To reach into the past, there’s Mark Twain. He was, of course, a very popular author and lecturer and earned quite a bit of moolah. However, thanks to investments in inventions that tanked and his failed publishing company, he went very deep into debt. Instead of declaring bankruptcy, he went on the lecture circuit (which he had grown to dislike) for years to pay off all his creditors dollar for dollar.
Let me quote Maynard Solomon’s Mozart: A Life:
So, Mozart’s funeral is not an indication of his “reduced” status. Interestingly enough, Mozart’s best year financially was the last year of his life when he earned from 3,600-5,600 florins (once, while bored, I tried converting this to today’s dollars… my final figure was about $300,000-$500,000. Don’t cite me on this, please. 
)
…
Actually, The Apartment did win for B. Picture… the last B&W film to do so, until Schindler’s List came along.
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JP Morgan was worth “just” $80 million when he died, far lower than the net worth of many people who’s fortunes he helped create. John Rockefeller, upon hearing of Morgan’s net worth, exclaimed “And to think he wasn’t even a rich man!” (Rockefeller was worth, at that time, about $300 million - he became a billionaire only after the Supreme Court broke up Standard Oil).
I realize you were using this as a hypothetical example but keep in mind that professional atheletes in such sports as baseball and American football didn’t necessarily make a lot of money prior to the free agency era in the 1970s.
An NFL player in the 1960s woouldn’t make remotely close to the kind of salary players do today, even adjusting for inflation.
TV pioneer Ernie Kovacs died owing both gambling and tax debts (a bad combination whoever you are). His widow, Edie Adams, did nightclub acts, bit parts in movies and a long-time stint as the Muriel Cigar girl to pay them off.
I was surprised to learn that Jimi Hendrix’s father was only getting $50,000 a year for Jimi’s catalog after Jimi’s death, because he was basically screwed over by his lawyer.
Hmm. That’s very interesting- so it’s possible he wasn’t poor at all at the time of his death and that’s just another thing Amadeus misrepresented.
Carnegie made a similar comment. I’ve wondered before if accounts of Morgan’s “poverty” took into account his collection of antiques, antiquities, rare books, etc., on which he spent millions and millions throughout his life. (There is a rumor that he was actually accumulating a burial treasure like the great pharaohs he so idolized, but that his family basically said "to hell with that dad… we’re splitting up the cash and opening a museum with the stuff.)
An interesting robber baron fortune story was that of Cornelius “the Commodore” Vanderbilt (1793-1877). There’s no shortage of stories about his stinginess (e.g. he wouldn’t pay for pre-printed checks from his bank, when his doctor advised him to drink champagne for a stomach ailment he drank soda water instead because it was cheaper, etc.) or about his complete bastardy (people he ruined financially due to a personal slight, placing his wife in a mental hospital because she objected to his constant affairs, the younger son he browbeat so badly the kid eventually committed suicide, etc.). When he died (January 1877) he left an estate worth just over $107 million, an amount almost impossible to evaluate in today’s currency and the vast majority of it liquid- at very least we’re talking a Sagan (billions and billions).
In his will he bequeathed the interest from a $200,000 trust fund to his youngest surviving son, Cornelius Jeremiah (not the money itself, just the interest, though the interest would have still put him in the top 10% of American incomes), and to his 8 daughters he bequeathed amounts ranging from $250,000 to $500,000. He left his half-century-younger second wife (who was also his second-cousin) their home (a nice townhouse though nothing like the monstrosities his grandchildren would build) and $500,000 (again, the equivalent of several million today- she was well set) and the balance of the estate, well over $100 million, to his oldest son (whom he couldn’t stand for most of his life) William Henry.
The daughters and younger son were furious about this (even though they’d inherited the equivalent of millions by today’s standards) because William got so much more. The result was an absolutely incredible trial that makes for fascinating reading in the NYT microfilm. It turns out Vanderbilt, one of the most brilliant businessmen of his own or any other time, was a complete sucker for two things: spiritualism and attractive women who put out. William Henry, who’d been pretty much ignored by his father for most of his life, used both of these to his advantage by employing the services of Tennessee Claflin and her sister, Victoria C. Woodhull (first woman to run for president and on the Free Love ticket no less), “spiritual mediums” and con-artists extraordinaire.
The Commodore used the sisters to contact his mother, his first wife (who was also his first cousin), his youngest son (who was killed in the Civil War and was the only child Vanderbilt seemed to have any affection for) and others of his dearly departed. All of these shades gave him the same news from the other side: you know, William Henry is the only person on Earth who really totally loves you and just wants what’s best for you, and that’s why you need to leave him every cent you have. Needless to say, the sisters were double agents who’d been promised beaucoups of money if their channeling worked to William Henry’s advantage.
The lawsuit was finally settled out of court when William H. basically doubled the inheritances of his siblings and still made out with the largest fortune in the U.S. . He died a few years later with the largest fortune in the world (he doubled his inheritance) and his own heirs spent the fortune on the most obscene collection of mansions the world has yet produced. By mid-20th century the fortune was effectively gone- a moderate millionaire great-grandson here or there, but unable to pay upkeep on the 100 room palaces. The richest descendant is Gloria, who actually earned the vast majority of her fortune (she inherited a $2.5 million trust fund she split with a much older half-sister but is worth in the nine figures).
