Wayne Newton is an American entertainer and singer who has a net worth of 50 million dollars. The legendary entertainer has made his fortune from his successful career in the entertainment industry. Wayne Newton has had several ups and downs in his financial journey; over the years, he has filed for bankruptcy, but he has always found his way up. He first filed for bankruptcy in 1992 and then again in 2010.
Early Life and Career
Wayne Newton was born in 1942 to Evelyn Marie Smith and Patrick Newton. In his childhood, his family moved around a lot due to his father’s nature of work. His father served in the US Navy, and as such, they moved often. Before his family moved to Newark, Wayne had learned how to play various instruments, including steel guitar, the guitar, and piano.
On their arrival in Newark, Ohio, Wayne and his brother used to perform in various events, clubs, theaters, and fairs. Upon the start of the music career, Wayne had not completed his high school studies. As such, he left school to focus on his music. While performing with his brother, Wayne went on several roadshows. They also appeared in television specials, and it was on one of these occasions when Wayne met with a Las Vegas booking agent.
Career
Wayne had started his career as an entertainer in the 1960s, but as of the 1970s, he had moved and wanted to focus on Las Vegas. At this time, some of the greatest entertainers, like Elvis Presley, died; as such, he emerged as the best entertainer. He started performing in various hotels in Las Vegas, including The Frontier, Sands Hotel and Casino, and Desert Inn.
His continued performance in various Las Vegas hotels earned him the name Mr. Las Vegas. Besides, he became the most sought-after entertainer. His concerts were fully packed, and this had a significant impact on his net worth.
Financial Struggles
Over the years, Wayne Newton has had his fair share of financial problems. In 1992, he filed for bankruptcy, given that he had a 20 million dollar debt. He had accumulated this much debt while suing NBC. The bankruptcy also included a 341,000 IRS tax debt. However, despite all these financial struggles, Wayne had recovered by 1999; this is following several concerts that were well attended and generated a lot of money.
Wayne’s financial struggles did not end in the 1990s; in 2005, he was on the radar of the IRS. They claimed that Wayne and his spouse owned the regulatory authority of 1.8 million in taxes. Four years later, an airport in Waterford, Michigan, claimed that Wayne owed them over 60,000 dollars; this is after failing to pay parking fees for his private jet for more than three years. The private plane stayed in the airport until it started growing mold, such that it could not be used for air travel.
Wayne’s financial journey has been a tough one, but his resilience and determination have played a role in his staying afloat. Besides, after his second bankruptcy, he sold 80% of his extensive property, which covered most of his debts.
