Fleetwood Mac co-founder Mick Fleetwood faces a financial predicament befitting the name of one of the band’s most popular songs, “Landslide,” as his sky-high fortune tends to plummet — and it’s happened more than once. Fleetwood didn’t write any of the band’s hits, and according to the Sunday Telegraph’s Seven magazine, he earned the least money. Still, he managed to make a fortune being part of the band that released Rumors, the 12th best-selling album of all time. The problem is simple: he didn’t know how much cash he had, only that he was “blessed with truckloads of money” and never bothered to save any of it.
His determination to keep the band together despite numerous challenges proved instrumental to the group’s longevity. However, when it came to his financial challenges, he admitted there were times when he stuck his head in the sand.
Fleetwood isn’t the only celebrity to file for bankruptcy, but he may be the first to admit he’s “lost” how many times he’s been broke. “I’m like Donald Trump. I think he’s been bankrupt about seven times,” he told The Telegraph. But how did he lose all that money?
Mick Fleetwood developed an expensive habit
How did Mick Fleetwood – a man whose band helped us during the pandemic – end up broke? Well, it turns out the answer has a little to do with Australia and a lot to do with cocaine. Fleetwood celebrated his fame and success in a way that had become all too common among celebrity faces in the ’70s and ’80s: he bought cocaine in excess. His fondness for the substance far outweighed that of his bandmates, who, according to the New York Post, had developed a post-show ritual of powdering their noses, with Fleetwood always on deck to ensure none of their stash was wasted.
Ultimately, the rocker had sniffed an estimated $60 million for the drug — an amount he and one of the band’s engineers believed could stretch “seven miles long” if united in a single line. In an interview with Rolling Stone in August 2017, Fleetwood recalled his father’s advice to stay humble and joked that it might have helped if he added, “And don’t do too many drugs.”
Mick Fleetwood squandered his money in Australia
Mick Fleetwood wasn’t just wasting his money on drugs; He also lost a good chunk of it on a 1000-acre farm in Australia. “I bought a thousand-acre farm in Australia in the early 1980s. It was this quirky decision to start a whole new life,” he explained to Rolling Stone when asked about his most indulgent purchase. “The estate had about eight houses and a fishing lake. I cashed out about $3 million and bought it. I thought it would be a great place for all my friends and family, but it was also a pipe dream that literally took me to the poorhouse. I went broke.”
Surprisingly, the rocker accepted the mistake. “It was beautiful and I’m not lamenting the fact that I did it. I’m also not complaining that I’m not sitting there now and being eaten by poisonous spiders,” he explained.
However, Fleetwood managed to recover from its financial problems. Today, the drummer is worth an estimated $30 million, according to Rockstars, and while that’s certainly not to be scoffed at, it pales in comparison to the $120 million fortune amassed by bandmate Stevie Nicks.