Delving into the realms of rock and roll fortune, this article reveals the financial journey of a music legend. Mick Fleetwood, co-founder of Fleetwood Mac and a prominent figure in the industry, saw his wealth mirror the rhythm of his iconic beats. Find out the story behind his financial situation.
Mick Fleetwood Net Worth
Mick Fleetwood, the well-known musician and co-founder of Fleetwood Mac, has an impressive net worth of 40 million dollars. In addition to ensuring his financial success, his lasting 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. His father was a pilot for the Royal Air Force, so the family traveled frequently around the world. After spending time in Egypt as a child, Mick moved to Norway and learned to speak Norwegian. The family eventually returned to England and resided in Gloucestershire, where Mick struggled at school. Nonetheless, as a child, he enjoyed 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 help him focus on music and bought him a drum set. Mick quickly became obsessed with drumming, and at the age of 15 he dropped out of school to pursue a music career full-time, with the full support of his parents.
A profession
Fleetwood moved to London after dropping out of college in search of better musical opportunities. By chance, he was living a few doors down from Peter Bardens, a keyboard player looking for a drummer. Bardens approached Fleetwood after hearing him practice drumming and invited him to join the Cheynes. Throughout the 1960s, Mick was a member of many bands, both big and small.
Eventually, Mick was kicked out of the Bluesbreakers for excessive drinking. Peter Green and John McVie also left the band around this time. Green decided to form his own band and persuaded Fleetwood and McVie (whom he called “Fleetwood Mac”) to join him. This marked the beginning of Fleetwood Mac.
1968 saw the release of “Peter Green’s Fleetwood Mac”, the band’s debut album. After touring the United States to promote the album, they released two more albums: “Mr. Wonderful” and “Man of the World”. Several new members had joined the band by this point, and Peter Green had become preoccupied with LSD. Green eventually left the band altogether.
Mick Fleetwood had become romantically involved with model Jenny Boyd over the course of several years before 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 members of the band quit or became disruptive, and Mick often had to fire them or convince them to cooperate. After discovering that his wife had been having an affair with another member of the band, Fleetwood divorced his wife and released a series of unsuccessful albums.
In 1975, after the arrival of Lindsey Buckingham and Stevie Nicks, the group achieved its first commercial success. That year, they released “Fleetwood Mac,” which topped the charts and sold five million copies. Over the next few years, internal conflict reemerged as a problem. When “Rumours” was released in 1977, the group still managed to achieve major success.
Around this time, Fleetwood began an affair with Stevie Nicks while 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 went on to experiment with a number of solo ventures and collaborations with other artists after Fleetwood Mac’s heyday ended.
National income live
Thanks to a lawsuit filed by returning and returning 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 dropped from the 2018-2019 Live Nation tour.
The lawsuit alleged that, under the terms 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 depending on attendance milestones and additional dates added in the future. The lawsuit was settled for an undisclosed amount three months later. Buckingham released a statement saying:
“We all authorized something. I am satisfied with it. I’m not trying to twist the dagger at all. I try to view this situation with compassion and discernment.
Financial problems
Fleetwood filed for Chapter 7 bankruptcy in 1984. At that time, it listed assets worth about $2.5 million and liabilities worth about $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 in order to generate funds for Mick’s creditors. During the next period, the court sold Mick’s property in Malibu, worth $2.2 million, 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 unpaid obligations. He later admitted that he had invested too much in real estate and that his income was insufficient to cover all his debts.
He made several unwise decisions, including purchasing a $1.2 million property in Australia and a $400,000 property in Hawaii, as well as accepting mortgages at rates of extremely high interest. (Mick still owns the property in Hawaii, but it’s now a luxury rental property that costs around $1,400 per night).
By making these investments, Mick assumed that his income would remain constant. While other members of Fleetwood Mac pursued successful solo careers, Mick’s income began to decline. In 1982 and 1983, his annual compensation was $500,000 and $250,000, respectively. Additionally, he invested nearly $629,000 in a bankrupt oil and gas company and lost his entire investment. In addition to owing millions to banks, he owed hundreds to small businesses, including guitar stores and veterinary hospitals.
Fans began donating money to Mick after learning of his bankruptcy, while more cynical observers claimed his bankruptcy was a calculated move to maximize profits from his upcoming album releases. Mick’s situation was exactly the opposite of that of the majority of celebrities who find themselves in this type of difficulty following poor financial advice.
His financial advisors advised him to stop buying so much real estate, but he ignored their advice. Nonetheless, based on Micks current net worth, it is evident that he has overcome this minor setback.