Jon Bon Jovi has been in the music industry since he was a teenager, playing in cover bands. A lot has changed since then, including the lineup of his band formed in 1983. However, his passion for music has never faded.
He keeps thinking about retiring but cannot bring himself to do it; he even joked that he is waiting for Mick Jagger to get off the scene so Jovi can know it is time to do the same. The singer has amassed lots of wealth from the path he chose, and currently, Jon Bon Jovi’s net worth is $410 million. Let’s tell you in detail how he became such a rich man.
The Need to Get out of His Hometown
Jovi grew up in a middle-class neighborhood where both parents had to work. His parents, John and Carol, met while serving in the marines. After leaving the service, Carol became a waitress at the Playboy Nightclub, and John became a hairdresser.
The lifestyle at Sayreville did not appeal to the rock star, so he decided that music would be his way out of the place where you either joined the Navy or worked at a paint factory. Fortunately, his parents supported his dream and enrolled him in guitar lessons at seven.
According to Ultimate Classic Rock, his mother had bought him a guitar, telling him that he should learn to play the instrument. However, the aspiring musician was not interested. All he cared about were cartoons and joining the little league. Jovi said the guitar remained as clutter in the home until his mother told him to clean the TV room, where he had dumped the guitar.
He went and threw it in the basement, and the sound it made captivated him. Thus at 13, he asked his parents to buy him a guitar for Christmas, and as Italy 24 News reports, Jovi found a Univox Stratocaster under the sofa. The next-door neighbor was in a band, and Jovi began taking lessons from him.
As Early as High School
Inspired by rock bands such as Led Zeppelin and Aerosmith, Jovi began singing in cover bands while still in high school. After graduating from high school, Jovi and the bands he joined would play in bars.
Thankfully, the legal drinking age was 18, so even at 16, Jovi would manage to sneak into bars and earn some money. He was so good at his craft that one of the guys told Jovi he should be playing his songs instead of doing covers.
Since Jovi’s second cousin who owned a recording studio had told Jovi to call him if he ever needed help with his music, Jovi took him up on the offer.
The cousin, Tony Bongiovi, employed Jovi as a gopher and paid him $50 per week to run errands. The job also entailed being a janitor. So, with so much time spent in the studio, Jovi recorded his demos.
Inking a Deal with Mercury Records
Getting a record deal was challenging, and so was keeping an original band. According to the rock star, cover bands made tons of money. On the other hand, an original band could barely rake in $100.
He was still unable to get a recording company interested in his music; thus, Jovi decided to get his music to a local station DJ. The cassette tape that Jovi handed to the DJ had “Runaway.”
The song helped put the aspiring musician on the map as it became a national sensation and landed him a deal with Mercury Records. After seeing the potential of his music, Jovi wanted to form his band, so he called David Bryan, a keyboard player with whom they had played together in their teens.
Bryan then called bassist Alec John Such and drummer Tico Torres. The lead guitar was David Sabo, but he later left and was replaced by Richie Sambora. They had chosen the band’s name, Johnny Electric, but changed it to Bon Jovi after an employee of their manager, Doc McGhee suggested it.
Initially lived with his parents
The band began releasing music, but as reported by CNBC, the money the band made from their music was not as much as expected. Jovi had to live with his parents after the release of the first two albums. Once the third one was successful, he could afford an apartment.
Although the sophomore album was certified gold, the third album, “Slippery When Wet,” released in 1986 is the band’s best-selling album to date with more than 28 million copies sold worldwide. By 2008, the band ranked at No.10 among the highest-grossing tours worldwide with ticket sale receipts of $210 million in more than 99 appearances.
Even after taxes and other expenses, that would leave about $57 million to be split among the members, meaning Jovi pocketed at least $11 million from concerts only.
Other Investments
Jovi is a diverse entrepreneur who believes the secret to a successful business is to stay away from fads or fashions. He added that you must believe in what you are doing, and success will follow.
This mentality led to him partnering with his son, Jesse, to launch a wine business. The family would go to the Hamptons and carry cases of wine to bring back home; hence, they decided to launch their own and named it Hampton Water. Hampton Water goes for $25 and is usually sold out in most retailers.
Also, like many other celebrities, Jovi dabbles in real estate, which has proven to be a very profitable business. In 2020, he sold his oceanfront Palm Beach mansion for $19.85 million, making a $9.85 million profit since he had bought it two years earlier for $10 million.
He did not even have to wait long to find a buyer because it only took two months, after discounting the price. Jovi also listed his New Jersey estate for $20 million, and the price is bound to get him another substantial sum in profits.
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