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Malcolm Forbes was legendary for his lavish lifestyle, his private "Capitalist Tool" jet, ever larger Highlander yachts, huge art collection, substantial collection of Harley Davidson motorbikes, French Chateau, collection of special shape hot air balloons, and opulent birthday parties....his 70th in Morocco. After dabbling in politics, including a term in the state legislature and candidacy for Governor of New Jersey, he committed to the magazine fulltime by 1957, three years after his father's death, and after the death of elder brother Bruce Forbes in 1964 acquired sole control of the company.
The magazine grew steadily under his leadership, and he diversified into real estate sales and other ventures. He died suddenly in 1990.
The nine Fabergé eggs he acquired were scheduled to be auctioned in April 2004 by Sotheby's, with a presale estimate that they would sell for an average of $10 million apiece. However, Russian oil magnate and art collector Victor Vekselberg made a deal in February to buy the entire collection for $100 million.