through bad investments—including a project to develop a small nuclear reactor—Reagan-era censorship, and competition from the Internet. Creditors foreclosed on his mansion in 2006. More»
