The man who once sang of being haunted by the ghost of Tom Joad can afford a fleet of luxury cars.
after returning from a two-year tour of the United States and Europe to support his first No. 1 album,Bruce Springsteen arrived home at his rented New Jersey ranch house, not far from where he grew up in the blue-collar town of Freehold, and dropped $10,000 on his first extravagant purchase: a 1982 Chevy Z28 Camaro. Born to Run.
“I’d never spent $10,000 on myself. It felt as conspicuous as if I were driving a solid gold Rolls-Royce.” Today, the man who once sang of being haunted by the ghost of Tom Joad can afford a fleet of luxury cars. In December, the Boss sold the masters and publishing rights to all his recorded music and songwriting—including 11 multiplatinum albums and five gold singles—for what sources say was almost $500 million, bringing his lifetime earnings up to at least $1 billion before taxes,estimates. The buyer was Sony Music Group, parent company of his longtime label, Columbia Records.
The Boss isn’t the only rocker on a financial roll. Other classic acts to sell their lucrative music catalogs in the past year include Bob Dylan, Paul Simon and Neil Young, who hauled in a combined $500 million before fees, enough for each to earn a spot in this year’s rankings. “These deals haven’t been hand-to-hand combat,” says Jon Landau, Springsteen’s manager of nearly half a century. “Everybody is getting what is in their interest.
The giant paydays have as much to do with estate planning as timeless songs. These musicians, all of whom are in their 70s and 80s, get a guaranteed nest egg and an income alternative to touring. It’s also a smart way to cash in during a bull market for music and get ahead of likely higher tax rates.
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