Choosing a career in the music industry is a big risk. While some musicians are extremely successful and make millions from their talent, there are others who can barely cover their rent.
One example of someone who has achieved great things in the music industry is Jimmy Buffett, who is a musician, songwriter, actor, author, and businessman.
He has been so successful in his career that he now has an estimated personal net worth of $560 million. Here is how Jimmy Buffett accrued this level of wealth.
Despite his current wealth, Buffett comes from humble beginnings. He was born on Christmas Day in 1946 in Mississippi and grew up in Mobile. While at grade school, he had trombone lessons and then later learned to play the guitar at Auburn University.
Music became his passion. but this was not his first career as he initially worked as a journalist. Buffets career in music did not begin until the early 1970s in Nashville, Tennessee. At that time, he predominantly played country music. In 1970, he recorded his first album, titled ‘Down to Earth’.
He went on to become extremely successful in the music industry and released more than 30 albums throughout his career. Of these eight are gold certified and nine are either platinum or multiplatinum certified.
Jimmy Buffet's Collaborations
He collaborated with many people throughout his career, and one of the musicians he has collaborated with on many occasions is Alan Jackson. It was through his work with Alan Jackson that Buffett won his first Country Music Award in 2003. This was for the single ‘It’s 5 O’ Clock Somewhere’.
Buffett has become famous for his distinctive style of music. Although his original influences were the folk and country genres of music, he developed his own style. Some of called this style island escapism, but Buffet described it as drunken Caribbean rock ‘n’ roll.
Many of Buffet’s songs have been used for other purposes, such as soundtracks, and this has made his music even more profitable for him. He has also earned money from touring.
Jimmy Buffet's Multiple Sources of Net Worth
Although Jimmy Buffet’s got started earning his personal fortune of $600 million in the music industry, he has also earned money in many other ways. Throughout his life, he has been involved in a variety of business ventures.
These include a string of restaurants, bars, hotels, and casinos, many of which are named after his hit singles. These business ventures are part of his company Margaritaville Holdings.
Buffett launched his first restaurant in 1985 in Key West, Florida. He now has a chain of Margaritaville Cafes and Cheeseburger in Paradise restaurants. Extending this food theme, one part of Margaritaville Holdings is Margaritaville foods, which produces chips, guacamole, salsa shrimp dishes, and chicken dishes.
He also produces beer in collaboration with Anheuser-Busch brewing company under his brewing label LandShark Lager. Buffett is also a part-owner of the Autour de Rocher Hotel and Resort.
A Casino Resort
One of Buffett’s biggest business ventures was launching a casino resort. The Margaritaville Casino is part of the Resorts Casino Hotel in Atlantic City, New Jersey. It opened its doors in May 2013. This resort also has a restaurant, a coffee shop, two bars, a gaming area, and a retail store.
Real Estate Interests
Another of Buffett’s interests is real estate, and this is another way he has made money. Currently in development is a retirement village called Latitude Margaritaville in Daytona Beach, Florida. This is a joint venture between Margaritaville Holdings and Minto Communities.
Although phase one includes 400 homes, the development has the potential to expand to as many as 6,900 homes. There are also Latitude Margaritaville retirement communities in Hilton Head and Watersound.
Money as an Author
In addition to his business ventures and music career, Buffett has made money as an author. His first two books, ‘Tales from Margaritaville’ and ‘Where is Joe Merchant’, each spent more than seven months on the New York Times Best Seller list.
His third book, ‘A Pirate Looks at Fifty’, reached the top spot of the New York Times Best Seller nonfiction list. There are only seven other authors who have achieved number ones on both the nonfiction and the fiction lists, including Ernest Hemingway. Buffett has also written two children’s books and two novels.
Jimmy Buffet's Personal Life
In his personal life, Buffett has been married twice and has two daughters and an adopted son from his second marriage. His main residence is in Sag Harbor, New York, but he also has a property in St. Barts and often lives on his sailboat in the summer months. Buffett is a qualified pilot and owns a Dassault Falcon 900.
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Written by Liz Flynn
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