treeduck Posted May 17, 2018 Share Posted May 17, 2018 (edited) KK Downing's songwriting share of "You've Got Another Thing Comin," "Breaking the Law" and other Priest classics are said to generate $400,000 per year. A share of the royalty rights to over 130 Judas Priest tracks, including metal hits "Breaking The Law," "Living After Midnight" and "Painkiller," are being put for sale, following the demise of KK Downing's luxury golf resort. The guitarist and founder member of Judas Priest -- real name Ken Downing – is thought to have invested millions in developing Astbury Hall, located in Shropshire, England, and its 18 hole, 71-par golf course in the hope of one day attracting the Open Championship. That dream ended last fall when the business fell into administration (similar to Chapter 11 insolvency in the U.S.) and the 320-acre estate was put up for immediate sale with an asking price of more than £10 million ($13.5 million). At the time, administrators blamed "tougher economic times within the wider corporate hospitality market" for placing "unsustainable pressure" on the business. Astbury Hall and its golf course has since been acquired by new owners. The next part of the bankruptcy process involves the sale of Downing's share of the royalty rights to 136 Judas Priest songs, which administrators FRP Advisory LLP say generates between $340,000 and $400,000 per year. Downing left the band in 2011, subsequently citing a breakdown in relationships between members and dissatisfaction with the group's live performances. When guitarist Glenn Tipton announced he was retiring from touring earlier this year due to his battle with Parkinson's disease, Downing wrote that he was "shocked and stunned" not to be asked back. The heavy metal pioneers, which formed in 1969 and have sold over 50 million records, is currently in the middle of a world tour. Its most recent album, Firepower, debuted at number 5 on the Billboard 200 when it was released in March – the group's highest ever charting record in the U.S. This summer, Priest team up with Deep Purple for a 25-city co-headlining North American tour slated to kick off on Aug. 21 in Cincinnati, Ohio, promoted by Live Nation. Downing's autobiography "Heavy Duty: Days and Nights in Judas Priest" is due for publication later this year. Commenting on the sale of rights from Downing's back catalog, joint administrator Alastair Massey called it "a unique investment opportunity" from one of the "driving influences" of the band's success. Edited May 17, 2018 by treeduck Link to comment Share on other sites More sharing options...
Rod in Toronto Posted May 17, 2018 Share Posted May 17, 2018 Jeez... Link to comment Share on other sites More sharing options...
J2112YYZ Posted May 17, 2018 Share Posted May 17, 2018 Yeah, don't enjoy the money you made once you retire. Instead invest millions in something that has a chance of failing. Makes sense to me. 3 Link to comment Share on other sites More sharing options...
treeduck Posted May 17, 2018 Author Share Posted May 17, 2018 Yeah KK had some kind of mental meltdown back in 2011, he needs to stick to METAL Meltdowns instead! :haz: 4 Link to comment Share on other sites More sharing options...
canadianice Posted May 17, 2018 Share Posted May 17, 2018 I might look into that. Link to comment Share on other sites More sharing options...
blueschica Posted May 17, 2018 Share Posted May 17, 2018 That's a sad story! It brings to mind some interview I saw with Geddy. He is asked if he would ever like to own a baseball team, like a minor league or farm team. His answer is that actually owning a team takes a large amount of money; too much for him. Smart guy! 1 Link to comment Share on other sites More sharing options...
J2112YYZ Posted May 17, 2018 Share Posted May 17, 2018 That's a sad story! It brings to mind some interview I saw with Geddy. He is asked if he would ever like to own a baseball team, like a minor league or farm team. His answer is that actually owning a team takes a large amount of money; too much for him. Smart guy! Yep. Nothing wrong with investing money in something if you have the extra cash but to bank everything you've got on one thing especially when you're retired is really stupid. It's obvious that KK is in a bad financial state now. Otherwise he wouldn't be selling his song rights. 3 Link to comment Share on other sites More sharing options...
Pressure/Hopenosis Posted May 18, 2018 Share Posted May 18, 2018 300 to 400k a year for songwriting credits and he's in bankruptcy? So this guy spends like he's n----r rich... Link to comment Share on other sites More sharing options...
TexMike Posted May 18, 2018 Share Posted May 18, 2018 No wonder he whined about not getting asked back into Priest. Even though he tried to pretend like he would've said no. Not the sharpest knife in the drawer obviously. Oh well, he's still got the book......which all of about 10 people will buy. 1 Link to comment Share on other sites More sharing options...
djflex Posted May 18, 2018 Share Posted May 18, 2018 Wow, kinda sad. But having some common sense, could have saved him some cents Link to comment Share on other sites More sharing options...
RUSHHEAD666 Posted May 18, 2018 Share Posted May 18, 2018 That's a sad story! It brings to mind some interview I saw with Geddy. He is asked if he would ever like to own a baseball team, like a minor league or farm team. His answer is that actually owning a team takes a large amount of money; too much for him. Smart guy! Yep. Nothing wrong with investing money in something if you have the extra cash but to bank everything you've got on one thing especially when you're retired is really stupid. It's obvious that KK is in a bad financial state now. Otherwise he wouldn't be selling his song rights. "You've Got One Thing Coming" and it sure as shite ain't a hole in one!No mulligan for you KK Drowning. Perhaps you better give Michael Starr a call. Line one dude, "If you want to be like Tiger Woods." Because KK, we all know three holes are better than a hole in one. Steel Panther has more drive than you KK. "STAINED CLASS" 1 Link to comment Share on other sites More sharing options...
RUSHHEAD666 Posted May 18, 2018 Share Posted May 18, 2018 KISS MY ASS! Love, TED NUGENT! 1 Link to comment Share on other sites More sharing options...
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