David Bowie made sure not to leave his family helpless after his demise.
The ‘Space Oddity’ singer, who died of cancer on January 10, came close to bankruptcy in the 1970s but in 1997, his Bowie Bonds scheme gave investors the rights to his royalties for 10 years, before ownership was returned to him and allowed him to buy back the rights to some of his most popular work from a former manager, reports Channel 24.
California-based banker David Pullman, who put together the scheme, which saw Prudential Insurance Company pay 337 million euro for rights to Bowie’s first 25 albums said the deal saw that the bonds were paid off and Bowie then retained all his rights.
The Bowie Bonds paid out at an interest rate of 7.9 per cent before they expired in 2007 and the rights reverted back to Bowie, who is survived by second wife Iman, their 15-year-old daughter Alexandria, and his 44-year-old son Duncan Jones, who he had with ex-wife Angie Bowie.
