David Bowie was reportedly close to bankruptcy in the 1970s, but managed to save himself from financial ruin and reportedly left a fortune worth £135 million to his family.
The legendary musician, who died on Sunday after an 18-month battle with cancer, was known for his forward-thinking when it came to his art, but Californian-based banker David Pullman said he was just as savvy when it came to money.
“He was astute financially and he had the foresight to have things set up then that would look after his family,” he told the MailOnline.
“He was smart enough to have confidence in himself. Most artists sell themselves short, and they don’t hold out for the rights.
“He was able to retain his legacy. His songs were his baby.”
With the help of Pullman, Bowie put together a scheme which saw him sell the rights to his songs for 10 years.
Called ‘Bowie Bonds’ it meant he was able to make money off his music, but then also retain the rights to his most prized creations.
The Prudential Insurance Company paid £37million for the rights to his first 25 albums, which were recorded before 1990.
“The deal saw that the bonds were paid off and Mr Bowie then retained all his rights,” he added.