David Bowie's shrewd investments
All of his earnings will now be transferred to his 60-year-old wife Iman.
Glam-rock legend David Bowie, who passed away on Sunday at the age of 69 after battling liver cancer for 18 months, will leave behind a fortune of just under $200 million (£135 million), a surprising sum considering he was reportedly close to being broke in the 1970s.
According to Dailymail.co.uk, a California-based banker David Pullman had created a “Bowie Bonds” scheme in 1997 that allowed the investing Prudential Insurance Company to own the rights for Bowie’s songs that were recorded before 1990 and earn royalties, by paying the singer $37 million. After 10 years the rights would be transferred back to Bowie.
“The deal saw that the bonds were paid off and Mr Bowie then retained all his rights... He was smart enough to have confidence in himself. Most artistes sell themselves short and they don’t hold out for the rights. He was able to retain his legacy. His songs were his baby,” Pullman told Dailymail.co.uk.
All of his earnings will now be transferred to his 60-year-old wife Iman. He is also survived by a son from his earlier marriage to Angie Bowie, Duncan Jones, and 15-year-old daughter Alexandria.