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Monday, 2nd June 2008 (1975 views)

A businessman who became a billionaire off the back of sales of potato products for French fries started his empire with just four gold coins, it has been reported.

Luxist.com says John Richard Simplot, also known as JR, made his fortune after "all but inventing" the world's first commercially viable frozen French fry potato - earning him the moniker "Mr Spud".

The businessman, who died in May aged 99, was worth an estimated $3.6 billion (£1.83 billion) when he passed away. He had been the 89th richest person in America and the oldest billionaire on the Forbes 400 list.

But it all began with four gold coins, which he invested to start his business. By the end of World War II, JR Simplot was the largest shipper of fresh potatoes in the United States and in 1953 he patented the frozen French fry that would make him billions.

In 1967, Mr Simplot struck a deal with fast food chain McDonald's to supply its restaurants with the product and he went on to serve on the board of the company, which now has over 31,000 outlets worldwide.

 

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