It is true that the late musician, Jimmy Buffett, was well known for his music career. However, one thing many don’t know him for, is his entrepreneurial skills. Jimmy Buffett owned a number of businesses from records labels to casinos.
In this article, we will take a look into the businesses Jimmy Buffett owned or was part of.
Buffett died in the early hours of Saturday, Sept. 2. His family confirmed his death in a statement posted to his Instagram account and other social media handles. He was 76.
“Jimmy passed away peacefully on the night of September 1st surrounded by his family, friends, music and dogs,” part of his family’s statement read.
Jimmy Buffett businesses
The musician was also a genius when it comes to business or entrepreneurship. His love for business may make you think he was related to billionaire businessman, Warren Buffett. But no, Warren and Jimmy Buffett were never related by blood or anything. A 23andMe DNA test confirmed this a few years ago.
The musician discovered and put into work his business capabilities after his 1977 hit song, Margaritaville, which was part of his Changes in Latitudes, Changes in Attitudes.
In 1985, he founded the hospitality company, Jimmy Buffett’s Margaritaville. The company owns and manages hotels and a dining restaurant chain. Also, the firm runs retail stores that sell Jimmy Buffett–themed merchandise.
Furthermore, the musician founded two record labels; Margaritaville Records and the Mailboat Records. He released albums under the auspices of these labels. He launched his first label in 1993, and then the second one in 1999.
His albums, License To Chill and Take The Weather With You of 2005 and 2006 respectively, were released by the Mailboat Records in partnership with RCA Records.
Other businesses Jimmy Buffett owned
Aside the Record labels and the hospitality company, the musician ran the following companies or businesses:
- LandShark Lager: The musician and businessman launched a cooperative project with Anheuser-Busch brewing company in 2006. The project was to get the company to produce beer under the Margaritaville Brewing label called LandShark Lager. The beer becomes the house lager for the Jimmy Buffett’s Margaritaville’s restaurant chain.
- Margaritaville Casino: In May 2013, Buffett opened his casino at the Resorts Casino Hotel in Atlantic City, New Jersey. The center boasts of a restaurant, two bars, a coffee shop, and a gaming area. There is also a retail shop at the center.
- Video Games: Jimmy Buffett business ventures also include video games. In 2012, a Margaritaville Online game was released by the Agoura Hills-based video games comapny, THQ. The game was released for Facebook, but just after two years, the game was discontinued. Meanwhile, Buffett announced in 2016 that he had partnered with FunPlus to develop a new Margaritaville game.
- Real Estate: Buffett planned the Latitude Margaritaville retirement village which is a $1 billion project. The project is located in Daytona Beach, Florida, and is a joint venture between Buffett’s Margaritaville Holdings and Minto Community. As of 2021, the community is reported to have sold over 1,000 homes and will have 3,900 homes upon completion. According to sources, prices currently range from $200k to $500k for a property in the village. The project’s site is close to the LPGA Boulevard.
- Cannabis: Buffett teamed up with Beau Wrigley and Surterra Holdings, Inc. to licence a marijuana brand in 2018. The brand, Coral Reefer, was sold across the US. However, as at the time of writing this article, the website that sells the Coral Reefer product, was unavailable.
How Jimmy Buffett became a businessman
Prior to his 1977 hit song, Margaritaville, Buffett was not owning any business. All that he was doing was music, music, and music. In fact, music was his only business he cared wholeheartedly about.
However, after he gained enough popularity following the release of the song, Buffett decided to do other businesses aside music. He took advantage of his popularity at the time to launch his first company, the Jimmy Buffett’s Margaritaville in 1985.
All his businesses, except his video game business which was discontinued just two years after its launch, become successful, making the musician’s net worth to stand at $1 billion.