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Michael had an estimated net worth of $1.5 million

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Born on Sept. 8, 1955, in Los Angeles, Calif., Hammer is the son of Glenna Sue Ervin and Julian Armand Hammer.

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He graduated from the University of San Diego in 1978, and later earned his MBA from the Columbia University

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Hammer was known for his involvement with Occidental Petroleum Corporation

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Prior to joining Occidental Petroleum in 1982, he held various positions at the New York investment banking firm Kidder, Peabody & Co.

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Hammer and his ex-wife Dru Ann Mobley had two children together: actor Armie Hammer, 36, and businessman Viktor Hammer, 34

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The Hammer family was the focus of the Discovery+ docuseries “House of Hammer,” which revealed numerous scandals within the family’s history.