What was Lawrence Welk’s Net Worth?
Lawrence Welk, the American musician and television personality, had a net worth of $150 million at the time of his death in 1992, equivalent to $277 million today. While he earned his first fortune in entertainment, his major financial success came later in life from real estate investments. Welk hosted popular radio and television programs and popularized “Champagne Music.” His show, “The Lawrence Welk Show,” was one of the longest-running television shows of all time. Welk was one of the highest-paid entertainers in the world, earning millions in annual income. At his peak, he was frequently referred to as the second-richest person in show business, behind only Bob Hope.
Forbes estimated Bob Hope’s net worth at $85 million in the 1980s. At the time of his death in 2003, he was worth between $115 million and $150 million. Lawrence Welk, worth at least $150 million at the time of his death, may have been the richest person in show business at the time. Welk passed away on May 17, 1992, at the age of 89.
Lawrence Welk’s Real Estate Ventures
Lawrence Welk, known for his television program, was earning over $3 million per year in the early 1970s. He invested heavily in real estate and purchased several undeveloped parcels in cities like Santa Monica. Welk was the general partner in a commercial real estate venture that built the tallest building in Santa Monica, a 21-story tower located at 100 Wilshire Boulevard. He also built the 16-story luxury residential “Lawrence Welk Champagne Towers” and the 11-story office complex next door to that at 1299 Ocean, known today as “The Wilshire Palisades”. In 1964, Welk began developing a resort-like property on 1,000 acres in Escondido, California, which eventually grew into The Welk Group, generating $100 million in annual revenue. Welk sold his music copyrights for $25 million in 1988, equivalent to $55 million today.
Lawrence Welk: From Upturned Wagon to TV Stardom
Lawrence Welk was born in Strasburg, North Dakota in 1903. He left school in fourth grade to help on his family’s farm, where his father taught him how to play the accordion. Welk eventually convinced his father to buy him a $400 accordion, which he repaid through farm work and side jobs. He formed his own orchestra in the 1920s and landed a radio show in 1927. Throughout the 1940s, Welk and his band traveled the country performing for thousands. In 1951, he settled in Los Angeles and began producing and starring in “The Lawrence Welk Show,” which was nationally syndicated in 1955. Unlike other shows, Welk rejected cigarette and beer sponsors and did not hire comedians with off-color material. The show ended in 1971, but Welk continued in syndication with up to 250 stations airing the program. He authored seven books, received four U.S. design patents, and had two stars on the Hollywood Walk of Fame.
Welk’s music included hits like “Calcutta,” the only tango-based recording to reach #1 on the Billboard Hot 100 singles chart, and “Tonight You Belong to Me,” “Last Date,” and “Green Tambourine.” He was ranked #43 on TV Guide’s 50 Greatest TV Stars of All Time in 1996. For many years, seeing Welk’s band live was the second-most-popular tourist attraction in Los Angeles, after Disneyland.
Lawrence Welk’s Death and Survivors
Lawrence Welk passed away on May 17, 1992, at 89 years old. He is survived by his wife of over 60 years, Fern Veronica Renner, as well as three children, 10 grandchildren, and one great-grandchild.
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