Robert Stigwood Net Worth
What was Robert Stigwood's Net Worth?
Robert Stigwood was an Australian film and music producer who had a net worth of $300 million at the time of his death in 2016. That includes the value of his music publishing empire which he sold in the 1990s. Stigwood is probably best known for discovering and managing the Bee Gees, one of the best-selling musical groups of all time. He also managed the group Cream and played a direct role in the production of films like "Grease" and "Saturday Night Fever," along with various theatrical productions.
At the peak of his career in the 1970s, Robert was arguably the most powerful figure in the entire entertainment industry. Not only did he own the record label RSO (Robert Stigwood Organization), that issued the albums of Cream and The Bee Gees at the height of their respective popularity, he also owned their publish rights and earned the majority of profits generated by his films and film soundtracks. The soundtracks of "Saturday Night Fever" and "Grease" alone sold nearly 80 million records.
Robert Colin Stigwood was born on April 16th of 1934 in Port Pirie, South Australia. His father was an electrical engineer, and Robert studied at Sacred Heart College in Adelaide during his secondary school years.
Intent on finding greater opportunities, Stigwood moved to England in order to work in the theatre world. Although he worked briefly for the New Theatre Royal, it shut down and Robert Stigwood was forced to explore other options. After forming Robert Stigwood Associated Ltd, he partnered with musician Joe Meek to become involved in the music industry for the first time.
With Stigwood's support, Meek released singles like "Tell Laura I Love Her." Stigwood then worked with John Leyton, another artist who released the successful single "Johnny Remember Me," which reached the top of the charts in the UK. Robert then signed a number of additional artists before signing a lucrative business deal with EMI.
Stigwood then achieved serious success after he started managing the Bee Gees. The group had just returned to the UK from Australia, and they announced their arrival with the successful debut single, "New York Mining Disaster 1941." Later hits included "Massachusetts." Over the next few years, Stigwood managed the Bee Gees as they released several mainstream smash hits in the 70s, including "You Should Be Dancing," "Stayin' Alive," and many others. Robert also became involved in the film and television industry, helping to produce movies like "Grease" and "Saturday Night Fever" while also producing various musicals.
During this period, Stigwood also started managing Cream, and he is credited with convincing Eric Clapton to stop doing drugs in the early 70s. In 1973, Robert created the screen adaptation of "Jesus Christ Superstar." The soundtrack for "Saturday Night Fever," a film which Stigwood helped to produce, was largely responsible for the Bee Gee's mainstream success. Over the next few years, he produced a number of additional films and collaborated with Rupert Murdoch. He was also known for helping to create various game shows. During his final years, Stigwood mostly concerned himself with musical theatre.
Saturday Night Fever
Stigwood famously optioned the rights to an article in New York Magazine that served as the inspiration of what became "Saturday Night Fever". Released in 1977 on a budget of $3.5 million ($15 million in today's dollars), all financed by Robert, the movie become an international sensation with over $240 million in original run box office alone ($1 billion in today's dollars). He also owned the movie's revolutionary soundtrack.
The "Saturday Night Fever" soundtrack sold a mind-boggling and world-record-setting 40 million copies thanks largely to four monster hits from The Bee Gees ("Stayin Alive", "Night Fever", "More Than A Woman" and "How Deep Is Your Love").
It held the record for best-selling soundtrack until 1992's "The Bodyguard" soundtrack sold 45 million copies.
Stigwood followed up his formula with 1978's "Grease". Produced on a budget of $6 million, the film generated $366 million at the box office. That's nearly $1.5 billion in today's dollars. The "Grease" soundtrack sold 38 million records.
Robert earned $4 personally off every copy of "Saturday Night Fever" that was sold. The album sold 22 million copies. That means Robert earned $88 million personally off the "Saturday Night Fever Album" alone. That's the same as earning around $430 million today after adjusting for inflation.
Within a three year period in the 1970s, Robert's film projects generated over $1 billion in revenue for Paramount Pictures. This figure does not include the amount of money generated from the soundtrack album because the studio did not have any cut of the album. Earning $1 billion at that time is the same as around $5 billion in today's dollars after adjusting for inflation. Robert's cut of that was roughly $300 million. That's the same as $1.5 billion in today's dollars after adjusting for inflation.
Robert somewhat retreated from public life in his later years, preferring to spend time at his estate in Bermuda where he kept a 275-foot yacht. For many years his yacht was one of the largest in the world. He sold the yacht in 1992 to billionaire John Paul Getty.
In 2004, it was reported that Robert was selling his 500-acre manor in East Cowes, Isle of Wight. He placed this property on the market with a price tag of 9 million pounds, having originally purchased the home back in the early 90s for 1.5 million pounds. After the purchase, Stigwood embarked on a decade-long mission to renovate the mansion. These renovations included replacing the paneled rooms and restoring the gardens to their original designs that were once laid out by Prince Albert. The home also features its own vineyard that once supplied the British royal family.
In Bermuda Robert owned a lavish 26-acre estate surrounded by pristine ocean.
|Net Worth:||$300 Million|
|Date of Birth:||Apr 16, 1934 - Jan 4, 2016 (81 years old)|
|Profession:||Film Producer, Impresario, Theatrical producer, Entrepreneur, Record producer|