Why Warren Buffett Wants To Be In Jimmy Buffett’s Will
Despite having the same last name, Warren Buffett and Jimmy Buffett aren’t related. They even took a 23andMe DNA test together to find out, The New York Times reported in 2018. But, this hasn’t stopped Warren Buffett, CEO of Berkshire Hathaway and fifth-wealthiest person in the world, from wanting to be in his friend’s will.
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American musician, singer-songwriter and businessman Jimmy Buffett was recently interviewed by Forbes about how he amassed his wealth. According to Forbes, Buffett, 76, built a career out of hit songs, merchandise, chain restaurants, resorts and gated communities. Today, he has an estimated net worth of $1 billion. Although Buffett declined to comment on his fortune, Forbes broke his billion down into a 28% stake in Margaritaville Holdings that’s estimated to be worth $180 million, $60 million from the tequila and beer business, $570 million amassed from touring and record sales, a music catalog worth $50 million and a $140 million collection of six homes, four planes and a yacht. He also has shares in Warren Buffet’s Berkshire Hathaway, the investment conglomerate.
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Jimmy Buffett landed in Key West, Florida, in the early 1970s where he became known for his trademark tropical rock sound, Forbes reported. His breakthrough came when he released his hit “Margaritaville,” from his 1977 album, “Changes in Latitudes, Changes in Attitudes.” But what really helped Buffett’s career take off was looking at his work like a businessman after spotting knock-off T-shirts at Key West merch stores — shirts made and sold without his approval, Forbes wrote. He then started his own brand by opening the first Margaritaville T-shirt shop in Key West in 1985.
“If you’re an artist, if you want to have control of your life… then you gotta be a businessman, like it or not,” Buffett told Forbes in 1994. “So the businessman evolved out of being an artist.”
Buffett now has an empire that encompasses bestselling novels, a Broadway musical, the Mailboat Records label and an internet radio station. Margaritaville Holdings, now a global licensing operation, brought in $2.2 billion in sales in 2022. A source close to the company told Forbes that this doesn’t include Buffett’s estimated $400 million alcohol business. Buffett also has more than 30 vacation resorts, 150 Buffett-themed restaurants and even a two-night, three-day “Margaritaville at Sea” Caribbean cruise.
Warren Buffett Apparently a Jimmy Buffett Fan
His success has made a big impression on Warren Buffett, widely known as “The Oracle of Omaha,” who was worth $93.4 billion in 2022, as previously reported by GOBankingRates. Most of Warren Buffett’s wealth comes from his ownership in investment firm Berkshire Hathaway. The firm owns over 60 companies, including Geico Insurance, Duracell batteries and Dairy Queen restaurants, according to Forbes.
“I wish there were more Jimmy Buffetts, but there aren’t,” Warren Buffett jokingly told Forbes. “Tell Jimmy to keep me in his will!” UNILAD noted that while this comment was likely tongue-in-cheek, you can’t help but think why Buffett needs another billion.
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This article originally appeared on GOBankingRates.com: Why Warren Buffett Wants To Be In Jimmy Buffett’s Will
