Menu
Entertainment

Osmond brother says losing $80m 'best thing to happen'

Entertainer Jimmy Osmond.
Entertainer Jimmy Osmond.

JIMMY Osmond claims losing $80 million was the best thing that ever happened to him.

The 'Crazy Horses' singer found fame alongside his six brothers in The Osmonds as a child, but admits they were "good at entertaining and not business" and learned a valuable lesson when they were swindled by those they had employed to look after their money.

He told the Daily Telegraph newspaper: "We lost about $80 million, maybe $100 million in today's money - but it's actually the best thing that ever happened to my brothers and me because it made us really appreciate how to manage money and it forced us to refocus.

"It didn't leave us destitute but we had to start over. It was a wonderful thing, because my brothers are the most humble guys you will ever meet.

"We were taken advantage of by our advisers but my dad would never sue them. He was never that kind of man. His handshake was as good as a contract and he was a great example to me."

The US star had his first solo hit when he was just nine with 'Long Haired Lover From Liverpool' - a number one in the UK - but claims he never made any money from that track.

He added: "I never made a penny from it. Our business is not a fair business ... when that record came out I got nothing. The record company would cross the sales of the records off against other costs.

"They'd say one of the brothers' albums didn't make money, or we had to pay for promotions. They always found a way to balance it out."

Jimmy, now 50, added his finances are now in much better shape.

He said: "I make more money on record sales today that I never made in the heyday of the Osmonds because I own my own label."

Topics:  editors picks entertainment singer



'Scary': Second car torched in South Gladstone street

BURNT OUT: Sharon Lord's car was destroyed in a suspected arson attack on Oaka St in Gladstone, the second in a week.

An Oaka St woman has no idea why her car was seemingly targeted.

'The ball is in Barnaby's court': Ken O'Dowd

COLLEAGUES: Barnaby Joyce (right) and Flynn MP Ken O'Dowd in 2016.

The Flynn MP came just short of calling for the Deputy PM to resign.

premium_icon REVEALED: The top schools in Gladstone for OP results

GETTING RESULTS: Gladstone’s top schools for OP results have been revealed.

Toolooa State High School scored especially well.

Local Partners

Elsa Pataky turns snake wrangler

CHRIS Hemsworth’s wife Elsa Pataky proved she is capable of dealing with Australia’s wildlife when she confronted a snake inside the couple’s Byron Bay home.

Jilted MAFS spouses break silence

MAFS contestants Tracey and Dean break their silence.

Tracey and Ryan break silence after affair is exposed.

Kate Middleton’s BAFTAs dress slammed

Stars don black in again to show solidarity with the #MeToo and Time's up campaigns...

Date set for Gold Coast Logies

Samuel Johnson with the Best Actor award at the 2018 Logies. Picture: AAP Image/Tracey Nearmy

Nine has finally announced the date for 2018 awards.

Kylie reveals ‘nervous breakdown’ over split

Kylie Minogue and Joshua Sasse split in February last year causing Minogue a ‘nervous breakdown’. Picture: Mark Milan/GC Images

'My physical system was compromised. I think it’s called a nervous breakdown'

I’m a Celeb outrage: ‘You’ve hit rock bottom’

David and Lisa Oldfield pose for a portrait at their home in Belrose.

VIEWERS vent their anger and disappointment at the latest intruders.

Festival goers feel the opposite of blue

GOOD VIBES: Alyssa Chatfield and Rahina Karora enjoying the festival.

Agnes blues fest pulls in significantly bigger crowds than last year