“The Money Family regrets to announce that Eddie passed away peacefully early this morning,” his family said in a statement (via Variety). “It is with heavy hearts that we say goodbye to our loving husband and father. We cannot imagine our world without him. We are grateful that he will live on forever through his music.”
Wealth Advisor’s recent article, “How Much Is Eddie Money’s Estate Worth?” said that earlier this year, Money revealed on his Real Money reality TV show that he’d been diagnosed with stage 4 esophageal cancer.
“I thought I was just going in to get a checkup, and he told me I got cancer,” he said. “Am I gonna live a long time? Who knows, it’s in God’s hands,” he continued. “But you know what? I’ll take every day I can get. Every day above ground is a good day.”
However, TMZ reported that Money died of complications from a heart valve procedure that he underwent a few months ago.
Eddie Money’s road to rock stardom was a strange one. He was the son of an NYPD police officer and originally wanted to stay in the family business. Money served on the force for two years, before quitting and pursuing his rock and roll dreams.
“I would have been a very lenient cop,” he told Rolling Stone in 2018.
Money struggled with drug addiction during his career, and in the early ’80s, his life almost ended. According to People, Money overdosed on fentanyl in 1981. This led to him badly damaging his sciatic nerve. His 1982 album, “No Control,” was written about the experience.
Money had eleven Top 30 hits on Billboard’s Hot 100 and earned a Grammy nomination for his hit “Take Me Home Tonight.” According to Celebrity Net Worth, he may have been worth about $20 million at the time of his death.
Money is survived by his wife and five children. However, the terms of his will are not yet clear. As a California resident since 1968, his family won’t be subject to a state inheritance or estate tax because the state doesn’t have these taxes. Depending on what form his fortune takes, his estate could liable for several million dollars in federal estate taxes. It’s not known who owns the rights to his music catalog.
While his success peaked in the mid-’80s, he still had a strong fan base and made several concert appearances each year, in the years before his death.
Reference: Wealth Advisor (September 17, 2019) “How Much Is Eddie Money’s Estate Worth?”