Net Worth Ranker
What Is Stephen King’s Net Worth?
Stephen King, the celebrated American author renowned for his contributions to horror, supernatural fiction, suspense, and fantasy, boasts a substantial net worth of $500 million. This considerable wealth reflects his prolific writing career, marked by the sale of over 350 million books worldwide. King’s literary output includes more than 65 novels, seven penned under the pseudonym Richard Bachman, approximately five non-fiction works, and around 200 short stories, predominantly compiled in book collections. The widespread adaptation of his works into popular films and mini-series, such as “Carrie,” “It,” “Stand by Me,” “The Shawshank Redemption,” “The Stand,” “Misery,” and “The Shining,” has further augmented his financial success.
Stephen King’s Early Career and Literary Successes
Born on September 21, 1947, in Portland, Maine, Stephen King’s early life was marked by his father’s departure and his mother’s subsequent role as the sole caregiver for him and his adopted brother, David. The family’s relocation across various states before settling in Durham, Maine, shaped King’s formative years. His childhood exposure to horror through EC comics like “Tales from the Crypt” ignited his passion for writing. His first published story was called “I Was a Teenage Grave Robber.” Stephen attended Durham Elementary and Lisbon Falls High in Lisbon Falls, Maine. King’s academic pursuits at the University of Maine, where he earned a Bachelor of Arts Degree in English, honed his writing skills, which he further developed as a writer for the school newspaper. After graduating from college, King taught high school and sold short stories to men’s magazines. In 1971, he was hired as a teacher at Hampden Academy in Maine.
The trajectory of King’s career changed dramatically with the acquisition of his novel “Carrie” by Doubleday in 1973. This marked his fourth written novel but the first to achieve publication. The $2,500 advance King received for “Carrie,” equivalent to approximately $14,525 today, was a modest sum compared to the $400,000 earned from the sale of paperback rights, now equivalent to $2.3 million. “Carrie” was a significant novel in the horror genre. The subsequent adaptation of “Carrie” into a successful horror film in 1976, starring Sissy Spacek, solidified King’s position in the literary world. Throughout the 1970s, King continued to produce acclaimed works such as “Salem’s Lot,” “The Shining,” and “The Stand,” further establishing his reputation as a leading horror writer. In the fall of 1977, King took a position teaching creative writing at the University of Maine.
In 1982, he wrote “Different Seasons,” a collection of four dramatic novellas. This book is significant because three of the four novellas were turned into films: “Stand by Me,” “The Shawshank Redemption,” and “Apt Pupil.” In 1977, King began accepting applications from aspiring directors to buy the film rights to his stories for $1.00. That’s not a typo. His directors became known as King’s “Dollar Babies.” In 1979, a 20-year-old aspiring filmmaker named Frank Darabont was selected as a Dollar Baby to adapt King’s short “The Woman in the Room.” Frank’s film version was a semi-finalist for Academy Award consideration in 1983. A few years later, Frank paid Stephen $5,000 for the film rights to his novella, “Rita Hayworth and Shawshank Redemption.” Frank wrote the screenplay and directed the film version, which was released in 1994 and is considered by many to be the best movie of all time. “The Shawshank Redemption” was not a huge success at first. It was considered a bomb after its initial release, earning just $16 million on a budget of $25 million. After it received seven Oscar nominations (eventually losing all seven, mostly to “Forrest Gump), Shawshank’s popularity began to pick up steam. A re-release quickly grossed another $10 million. To date, the film has grossed $80 million at the worldwide box office alone. More importantly, it has become one of the most popular films on cable, VHS, DVD, and streaming. Ted Turner’s TNT acquired Castle Rock in 1993. In 1997, TNT acquired the cable-broadcast rights to the film, and soon after that, it was shown around the clock as the anchor of the network’s “New Classics” film campaign. To date, Shawshank has grossed over $1 billion between rentals, VHS, DVD, cable-broadcast and streaming sales. Stephen never actually cashed the $5,000 check Darabont paid him for Shawshank’s film rights. Years after it became a huge success, King framed the check and sent it to Darabont as a gift with a note inscribed: ” In case you ever need bail money. Love Steve.”
King’s prolific output continued into the 1980s and beyond, with the publication of “It” in 1986, which became the best-selling hardcover novel in the United States that year. His extensive bibliography includes titles such as “Cujo,” “Pet Sematary,” “The Green Mile,” and “The Dark Tower” series, cementing his status as a literary icon. In 2009, King’s novel, “Under the Dome,” was published. A television series under the same name was later released in 2013 on CBS. His latest book, “Fairy Tale,” arrived in 2022, and a novel about Holly Gibney titled “Holly” is set for release in September 2023.
Stephen King’s Business Ventures and Philanthropic Activities
Beyond his literary endeavors, Stephen King and his wife, Tabitha, own Zone Radio Corp, a radio station group comprising WZON/620 AM, WKIT-FM/100.3, and WZLO/103.1. This business venture reflects King’s diverse interests and entrepreneurial spirit.
King’s commitment to philanthropy is evident through his annual donations of approximately $4 million to libraries, schools, arts organizations, and local fire departments in need of updated equipment. The Stephen and Tabitha King Foundation, established by King and his wife, ranks as the sixth-largest charity in Maine, with annual giving exceeding $2.8 million. In November 2011, the foundation contributed $70,000 in matched funding to assist families in Bangor, Maine, with heating bills. Furthermore, in February 2021, the foundation donated $6,500 to support students from Farwell Elementary School in Lewiston, Maine, in publishing two novels. These philanthropic endeavors underscore King’s dedication to giving back to his community and supporting various causes.
Stephen King’s Real Estate Portfolio
Stephen King and his wife maintain a diverse real estate portfolio, dividing their time among three residences. Their Victorian home, constructed in 1870 in Bangor, Maine, served as their primary residence for many years and is now slated to become a museum and writer’s retreat. Additionally, they possess a summer home in the lake region of Lovell, Maine, near the New Hampshire border. The couple also owns a waterfront mansion on the Gulf of Mexico in Sarasota, Florida. The specific addresses of these properties are generally not publicly disclosed to maintain the family’s privacy.
Stephen King’s Personal Life
King’s personal life is characterized by his long-standing marriage to Tabitha Spruce, whom he wed on January 2, 1971. Together, they have three children: Naomi, Owen, and Joseph. Their daughter, Naomi, and her wife, Rev. Dr. Thandeka, are both ministers in the Unitarian Universalist Church, residing in Plantation, Florida. Both of King’s sons have followed in their father’s footsteps as authors. Owen King published “We’re All in This Together: A Novella and Stories” in 2005, while Joseph King, writing under the pseudonym Joe Hill, released a collection of short stories, “20th Century Ghosts,” in 2005, followed by a novel, “Heart-Shaped Box,” in 2007.
