MovieChat Forums > Elton John Discussion > Elton John in financial trouble...

Elton John in financial trouble...

posted 5 years ago by Otter (24464)
7 replies | jump to latest

"Sir Elton John has taken a hefty $120 million financial hit after being forced to cancel 34 dates of his farewell tour in the US due to coronavirus.
According to The Mail on Sunday, the money from the tour would have seen John and partner David Furnish into retirement. The pair have reportedly been left "bereft"..."

https://www.stuff.co.nz/entertainment/121687110/sir-elton-john-lays-off-staff-after-taking-massive-financial-hit

I've read several variations on this story, Elton's tour was cancelled and it wasn't insured, they've lost a ton of income and he and his husband/manager are madly trying to cut expenses. After decades of Olympic-level overspending, is Elton finally going to run out of money in his
old age?

[–] [email protected] (6245) 5 years ago

Seriously , just how do you make gazillions of dollars in a life time and run OUT of money?

I have heard this same sad sob story many times with other celebrities or pro athletes. How do you make millions of dollars and not put enough away for "old age"? Well... by buying mansions, yachts, cars galore, jewelry, expensive vacations, etc.

Like many people, I am struggling just to pay bills during this crisis. So if Sir Elton is "bereft", well screw him for being so stupid and greedy!

[–] [deleted] 5 years ago

[deleted]

[–] JohnnyDoe (1950) 5 years ago

People spend what they earn, regardless of how much.

[–] [email protected] (6245) 5 years ago

That's just an excuse.

Sure, if I made several million a year, I'd probably take a few vacations. I'd own a really nice home. And yeah, I wouldn't be shopping at Wal Mart for my wardrobe.

But there comes a time when, if you have any sense at all, you save and don't spend every freakin nickel you have.

When you make millions, you CAN live large and still put some cash away. Again, screw the rich who spend and spend and then have the cojones to plead poverty.

[–] Otter (24464) 5 years ago

I read Elton's autobiography, and holy shit the man can spend money! He absolutely adores shopping, has since he first had money to spend on records, and when he was sober he'd buy out the Gucci or Dior stores and keep coming back for decades, and when he was on drugs he'd buy insane stuff like trolley cars from Melbourne and have them shipped to his home.

So if he ends up in financial trouble in his old age, I won't be asking where the money went. He spent it.

[–] kwestmo (4385) 5 years ago

The reality is he probably won't make another $120,000,000, not lose $120,000,000.

How could it cost $3,5000,000 to put on a concert? ($120,000,000 /34) How would there be a profit margin?

Why would someone invest their entire fortune on a tour?

According to the ever reliable internet his net worth is $500,000,000 which seems about right.

$716 million according to the article.

Elton is doing fine. Plus royalties roll in every day.

[–] BourbonKing (5788) 5 years ago

It costs money to live lavishly.

Some entertainers are wise and have professionals manage and invest their earnings while using marketing firms to pay for their livelihoods. Smart Athletes do this all year round by having their travel expenses, hotel expenses and living expenses while traveling abroad paid in full by their sponsors.