The late music star and business owner left this world as a highly successful entertainer and billionaire.
Key Details
- On Friday, September 1, Jimmy Buffett passed away at the age of 76 in his home in New York from a rare form of skin cancer.
- His astonishing career as a country singer involved 56 albums, selling 20 million copies, and a number of successful business ventures—including restaurants, beer sponsorships, a Florida retirement community, a hospitality company, and a licensed cannabis brand.
- Forbes estimated his net worth in April 2023 to be roughly over $1 billion.
- Barron’s notes he owned real estate properties in Palm Beach, Florida, Sag Habor, New York, and on the Caribbean island St. Barts.
Why It’s Important
The popular singer of “Margaritaville” and “Cheeseburger in Paradise” is not necessarily someone that most people would associate with wealth, but he spent a great deal of time accumulating wealth through sponsorships and real estate investments across his life—even selling $300,000 homes at Latitude Margaritaville Retirement Villages and services through Margaritaville Hospitality using his brand name.
Buffett reportedly passed away in his five-bedroom, six-bathroom, 5,300-square-foot estate in Sag Habor, New York.
His legacy may also preserve his name and brand well into the future. As The New York Times reports, Margaritaville Enterprises is endeavoring to sustain its business model following the passing of its creator. The company owns 28 Margaritaville restaurants across the U.S. and grosses $2.2 billion annually through licensing and franchising. The company operates through an “asset-light” model, with individual franchise owners controlling properties and buying franchise licenses.
Notable Quote
“On behalf of everyone (who works, visits, or lives) in Margaritaville, we mourn the loss of Jimmy, a true national treasure, and express our heartfelt condolences to his family and everyone around the world who loves him,” says a statement from the company. “We celebrate his life, believe his spirit lives on like a never-ending encore, and will see his radiant smile and that twinkle in his eye when we look towards the sun and will continue to share his way of life wherever, whenever we can.”