Former Judas Priest guitarist K.K. Downing may have found a way to maintain his opulent lifestyle after he left the band in 2011 and his plans for a golf resort went bust.
Earlier this year, he sold the royalty rights to 136 of the band's songs, which generate between $340,000 and $400,000 per year. He tells MyGlobalMind, “I own my own personal rights to the songs. Obviously, there comes a time when large figures of money are involved, and there is a time to sell it. It's like selling a classic car or some stocks, when you are made an offer you can't refuse and it seems like a good idea. There is no impact on the band. All those rights are personally owned by me and within my ownership rights to do what I want."
He says it's a matter of math. "It's quite simple -- if you have a song worth a million dollars, you can get $60,000 a year from it, or you can take the million now. It depends on your age. If you add 10 years on to my age, I'll be 77, and I can achieve $600,000 over the 10 years or sell it now for a million dollars."
K.K. may earn a few more bucks when his autobiography, Heavy Duty: Days and Nights in Judas Priest, is published on September 18th.