There’s an interesting Halle Berry movie called Why Do Fools Fall in Love about the wives of Frankie Lymon (a bigamist best known for singing the title song- he died young and destitute). It goes into the brow raising practices of studio contracts at this time (Lymon was screwed out of more than $1 million in royalties due him, which is what his numerous wives went to court over).
Hijacking my own thread, but what exactly is it that causes singers to be in debt to their recording company? I’ve read of singers who had gold albums who ended up owing $2 million to their label- are they charged exorbitant management fees or what?
Didn’t alcoholic Mickey Mantle die impoverished, and nortorious cheapskate Joe Dimaggio died well off.
I’m no fan of Paris Hilton’s but the facts are the facts - she’s not just wasting away the family fortune. In actuality, she has succeeded in earning more money on her own through endorsements and acting income than she inherited as part of her family trust.
They have to pay back the money that the label spends promoting them. Imagine having to pay for all the glossy posters, the HMV window displays, the $50,000 budget for the music video, the photoshoot for the cover of the lead single… the label only invests a small amount in that stuff, the rest is a loan, and when album sales start, the first thing the label does is pay itself back for all that stuff.
It’s been discussed before. Basically the singers get screwed over (but legally) by their record labels. The label starts by creating a contract that’s not real favorable to the performer. The unknown performer is in position to negotiate a better deal. Then the label charges all kinds of expenses - studio time, wages, legal fees, actual production of discs and tapes, advertising, etc. Even though many of these expenses are actually going right back into the label’s pockets they’re still being charged to the performer. Of course the performer doesn’t have this money, so he ends up borrowing money from the studio (at interest) to pay the studio the expenses it’s charging itself. The studio also loans the performer money for his personal spending. By the time the first record hits the stores the performer may be millions in debt. This debt is usually not a direct issue, the label is more interested in keeping the performer working and producing new income rather than wringing every dime out of them. But the threat of it is used by labels to control performers - it’s the reason you see major stars being forced to sign over song rights, release “contractual obligation” albums, and pay huge sums to change labels.
One who I don’t think has been mentioned is Elvis Presley. When he died his estate was valued at only seven million dollars. The explanation is simple: Colonel Tom.
The “Colonel” certainly didn’t help. Elvis was never incorporated so he paid personal income tax. It appears that the “Colonel” took 50% of the gross and Elvis paid for everything else with his 50% (taxes, hangers-on etc. etc.).
I think he is OK today, but not so long ago Willie Nelson had 4 decades as a song writer, philanthoist, movie star and hit maker and nothing to show for it.
Kelsey Grammer is like no.16 on the 2004 list of Forbes celebrity pay – becuase he was making 39million a year off Fraiser which I think is sort of surprisng – and fully expect a nose dive soon.
Ingelbert Humperdink being worth $149 million makes him the 5th richest Pop singer in Britian which surprises me a bit (richer than Bowie, Sting, Clapton and each U2 guy) – the wealth of Jim Kerr (Simple Minds), $60 million, and Mick Hucknall (Simply Red), $57 million was a bit surprsing to me too
http://www.vh1.com/artists/news/1437129/11282000/richards_keith.jhtml
If “Jet quarterback in the 1960’s” was meant to represent any typical high-profile pro football player of that era, it was an unlucky shot in the dark, as the Jet quarterback in the (latter) 1960’s, Joe Namath, signed for $400,000 a year right out of college. This was the biggest pro football contract ever signed up to then, and was largely due to the signing war going on between the NFL and the upstart AFL. Granted it still palls compared to the top contracts today.
One interview show gave a tour of his home- unbefreakinglievable. It’s literally a palace, or a series of palaces (there’s a guest home that’s basically a mansion itself) on several ACRES in Malibu (where land is sold by the square foot). I remember thinking that even if he is the highest paid actor in TV history, that place is going to have to be sold if he doesn’t follow up Frasier with a huge hit in the next few years- I’m guessing that the taxes and upkeep on the place would cost more than most hit sitcom stars will make at the pinnacle of their success.
His wife actually reminds me a bit of Paris Hilton- blonde, skinny, airheaded, sense of entitlement, etc… I saw her once on an interview show crying and hysterical because she had been pulled out of line and searched at an airport. “I kept telling them… I’m MRS. KELSEY GRAMMER! But they wouldn’t listen they didn’t care boo hoo hoo…” Particularly annoying when one remembers that her husband’s friend and boss, David Angell, along with his wife, were among the murdered on 9-11. (Here’s hoping Kelsey signed a pre-nup or else he’ll be doing The Odd Couple with Anson Williams at Captain Sid’s Porkchop Playhouse in Ft. Ketchikan Alaska when he’s 80.
I believe Ingelbert Humperdink is now dead.
