Delving into the realms of rock and roll fortune, this article unveils the financial journey of a music legend. Mick Fleetwood, co-founder of Fleetwood Mac and a prominent figure in the industry, has seen his wealth mirror the rhythm of his iconic beats. Explore the story behind his financial standing.
Mick Fleetwood’s Net Worth
Mick Fleetwood, the well-known musician, and co-founder of Fleetwood Mac, has an impressive net worth of $40 million. In addition to ensuring his financial success, his enduring contributions to the music industry and his band’s iconic legacy have left an indelible impression on the history of rock music.
Early Years
Michael John Kells Fleetwood was born in Cornwall, England, on June 24, 1947. As his father was a pilot for the Royal Air Force, the family frequently traveled the globe. After spending time in Egypt as a child, Mick relocated to Norway and became conversant in Norwegian. The family eventually returned to England and resided in Gloucestershire, where Mick struggled in school. Nonetheless, as a child, he relished performing in school plays and honed his fencing skills.
At the age of 13, in response to his poor academic performance, his parents decided to assist him focus on music instead and bought him a drum set. Mick became rapidly obsessed with drumming, and by the age of 15, he had dropped out of school to pursue a career in music full-time, with his parents’ full support.
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A Profession
Fleetwood moved to London after dropping out of school in pursuit of greater musical opportunities. By chance, he resided only a few doors away from Peter Bardens, a keyboardist looking for a drummer. Bardens approached Fleetwood after hearing him practicing percussion and invited him to join the Cheynes. Throughout the 1960s, Mick was a member of numerous bands, both large and minor.
Eventually, Mick was thrown out of the Bluesbreakers for excessive drinking. Peter Green and John McVie also left the band at that time. Green decided to form his own group and persuaded Fleetwood and McVie (whom he called “Fleetwood Mac”) to join. This marked the commencement of the band Fleetwood Mac.
1968 saw the publication of “Peter Green’s Fleetwood Mac,” the group’s debut album. After touring the United States to publicize their album, they released two more albums: “Mr. Wonderful” and “Man of the World.” Several new members had joined the band by this stage, and Peter Green had become preoccupied with LSD. Green eventually departed the band entirely.
Mick Fleetwood had grown in love with model Jenny Boyd over the course of several years prior to their marriage in 1970. The band then toured the United States and subsequently released the albums “Future Games” and “Bare Trees.” During this time, several band members resigned or became disruptive, and Mick frequently had to fire them or convince them to cooperate. After discovering that his wife had been having an affair with another band member, Fleetwood divorced his wife and released a series of unsuccessful albums.
In 1975, after the addition of Lindsey Buckingham and Stevie Nicks, the band achieved its first commercial success. In that year, they released “Fleetwood Mac,” which topped the charts and sold five million copies. In the subsequent years, internal conflicts reemerged as an issue. When “Rumours” was released in 1977, the band still managed to produce a major success.
Approximately at this time, Fleetwood began an affair with Stevie Nicks while simultaneously attempting to reconcile with Jenny Boyd and provide a stable home for their two children. The band’s performance began to decline on their next album, “Tusk.” Mick subsequently experimented with a number of solo ventures and collaborations with other artists after the end of Fleetwood Mac’s heyday.
Live Nation Revenue
Due to a lawsuit filed by on-again, off-again member Lindsey Buckingham in October 2018, we gained insight into some of Fleetwood Mac’s current financial operations. Buckingham filed a lawsuit against his former colleagues after he was removed from the 2018-2019 Live Nation tour.
The lawsuit alleged that, per the provisions of their contract with Live Nation, each band member would receive $200,000 per performance for a total of 60 performances, or a total of $12 million. The amount could reach up to $14 million based on attendance milestones and additional dates added in the future. The lawsuit was resolved for an undisclosed amount three months later. Buckingham issued a statement in which he said:
“We’ve all authorized something. I am satisfied with it. I am not at all attempting to twist the dagger. I’m attempting to view this situation with compassion and discernment.
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Financial Issues
Fleetwood filed for Chapter 7 bankruptcy in 1984. At this time, he listed assets worth approximately $2.5 million and liabilities worth approximately $3.7 million. Following a court hearing, all of Mick’s assets were transferred to a court-appointed trustee who was tasked with selling everything to generate funds for Mick’s creditors. Over the subsequent period, the court sold Mick’s $2,2 million Malibu property and began receiving all royalties owed to him by BMI.
However, many of Fleetwood’s assets were worth less than expected, leaving more than $1 million in outstanding obligations. He subsequently admitted that he had invested too heavily in real estate and that his income was insufficient to cover all his debts.
He made several ill-advised decisions, including the purchase of a $1.2 million property in Australia and a $400,000 property in Hawaii, as well as the acceptance of mortgages with extremely high-interest rates. (Mick still owns the property in Hawaii, but it’s now a luxury rental property that costs about $1,400 per night).
While making these investments, Mick assumed his income would remain constant. While other Fleetwood Mac members pursued prosperous solo careers, Mick’s income began to decline. In 1982 and 1983, his annual compensation was $500,000 and $250,000, respectively. In addition, he invested nearly $629,000 in a failed oil and gas venture and lost his entire investment. In addition to owing millions to the banks, he owed hundreds to minor businesses including guitar shops and animal hospitals.
Fans began donating money to Mick after learning of his bankruptcy, while more cynical observers asserted that his bankruptcy was a calculated move to maximize profits from his forthcoming album releases. Mick’s situation was the exact opposite of that of the majority of celebrities who find themselves in this type of difficulty as a result of heeding poor financial advice.
His financial advisors advised him to cease purchasing so many real estate properties, but he disregarded their advice. Nevertheless, based on Micks’s current net worth, it is evident that he surmounted this minor setback.