How can David Crosby be broke?

Discussion in 'Music Corner' started by deadbirdie, Jan 11, 2014.

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  1. deadbirdie

    deadbirdie Senior Member Thread Starter

    Location:
    Chicago, IL
    Don't mean to get all TMZ, but I'm really curious. In the latest Mojo magazine, Crosby says this:

    "I don't have any money to make an album. You know, I Googled myself the other day and it said I was the richest guy in show business and worth $250 million. Such complete utter bull****.... I can't even afford to buy a new car; I've a 2004 Ford truck"


    "I have no money for a studio; I have no money."

    How is he broke? How can an international superstar musician have no money? Royalties? Touring money? I mean, i'm sure his broke isn't like my broke, but still...
     
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  2. utahusker

    utahusker Senior Member

    I'm sure when he was knee deep in drugs for years, that didn't help his financial status.
    edit: I meant decades.
     
  3. Glenn Christense

    Glenn Christense Foremost Beatles expert... on my block

    Without having any idea if David is having money problems or not , the road is littered with all kinds of athletes and entertainers that have made bad investments, spent too much money on drugs and other silly things, had to pay for medical treatments , owe money to ex spouses or child support, etc.,etc.
     
  4. serge

    serge Forum Resident

    Location:
    Arlington, VA
    makes no sense.... money for touring these days is really good... has he sold the rights to all his songs?
     
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  5. PhoffiFozz

    PhoffiFozz Forum Resident

    Yes and how many professional musicians have a 401k plan or health insurance and all of these other things we have in our usual jobs. And I have no idea what kind of contracts he signed with anything ever, so his royalty payments may not account for much. And if they do, perhaps they are paying off debts accrued from the above mentioned things...

    It may be hard to become rich, but it certainly is NOT hard to become broke.
     
  6. deadbirdie

    deadbirdie Senior Member Thread Starter

    Location:
    Chicago, IL
    Yeah, I kind of thought that as well but it's simply amazing that royalties and touring don't allow him a more lavish lifestyle (i.e. later model car).

    BTW, I'm not judging Croz, I'm honestly just curious how someone like him could be so broke.
     
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  7. TonyACT

    TonyACT Boxed-in!

    Put it all away somewhere and was in a drug haze and can't remember where?
     
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  8. dlokazip

    dlokazip Forum Transient

    Location:
    Austin, TX, USA
    The skills that enable one to make money are not the same as the skills required to manage money.
     
  9. Spending money isn't hard, with or without drugs.
     
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  10. rockledge

    rockledge Forum Resident

    Location:
    right here
    It isn't unusual for someone to be rich on paper but in reality not have access to cash.
    Just because you have aassets doesn't mean you have money. And quite often turning assets into cash is a nightmare.
    An example is selling stock. Between broker fees and taxes a fortune can turn into not quite a fortune pretty easily.
    Not all musicians are businessmen like Mick Jagger and Paul McCartney are. And any time you have got to rely on others to manage your finances, you risk them managing it to their benefit more than to yours.
     
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  11. Bill

    Bill Senior Member

    Location:
    Eastern Shore
    Given the other life choices made by the Croz, I doubt that his investment decisions have been particularly sound.
     
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  12. Holy Diver

    Holy Diver Senior Member

    Location:
    USA
    For some, it was easy or easier to become rich, and they still lost it all.
     
  13. deadbirdie

    deadbirdie Senior Member Thread Starter

    Location:
    Chicago, IL
    Wasn't George Harrison near broke at one point as well? I suppose if a Beatle could be broke it could happen to anyone, including Crosby.

    Like serge said, I just thought the touring income was so good these days.
     
    theMess likes this.
  14. Bill

    Bill Senior Member

    Location:
    Eastern Shore
    Easy when it's one for me, nineteen for you.
     
  15. Glenn Christense

    Glenn Christense Foremost Beatles expert... on my block

    Yep, I'm sure a new liver wasn't cheap, etc.
     
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  16. wavethatflag

    wavethatflag God is love, but get it in writing.

    Location:
    SF Bay Area
    I'm not 100 percent certain, but I don't think George was ever broke. I remember late in his career he said that he lamented the fact that he's never known what it is too have to make the mortgage; that all he ever had to do to buy a house (or probably more accurately, and estate) was to sign his name. I remember reading that and thinking, "George, George, you're not missing a damn thing." LOL.
     
  17. Driver 8

    Driver 8 Senior Member

    More like how can David Crosby be alive?
     
  18. rockledge

    rockledge Forum Resident

    Location:
    right here
    Look at the Badfinger fiasco.
    I don't know about GH, but I think people have really gotten the wrong idea about wealth and celebrity. I suspect people think once you reach a certain level of financial stability that it is in stone.
     
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  19. deadbirdie

    deadbirdie Senior Member Thread Starter

    Location:
    Chicago, IL
    I thought prior to Anthology he was in trouble because that manager ripped him off, I could be wrong.
     
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  20. LandHorses

    LandHorses I contain multitudes

    Location:
    New Joisey
    I'll be helping out his finances a little by going to all 4 of his New York concerts at the end of this month.
     
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  21. TonyACT

    TonyACT Boxed-in!

    Possibly, but he blew x million on that awful Shanghai Surprise flop - it was his poor film investments (and choice of partner in the business) that gave him cashflow issues for a while.
     
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  22. deadbirdie

    deadbirdie Senior Member Thread Starter

    Location:
    Chicago, IL
    Me too. Chicago :righton:
     
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  23. deadbirdie

    deadbirdie Senior Member Thread Starter

    Location:
    Chicago, IL
    I kind of got that impression while reading Townshend's book, that these guys really aren't as rich as we think they are.
     
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  24. Scott S.

    Scott S. lead singer for the best indie band on earth

    Location:
    Walmartville PA
    Maybe Crosby is just fibbing.
     
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  25. rockledge

    rockledge Forum Resident

    Location:
    right here
    Likely damn little. People blame artists for high ticket prices, when in reality they have little to say about it.

    That ticket money travels through a lot of hands long before it gets into the pocket of the guy on stage, and by that time it is a fraction of what it started out as.
     
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