Born in Gloversville, New York, Schine was from a wealthy family in the movie theater, hotel and real estate industries. A graduate of Harvard University, he served first in the Army Transport service then in the U.S. Army. He was a founding member of the Young Presidents' Organization (YPO) . Schine Chain Theatres, Inc. v. United States 334 U.S. 110 (1948)  concluded in 1959, a landmark anti-trust case that went all the way to the Supreme Court and continues to be studied in law schools and cited in lawsuits, such as the Microsoft anti-trust case . Preserved Schine stock certificates can be purchased . Some of the historical Schine Theatres still remain, including the chain's flagship theater, the Glove Theatre  in Gloversville and the Auburn Schine Theatre , both in New York. The Auburn location was helped in 2004 by New York Senator, and former First Lady, Hillary Clinton, who was instrumental in securing $250,000 towards its renovation . One of the Schine family's former hotels, the Boca Raton Resort & Club, continues to be one of the best golf resorts in the world . Another of their former hotels, The Ambassador Hotel  in Los Angeles, was demolished in 2006, after years of fighting among developers, preservationists, and the Los Angeles Unified School District, who prevailed to build a school campus on the site amid much public outcry, including a campaign by Diane Keaton.
Following his few years in the public eye, Schine would leave politics while still in his twenties, never to return. In 1957, Schine married 1955 Miss Universe, Hillevi Rombin  of Sweden, and they had six children together, remaining married for nearly 40 years until their tragic deaths, but living long enough to spend time with four of their now 11 grandchildren. He declined to comment on the McCarthy episode throughout his life, and only once would Schine make himself available to the public again, at the age of 40, in the form of a celebrity cameo on the television series Batman  in 1968, to amuse his six small children, whose favorite show was Batman.
He would spend the majority of his life in the private sector as a businessman and entrepreneur, working in the hotel, film, music, and high technology industries. Schine was Executive Producer of the Academy Award winning film The French Connection  in 1971, with eight nominations, taking Oscars for picture, director, actor, editing, and writing. Shortly afterwards, Schine was involved with chart topping music that achieved Billboard gold and platinum and Cash Box #1, by The DeFranco Family . Schine's company Schine Music would also provide songs to Lou Rawls and Bobby Sherman, among others. A musician himself, Schine had music he had written published and at one point guest conducted the Boston Pops Orchestra for Arthur Fiedler. Schine's post production video house in Hollywood, Studio Television Services, handled clients such as HBO, Disney, Orion, and MGM/UA. His publicly traded research and development company High Resolution Sciences for years endeavored to bring high definition to computing and broadcast television.
Schine was killed in Los Angeles, California in 1996 as a passenger in a private plane, which experienced an engine failure shortly after take-off, and died with his wife and one son; they were the only three on the plane  . All three are buried in the Westwood Village Memorial Park Cemetery  in Los Angeles. Schine was 68 years old, his wife was 62, and their son was 34.
The Schine Student Center  at Syracuse University in New York was dedicated in the name of Schine's parents, J. Myer and Hildegarde Schine.