Net Worth Ranker
What Is Toby Keith’s Net Worth?
At the time of his death on February 5, 2024, Toby Keith, the celebrated American country singer, songwriter, actor, and record producer, had a net worth estimated at $400 million. This substantial net worth reflected a multifaceted career that extended beyond music into various successful entrepreneurial ventures.
Early Career and Music Success
Born Toby Keith Covel on July 8, 1961, in Clinton, Oklahoma, Toby Keith’s journey to country music stardom began with early exposure to music at his grandmother’s Supper Club in Fort Smith, Arkansas. This early experience sparked his interest, leading him to get his first guitar at age 8. He started performing with the house band at his grandmother’s club, foreshadowing his future career.
After graduating from Moore High School and working in the oil fields, Keith formed the Easy Mony Band at the age of 20. They played local bars, marking the beginning of his professional music career. Despite facing layoffs from the oil industry in 1982, Keith continued to pursue music, even playing defensive end for the semi-pro football team, the Oklahoma City Drillers, for a time.
Keith’s persistence paid off in the early 1990s when, after busking in Nashville and distributing demo tapes, he signed a recording contract with Mercury Records. His debut single, “Should’ve Been a Cowboy,” released in 1993, became an immediate hit, reaching number one on the country music charts and cracking the top 100 on the pop charts. By the end of the 1990s, “Should’ve Been a Cowboy” had been played over three million times on the radio, establishing it as the most-played country song of the decade, surpassing even Billy Ray Cyrus’s “Achy Breaky Heart.”
During his career, Toby saw 60 singles hit the country music top charts, including twenty #1 hits. He was inducted into the Songwriters Hall of Fame in 2015.
From 1993 to 1997, Keith released four studio albums with various divisions of Mercury Records: “Toby Keith” (1993), “Boomtown” (1994), “Blue Moon” (1996), and “Dream Walkin'” (1997). These albums collectively produced several top-ten singles, solidifying his presence in the country music scene.
In 1998, Keith transitioned to DreamWorks Records Nashville. There, he released his breakthrough single, “How Do You Like Me Now?!” in late 1999. This song, the title track to his 1999 album, became the number-one country song of 2000 and one of several chart-toppers during his time at DreamWorks Nashville. Subsequent albums, “Pull My Chain,” “Unleashed,” and “Shock’n Y’all,” each produced three number-one hits and were certified four times Platinum. Between 1993 and 2000, Keith consistently released a new album each year, with each selling at least 500,000 copies.
In a pivotal moment in his career, Keith negotiated the right to buy back his 1999 album “How Do You Like Me Now” for $93,000 after his label rejected several songs. He then sold the rights to DreamWorks for $200,000. “How Do You Like Me Now” went on to sell 3.1 million copies.
Overall, Keith released 19 studio albums, two Christmas albums, and five compilation albums. He sold more than 40 million albums worldwide. His 2002 album, “Unleashed,” sold 3 million copies and included a hit duet with Willie Nelson titled “Beer for My Horses.”
Keith’s early concert earnings reflected his growing popularity. He was initially paid $20,000 for his first record contract. In 1993, he performed 150 concerts between March and December, earning $5,000-$10,000 per night. As his second single gained radio play, his fee increased to $20,000 per show.
Entrepreneurial Ventures and Investments
Beyond his music career, Toby Keith was a successful entrepreneur. In 2004, he invested $400,000 for a 10% stake in a then-little-known record label called Big Machine Records. This investment proved lucrative as Big Machine went on to sign artists such as Tim McGraw, Rascal Flatts, and Taylor Swift. As a result of his investment, Keith received a share of the earnings from Big Machine’s artists.
Following the establishment of his record labels, Keith partnered with a Las Vegas casino owner, Don Marrandino, to create a Toby Keith-themed restaurant called “I Love This Bar and Grill.” By the end of 2004, it was among the top 50 highest-grossing restaurants in the United States.
Inspired by Sammy Hagar’s sale of his Cabo Wabo tequila company for $80 million in 2007, Keith entered the liquor business. He launched “Wild Shot” mezcal in March 2011. By the end of the year, Wild Shot had become the number one premium mezcal in the United States.
Toby Keith’s entrepreneurial ventures significantly contributed to his financial success, with estimated annual earnings ranging from $60 million to $100 million.
Real Estate and Personal Life
Toby Keith owned a 300-acre estate in Norman, Oklahoma, known as Dream Walkin’ Farms. The property included a 10,000-square-foot mansion and served as a Thoroughbred horse breeding operation. The ranch also produced beef, pork, and turkey, which were sold online.
On March 24, 1984, Keith married Tricia Lucus. The couple has three children: Shelley (born in 1980, adopted by Keith in 1984), Krystal (born in 1985), and son Stelen (born in 1997). He also has two granddaughters and one grandson via his daughter Shelley.
Toby Keith passed away on February 5, 2024, at the age of 62, after battling stomach cancer, which he had been diagnosed with in mid-2022.
