Rick Wakeman: My money
Rick Wakeman, 58, one of rock’s most colorful characters, was a keyboardist for Yes and played with David Bowie, Cat Stevens, Marc Bolan, Al Stewart, Lou Reed and Elton John.
A regular at Grumpy Old Men and Countdown, Rick is an avid supporter of Brentford FC. Married and divorced three times, and with six children, he’s engaged again. He talked to Lorraine McBride about his money.
HOW MUCH WAS IN YOUR FIRST SALARY PACKAGE?
When I was 18, I worked for £5 a week in Chancery Lane stuffing plastic bags with staples. Every day my boss would write down a list of four horses and give me a pound to take to the bookies. Later the bookie handed me his £12 winnings.
On Friday, I copied his bets, gambled my entire salary, and lost it all. I was gutted. My boss told me: ‘He only plays when you know you will win. You’re going home with no money, but maybe you’ve learned a lesson.’
WHAT DID YOUR FIRST RECORD COMPANY ADVANCE WRONG WITH?
In 1971, my first solo advance was £4,000. I used it to make my album Six Wives Of Henry VIII. Studios were really expensive even then and every penny counted.
HAVE YOU BEEN, LIKE MANY ROCK STARS, RIPPED?
I never saw a royalty statement until the 1980s and probably only received a third of what I was owed, if not less. Various accountants estimate that at least £3m was lost.
WHAT WAS YOUR BEST FINANCIAL MOVE?
In 1975, I wanted to play The Myths And Legends Of King Arthur album on ice at Wembley Arena, but everyone said I was going to lose a fortune. The ice took up so much space that even exhausted crowds gave no hope of breaking
also. I said live shows were our advertisement and I mortgaged my house. Before the performances, we had sold three million albums worldwide. Six months later, we had sold 14 million.
AND YOUR WORST?
I bought a house in Switzerland in the spring of 1977 when it was surrounded by flowers in green fields. But it snowed from November to the end of February and the mountain trails were only cleared every few weeks, so I rented an apartment in Lausanne. The problem was resolved when my second wife divorced me and took over the house.
HOW MUCH DID YOU PAY FOR YOUR FIRST HOME?
I paid £4,000 for a terraced house in West Harrow in 1971. I was staying with The Strawbs on £18 a week, enough to get a mortgage. I sold it a year later for £11,500 and moved into a four bedroom detached house in Buckinghamshire for £26,500. By then, I had joined Yes and we had a No. 1 album in America.
WHAT IS YOUR FAVORITE CHARITY?
I just finished my job as President of the Heritage Foundation, where they have put up blue plaques in memory of deceased entertainers and sportsmen, and the money raised goes to the charity of their family’s choice.
For 20 years, I’ve been a patron of SPARKS, a huge British charity that raises money for research into unborn children. They extended the survival rate for babies born prematurely. It’s a wonderful charity and I’m very proud of it.
WHAT WAS YOUR MOST INDULGENT PURCHASE?
In 1974 I bought one of the Queen Mother’s racehorses, a yearling gelding called Tropical Saint, for £8,500, followed by Ballinloning for just under $5,000. My dream was for Tropical Saint to race in the Gold Cup, but he got sick and died. He broke my heart. Ballinloning was then resold to the stables.
WHAT’S THE CRAZIEST THING YOU’VE EVER DONE?
I once flew with my hairdresser from Switzerland to England and back first class. You did stuff like that then. Very seventies.
HOW ARE YOU SAVING FOR YOUR RETIREMENT?
I’m trying to get some of my music rights back, but a lot of things only have a few more years left before I lose them. It is an area that needs to be looked into.
HOW MANY CREDIT CARDS DO YOU HAVE?
Nobody. I used to have hundreds but now I use my Maestro card.
DO YOU PREFER TO PAY BY CARD OR CASH?
Paper. I carry cash, but it’s amazing how fast it goes.
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