[shakes head- not really]
[nods- really]
[shakes head]
[nods]
{/Dressed to Kill reference}
Wow - I wonder what Kerr and Hucknall did to make that much money? Everyone else on that list seems to be a megasuperstar or an artist that’s been around for a long time that has probably invested their money well (like Van Morrison and The Bee Gees). Simple Minds and Simply Red weren’t that big in Europe, were they?
jimmmy writes:
> Ingelbert Humperdink being worth $149 million makes him the 5th richest Pop
> singer in Britian which surprises me a bit (richer than Bowie, Sting, Clapton and
> each U2 guy) – the wealth of Jim Kerr (Simple Minds), $60 million, and Mick
> Hucknall (Simply Red), $57 million was a bit surprsing to me too
Note that this is inconsistent with earlier claims in this thread. Others in this thread claim that both McCartney and Bowie are worth more than this. I’ll leave it up to someone else to resolve this.
Conrad only bequeathed his youngest child, Constance Francesca, born to his wife Zsa Zsa Gabor when he was about 60, $100,000 in his will (and that with an “in terrerum” [sp?] clause). She contested anyway and received an “undisclosed settlement”. I’m not sure if this is because he didn’t believe she was his or because he hated her mother so much (plus he paid her a lot in the divorce settlement), but she’s now writing a tell-all book about the Hilton family.
Richard Burton’s many many siblings were furious at the lack of provision for them in his will. Most of his $3 million estate (which would have been much more had it not been for the trinkets he bought Liz and a lavish lifestyle) went, understandably, to his last wife (Sally, to whom he was only married for a year).
Richard Harris had a roller coaster life and was dead-broke several times, once having to live with chum Peter O’Toole and another time with his ex-wife Ann Turkel after being evicted from his rented house. When he died he was evidently in the chips again, thanks in part to a really lucky hand at cards in which he won a small estate in the Cayman Islands and of course to the Harry Potter movies (which he declined initially but did at the urging of his grandchildren).
I’m curious as to the estate left by Orson Welles. He apparently left something fairly substantive as there was a legal battle between his longtime mistress and business partner, Oja Kodar, and his estranged wife Paola (Comtesse de Mori) and their daughter. I know he made no provision other than perhaps nominal for his older daughters (his oldest, Christopher, said she had no idea how to contact him, not that she wanted to). He was a notorious spendthrift and also, to quote one biographer, “the great producer and director who never seemed to be producing or directing anything”, and I’ve wondered if he was wealthy or not.
Vincent Price and Edward G. Robinson are two stars who left art collections as the bulk of their estate.
Butterfly McQueen, the actress bka Prissy from Gone With the Wind and who walked away from a very successful movie career rather than play another sly slave or maid, died in a 3 room shotgun house in Augusta, GA when the kerosene heater that supplied the home’s only warmth set her dress on fire. This led many to assume she was poor, but they were wrong: the day she died she had signed and mailed checks totalling $40,000 to various charities, she owned a home and rental property in Harlem and she owned several houses on the street where she lived. In her will she left several of her rental properties to the long-term tenants who lived in them, money to various colleges and African-American charities, and several thousand dollars from her NYC bank accounts to the Freedom From Religion Foundation (“Prissy” had been a militant atheist since childhood, calling religion “the second slavery” to control black Americans).
Her co-star Hattie McDaniel, constantly under attack by the NAACP for portraying maids and mammies, made the famous retort “I’ve been a real maid in my life as well as an actress playing maids, and I’ll tell you something: I’d much rather be playing somebody’s maid for $700 a week than being somebody’s maid for $7 a week”. In real life, she earned much more than $700 at the height of her career and actually lived in a sprawling mansion with maids of her own. She died broke, but partly by choice: faced with a lingering illness, she sold her furniture and belongings, gave money and gifts to relatives and friends, and donated the rest to the Motion Picture Home where she spent the rest of her life.
I wish I had a cite for this but I promise it is true: Natalie Shafer, bka ‘Mrs. Howell’ from Gilligan’s Island, was very wealthy due to shrewd real estate investments made before GI. When she died she left her house on Rodeo Drive [ pic to her poodle. (I think it passed to a charity upon the dog’s death.) She also left a chunk to Dawn Wells, who in addition to playing Mary Ann was her caretaker late in life (they majorly bonded during the show), and the bulk of her estate to the Motion Picture Home (which named a wing after her).
And now for something completely related: an actor you probably knew was rich but may not know is super-rich is John Cleese. In addition to his earnings from his Monty Python films (all of the troupe did quite well by those, incidentally- Holy Grail was made on a shoestring so all received a percentage of the gross [as both performers and writers] to make up for low salary and, of course, the film was a huge success) and from his many points as actor, director and star of the blockbuster A Fish Called Wanda, he owns a company that makes training films that has earned him far more than his acting career. He was also paid a fortune for the rights to Americanize Fawlty Tower in a major flop starring Bea Arthur (in which they actually wrote out the character of Basil Fawlty). He & Eric Idle evidently do not get along and when Idle hired him to do a cameo for Splitting Heirs lamented that John was paid more for a few minutes screentime than the entire budget for either of the first two Python movies.
Terry Jones of Monty Python may or may not be well to do, but I applaud his “following his dream”; with his share of the Python monies he opened a microbrewery to indulge his lifelong interest in homemade beer and he returned to school to receive a degree in his other passion, medieval history.