Personalities: Big John

John McCandish King is a storybook example of the go-getting American entrepreneur, a man who is willing to take the big risk to get the big reward and knows how to use technology and the tax laws. Starting with a $1,500 investment in an Oklahoma oil-drilling venture, he has amassed a personal fortune recently estimated at $480 million. Though the stock-market skid has somewhat deflated his holdings, he does not have to worry where his next oil well is coming from. At 43, he is a big bear of a man—6 ft. 3 in., 230 lbs.—with the hard blue eyes of a riverboat gambler. He has a strong _ fondness for the trappings of success: custom-built limousines with fur upholstery, nine airplanes, 3,000 pairs of cuff links (many of them solid gold) and homes in Denver, Hawaii, Palm Springs and Manhattan. His ranch outside Granby, Colo., encompasses 400 acres, has guesthouses that accommodate 120 people, a shooting gallery and a beauty parlor. What else could a man wish for? King wants to be a billionaire within ten years.

Marketing Knowledge. King was born in the small town of Wheaton, Ill. Attacks of asthma and recurring pneumonia eventually forced him to drop out of college, but did not slow King’s drive. A brief stint as an office boy for Harold Stassen brought an interest in politics, and King quickly became national chairman of the Young Republicans college clubs. At 23, he was elected to the Illinois house of representatives; he served three terms. A small investment led him into oil development. Meanwhile, King married Carylyn Becker, whose father was chief executive of Franklin Life Insurance Co. and a multimillionaire. King says that the only money he got from his in-laws was a $2,000 wedding present.

In 1960, King established King Resources in Denver to explore and develop oil and gas prospects. Because it was ahead of many big-time oil companies m using computers to make geological surveys, the company soon gained a reputation for cutting exploration costs. King began marketing his firm’s cost-cutting knowledge to other companies and individuals. Today King Resources offers complex leasing and development deals for oil, gas, water, lumber and other resources.

From $6,000,000 in 1966, the company’s volume soared to $118 million last year; earnings reached $28.5 million. As a manager of myriad operations for clients, King boasts, his company annually handles up to $500 million in other people’s money. King and his family own 16.4% of the company’s stock. Because of oil-depletion allowances and other deductions, King Resources has never paid a penny of in come tax to the Federal Government.

Another source of income for King is the Colorado Corp. Unlike King Resources, which generally works on large package deals for sophisticated clients, Colorado Corp. sells shares in oil-exploration ventures in the manner of mutual funds. Oil funds are not new, but King greatly broadened the market by letting small investors buy shares on an installment plan” Last year Colorado Corp., 92.5% owned by King and members of his family, grossed $125 million. Preliminary agreement has been reached to merge it with King Resources.

Ike Liked Him. On the top floor of a 31-story Denver skyscraper, King manages his empire from an office protected against intruders by a uniformed guard, six secretaries and an electronically controlled door. The wood phone console beside King’s desk has sixty buttons, and a telephone hangs next to the urinal in his private toilet. Notices of incoming calls boom through a two-way loudspeaker in the executive dining room. If a company official wishes to postpone answering, he merely lifts his head and bawls back his instructions to a microphone in the ceiling.

In his rare leisure time, King takes safari trips in Africa. He is a dedicated space buff and flies to Cape Kennedy with friends for just about every rocket launch. He has even hired Astronauts Walter Schirra and Frank Borman as executives in his companies. In 1968, he reportedly contributed $250,000 to Richard Nixon’s campaign. Personal popularity is important to the budding billionaire, who says, “I want people to think well of me.” In his early Denver days, King seemed troubled by the coolness of the city’s social leaders. Finally, he invited 60 leading citizens to a party at his home. Mrs. King greeted them at the door in a white Dior gown and led them in to meet the guest of honor —Dwight David Eisenhower. Since then, the Kings have been quite acceptable to Denver society.