Mick Fleetwood's Net Worth Was Decimated After Filing For Bankruptcy Multiple Times Despite Founding
Highlights
- Mick Fleetwood, a founding member of Fleetwood Mac, has remained with the band for over 50 years.
- Despite the band's good fortune, Fleetwood is estimated to be worth handiest $30 million.
- Fleetwood has filed for bankruptcy multiple times.
It's no secret that Fleetwood Mac has persevered some lovely turbulent times through the years. The band has undergone drastic lineup changes since its inception, with contributors both quitting, passing away, or getting fired under controversial circumstances.
However, there is at least one pioneering member who is managed to weather the constant shake-ups: Mick Fleetwood. Starting out along Peter Green, John McVie, and Jeremy Spencer within the 60s, Fleetwood has remained with the band for over part a century, never transferring focal point even when its music was not dominating the charts.
Curiously, despite the band's luck, Fleetwood is estimated to be worth only about $30 million; a diminutive figure when pegged against Lindsey Buckingham’s $one hundred fifty million and Stevie Nicks’ $120 million. So, what precisely happened to the now 76-year-old's fortune?
What Is Mick Fleetwood’s Net Worth?
Founded in 1967, Fleetwood Mac is arguably one of the most biggest and maximum enduring rock bands of all time. The band is supreme identified for its immensely in style album, 'Rumours,' which featured undying hits like 'Go Your Own Way,' 'You Make Loving Fun,' and 'Don't Stop.'
Upon its debut, the album held onto the number 1 spot at the American albums chart for an astounding 31 weeks and went on to promote over 40 million copies international, making it some of the best-selling albums in history.
While the band's profitability has declined over the years, there was a time when its participants had been practically rolling in dough— a fact that Mick Fleetwood proudly confirmed in a 2014 interview with Telegraph UK.
“I've been blessed with cartloads of money,” he said. “The previous is a big chew of my life. I am getting [advised] all the time, ‘You don’t should be doing what you’re doing.’ Proportionately should you went down the pecking order of the band, I’d be last at the record, [however] other folks ask, ‘Would you fancy hanging another 20million on your financial institution?’ And you cross, ‘Oh yes, that’s lovely good.’”
Curiously, despite the band’s luck, Mick Fleetwood is worth best about $30 million — a diminutive determine taking into consideration that later arrivals like Lindsey Buckingham and Stevie Nicks have gathered fortunes well over $A hundred million.
Mick Fleetwood Has Filed For Bankruptcy An Astonishing Number Of Times
Despite being a founding member and financial supervisor of one of the most successful bands of all time, Mick Fleetwood has discovered himself wanting to file for bankruptcy multiple times in his decades-long occupation.
The Rock and Roll Hall of Famer’s first ever financial meltdown occurred back in 1984. With the band on hiatus, Fleetwood found himself unable to pay his money owed, which according to RollingStone had accumulated to a staggering $3,697,163.
Backed into a corner, the now 76-year-old filed for Chapter 7 Bankruptcy, agreeing to have all his property, including his $2.2 million Malibu house, became over to a court appointed trustee and sold to meet creditors.
Though widely publicized, the 1984 incident wouldn’t be the last time Fleetwood would record for bankruptcy. “In the tip I’ve lost rely,” the drummer admitted to Telegraph UK in 2014. “I’m like Donald Trump. I believe he’s been bankrupt about seven times. You pay off what debts you'll. You do what you're told via your accountant. I in reality didn’t have a lot to do with it. I carried on like nothing had took place.”
Why Did Mick Fleetwood Keep Going Broke?
So, how precisely did somebody who admitted to making "cartloads of money" in finding himself stripped of virtually all his assets multiple times? Well, according to Rolling Stone, Fleetwood advanced an unquenchable thirst for genuine estate, purchasing the most effective properties all over the world on every occasion he fancied.
His maximum whimsical acquire? A $3 million-thousand-acre farm in Australia he supposed to relocate to, but best lived in for three weeks. "I bought a thousand-acre farm in Australia in the early 1980s. It was this whimsical decision to start a whole new life. The property had about eight houses on it and a fishing lake. I cashed out about 3 million bucks and bought it," he told RollingStone in 2017.
"I thought it was a great place for all my friends and family, but it was also a pipe dream that literally took me to the poorhouse. I went broke," he endured. "It was beautiful, and I don’t bemoan the fact that I did it. I also don’t bemoan that I’m not sitting there right now getting eaten by toxic spiders."
What's more, the now 76-year-old had a penchant for borrowing massive sums of cash each time he had to amplify his portfolio. According to Rolling Stone, Fleetwood borrowed $500,000 from Security Pacific Bank to buy the Australian property. Additionally, the drummer took out a $1.6 million mortgage from Columbia Savings and Loan to buy his Malibu mansion at a time when interest rates had soared to a staggering 17 %.
“Basically, I bought too much genuine estate,” he admitted to RollingStone in 1984. “Bank loans and payments pass humorous. There’s no tax weirdness or anything like that. You simply pass too some distance into debt. There’s now not sufficient cash coming in to keep the boat floating.”
Aside from ill-advised real-estate purchases, Fleetwood also spent chunks of his net worth feeding his huge appetite for cocaine. According to the New York Post, the famed drummer had spent an estimated $60 million on cocaine before he in the end give up the drug cold turkey.
“It were given out of hand approach after the making of Rumours,” he told Classic Rock of his coacine habit in a 2021 interview. “I be mindful no longer running for two years. I will't even take into accout what I did. I was the birthday party animal within the band, for positive. I would project to mention Stevie was an in depth second."
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