This seems like something of a false dichotomy to me. The professors at my school (UCSD) in math, econ, and engineering were all industry consultants and/or entrepreneurs and drove around in very nice cars like Porsches, Benzes, Lexus etc. (I never saw their houses but a good many of them live in La Jolla).
In fact, many of them were so busy with their 'extracurricular' activities that they sometimes attempted (unsuccessfully) to schedule exams and lectures at hours like 7am or 9pm.
The Chancellor drove a turbo porsche! I can only imagine what the faculty at a school like Stanford is like...
It always seemed to me that being a professor opened doors into industry, instead of 'locking' you down.