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Jimmy Buffett died on Friday. He was 76.
Joe Raedle/Getty Photographs
Singer, creator, and entrepreneur Jimmy Buffett died on Friday at age 76, leaving a legacy of relaxed vibes and good residing. His monetary legacy looms simply as giant.
Buffett constructed an unlimited enterprise empire valued at a number of hundred million {dollars}: Margaritaville could have began as a tune about residing the beach-bum life within the Seventies, however it’s expanded right into a portfolio of resorts, merchandise, and even retirement communities. Forbes estimated Buffett had a internet price of $1 billion this 12 months.
Of that $1 billion, simply 5% comes from Buffett’s music catalog, which incorporates the hits “Margaritaville,” “Son of a Son of a Sailor,” and “Cheeseburger in Paradise.” One other 56.8% is in money, which might seemingly embrace proceeds from Buffett’s excursions, merchandise, musicals, and different public appearances.
Buffett’s model was so highly effective he might use it to market different merchandise—and he profited off of that, too. Within the Nineteen Eighties, he began promoting Corona beer, which on the time was not thought of a party-crowd model. Buffett’s affect, and the tens of millions of {dollars} that Corona spent on adverts, helped carry the model’s profile amongst Buffett’s followers.
Of the rest of Buffett’s fortune, the biggest chunk, making up 18%, is within the enterprise Margaritaville Holdings.
On the principle part of the corporate’s web site, there’s no headquarters listed. “It’s within the tropics someplace between the Port of Indecision and Southwest of Dysfunction, however no parallels of latitude or longitude mark the spot precisely,” the positioning says. “The place is Margaritaville? It’s in your thoughts.” (The precise headquarters is in Orlando, Fla.)
The holding firm has a big selection of companies. Individuals can personal Margaritaville-themed condominiums, keep at Margaritaville resorts, and even transfer into Margaritaville retirement communities—marketed as for the “55 and higher” crowd. There’s additionally the Air Margaritaville restaurant chain, which might be present in airports from Detroit to San Juan, Puerto Rico. Margaritaville at Sea cruises folks round from Palm Seashore, Fla., to the Bahamas.
Individually, Buffett purchased quite a lot of actual property, which was valued at $50 million. That included an property in St. Barts within the Caribbean and houses in Palm Seashore and on Lengthy Island, N.Y.
Buffett had such sharp enterprise acumen that he suspected he may be associated to a different well-known Buffett—the investing legend and
Berkshire Hathaway
CEO Warren Buffett. The 2 have been pals, and even took a DNA take a look at in 2018. Though it turned out they weren’t associated, Warren jokingly requested Jimmy to “maintain me in his will.”
Write to Avi Salzman at [email protected]
