Toby Keith Net Worth

Toby Keith’s Net Worth: A Look at His Career, Wealth, and Legacy

What Was Toby Keith’s Net Worth?

Toby Keith, the celebrated American country music icon, left behind a remarkable legacy. At the time of his passing on February 5, 2024, at the age of 62, his net worth was estimated to be $400 million. Keith’s career was a tapestry woven with chart-topping hits, entrepreneurial ventures, and a deep connection with his fans, solidifying his place in music history.

Early Life

Toby Keith Covel was born on July 8, 1961, in Clinton, Oklahoma. He was one of three children born to Carolyn and Hubert Covel. As a child, he spent summers visiting his grandmother, who owned a supper club in Fort Smith, Arkansas. It was here that Keith developed an early fascination with music. He received his first guitar at age 8, and would work odd jobs at the supper club before eventually performing onstage with the house band.

Keith and his siblings grew up in Moore, Oklahoma, and Fort Smith, Arkansas. He was a defensive end on the Moore High School football team. After graduating high school, he worked in the oil fields as a derrick man and worked his way up to operations manager.

At 20, Keith formed the Easy Money Band with a number of friends. The band played at local bars while Keith continued working in the oil fields. He was laid off in 1982 when the oil industry suffered a downturn. Keith then played defensive end for the semi-pro football team, the Oklahoma City Drillers. The Easy Money Band found regional success and began playing in honky-tonks in Texas and Oklahoma.

Music Career

Toby Keith’s musical journey began with a determined pursuit of his passion. In the early 1990s, he made his way to Nashville, where he busked on Music Row and distributed demo tapes to record companies. Despite initial rejections, Keith remained persistent. A pivotal moment arrived when a flight attendant, who was a fan of the Easy Money Band, gave his demo tape to an executive at Mercury Records. Impressed by Keith’s sound, the executive offered him a recording contract.

In 1993, Keith’s debut single, “Should’ve Been a Cowboy,” catapulted to the top of the country music charts, also making its mark on the pop charts. The song became a country classic. It was the most-played country song of the 1990s, surpassing even Billy Ray Cyrus’ “Achy Breaky Heart.”

Keith released four studio albums with Mercury Records, including the 1993’s “Toby Keith,” 1994’s “Boomtown,” 1996’s “Blue Moon,” and 1997’s “Dream Walkin’.” These albums produced several top-ten singles. After leaving Mercury in 1998, Keith signed to DreamWorks Records Nashville and released the breakthrough single “How Do You Like Me Now?!” in 1999, which became the number-one country song of 2000. During his time at DreamWorks Nashville, Keith released three more albums: “Pull My Chain,” “Unleashed,” and “Shock’n Y’all.” Each produced three number-one hits and was certified four times Platinum.

From 1993 to 2000, Keith released a new album annually. Each release sold a minimum of 500,000 copies. His 1999 album, “How Do You Like Me Now,” initially faced rejection of some songs by his label. Keith negotiated to buy back the album for $93,000. He then sold the rights to DreamWorks for $200,000. “How Do You Like Me Now” went on to sell 3.1 million copies.

Throughout his career, Keith released 19 studio albums, two Christmas albums, and five compilation albums, selling over 40 million albums worldwide. His 2002 album, “Unleashed,” sold 3 million copies and featured a duet with Willie Nelson titled “Beer for My Horses.”

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Early Concert Earnings

Keith’s career began in the early 1990s. His first record contract paid him $20,000 and his first album was released in 1993. He performed 150 concerts between March and December of 1993. His fee was between $5,000 and $10,000 per night. As his second single gained radio play, venues increased his fee to $20,000 per show.

Entrepreneurial Career

Beyond his musical success, Toby Keith demonstrated a shrewd business acumen. In 2004, he made a prescient investment of $400,000 for a 10% stake in the record label Big Machine. The label was instrumental in launching the careers of artists like Tim McGraw, Rascal Flatts, and, most notably, Taylor Swift. His ownership stake meant he benefited from the success of these artists.

Following the success of his record label investment, Keith ventured into the restaurant business. He partnered with Las Vegas casino owner Don Marrandino to open a Toby Keith-themed restaurant called “I Love This Bar & Grill.” The restaurant quickly became successful. By the end of 2004, it was among the top 50 highest-grossing restaurants in the United States.

Inspired by his friend Sammy Hagar’s success with his Cabo Wabo tequila company, Keith decided to enter the beverage industry. After considering bourbon and vodka, he settled on mezcal. In March 2011, he launched “Wild Shot” mezcal, which became the number one premium mezcal in the U.S. within the same year.

Personal Life

Toby Keith’s personal life was marked by enduring relationships and philanthropic endeavors. On March 24, 1984, he married Tricia Lucus, and the couple shared three children: Shelley (adopted in 1984), Krystal, and Stelen. Keith also had several grandchildren.

The tragic death of Keith’s father in a car accident in 2001, combined with the events of 9/11, greatly affected him. This prompted him to write the controversial song “Courtesy of the Red, White, and Blue (The Angry American).” The song deeply resonated with military personnel, but it also sparked a rift with Natalie Maines of The Dixie Chicks.

Keith’s philanthropic efforts included supporting Little Kids Rock, a nonprofit focused on music education, and Ally’s House, an Oklahoma-based organization aiding children with cancer.

Dream Walkin’ Farm

In Norman, Oklahoma, Toby Keith owned Dream Walkin’ Farms, a 300-acre estate that included a 10,000-square-foot mansion. The farm also housed a professional-level Thoroughbred horse breeder. The ranch raised beef, pork, and turkey, which was sold online.

Death

In mid-2022, Toby Keith announced his diagnosis of stomach cancer. He passed away on February 5, 2024, at the age of 62, leaving behind a lasting legacy in the country music world and beyond.

Conclusion

Toby Keith’s life was a testament to hard work, patriotism, and entrepreneurial spirit. His musical achievements, combined with his diverse business ventures and dedication to philanthropy, cemented his status as a multifaceted American icon. Toby Keith’s influence continues to resonate, inspiring generations with his music and his embodiment of the American dream.