Chuck Berry is reportedly set to leave his family a huge $50 million estate plus the rights to his extensive music catalog.
Bob Baldori, an attorney, and musician who worked with Berry for at least 50 years has now told People.com that the Johnny B. Goode singer was an “astute” businessman who took all of his contracts into his own hands.
“He was very clear about his terms and very astute about the negotiations and he was always really good about adhering to the terms of his contracts,” Baldori explained.
He said that Berry commanded $20,000-$30,000 for a performance, and due to the rocker’s “extensive real estate interests,” Baldori says it wouldn’t surprise him if Berry’s remaining estate was worth at least $50 million.
The music icon invested hundreds of thousands of dollars into real estate, including his 30-acre Missouri compound, Berry Park, Billboard reports.
“That doesn’t even get into his potential revenue from licensing, publishing etc.,” Baldori told People. “(Berry) knew what he was doing.”
Although the musician had slowed down in the years leading up to his death, his lawyer said Berry was still touring and making “substantial” amounts of money.
Baldori says thanks to his savvy nature, planning for the future and his iconic hits, Berry’s estate will likely see more money over the next few years.
“The stature of his (back) catalog… I think that estate will continue to generate revenue for a long time,” he said.
Category: Financial Tips