Toby Keith’s net worth: His earnings, business ventures & assets
Toby Keith’s net worth ranked him among the richest country music singers. Forbes once dubbed him Country’s $500 Million Man. His journey from a derrick hand in the oil fields to a multimillionaire is remarkable. It is a testament to how wealthy one can become off a talent. Here are interesting facts about Keith’s financial portfolio.
Source: Getty Images
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In February 2024, Toby Keith’s death shook the entertainment industry to its core. But one thing that brought his fans solace was that he had left behind an enduring legacy that lives on through his daughter, Krystal. Keith, a seven-time Grammy Award nominee, had also amassed significant wealth from his illustrious musical career. How rich was the I Love This Bar hitmaker?
Toby Keith’s profile summary
| Full name | Toby Keith Covel |
| Gender | Male |
| Date of birth | 8 July 1961 |
| Date of death | 5 February 2024 |
| Age at death | 62 years old |
| Zodiac sign | Cancer |
| Birthplace | Clinton, Oklahoma, USA |
| Place of death | Oklahoma, USA |
| Nationality | American |
| Ethnicity | White |
| Religion | Christianity |
| Alma mater | Moore High School |
| Height | 6’4” (193 cm) |
| Hair colour | Brown |
| Eye colour | Blue |
| Sexuality | Straight |
| Marital status | Married |
| Spouse | Tricia Lucus |
| Children | 3 |
| Parents | Carolyn Joan and Hubert K. Covel Jr. |
| Siblings | 2 |
| Profession | Singer-songwriter, record producer, actor, businessman |
| Net worth | $400 million |
| Social media | InstagramTikTokFacebookX (Twitter) |
Toby Keith’s net worth at the time of his death
According to Market Realist and Parade, Toby was worth $400 million. Beyond his music, he also became wealthy from ventures in the food industry, liquor business, and clothing line.
In addition, Toby Keith’s wealth stemmed from his brief dabbling in the film industry. Before his death, the songwriter revealed his secret to a successful career during an interview with AXS TV, saying:
I have a strong work ethic. People might outsell or outplay you, but no one can outwork you. If you work every day, you will be more productive. I put in the work and reaped the reward.
Source: Original
How did Toby Keith get so rich?
Toby’s musical and entrepreneurial savvy mix made him one of the world’s wealthiest celebrities. Here is a breakdown of how the Whiskey Girl hitmaker made his million:
Music career
Keith’s debut single, Should’ve Been a Cowboy, peaked at number one on the Billboard Hot Country Songs chart in 1993.
During the 1990s, he released his first four studio albums, each earning gold or higher certification. Toby released 19 studio albums and sold over 40 million albums worldwide.
His 2002 Unleashed album sold 3 million copies and included a hit duet with Willie Nelson, Beer for My Horses. Keith was inducted into the Country Music Hall of Fame in 2024. Below are some of his songs and their number of YouTube views as of 3 November 2024:
- How Do You Like Me Now?! (1999) 78 million views
- I Love This Bar (2003) 121 million views
- American Soldier (2003) 72 million views
- As Good As I Once Was (2005) 163 million views
Toby Keith’s business ventures
Did you know that Toby earned significantly more wealth from his non-musical ventures than he ever did recording and performing music? In 2004, he purchased a 10% stake in the Big Machine record label for $400,000.
Source: Getty Images
A year later, the singer founded the label Show Dog Nashville, which later re-branded to Show Dog-Universal Music. Shortly after, he was approached by casino owner Don Marrandino with a proposition to name open a Toby-themed restaurant, I Love This Bar and Grill.
He would earn a hefty amount in naming rights. Toby Keith’s clothing line, TK Steelman, was established in 2009. In 2011, he ventured into the booze business by launching the Wild Shot drink.
Acting career
Keith made his acting debut in 2006, appearing in Broken Bridges. He also starred in the 2008 film Beer for My Horses, inspired by one of his hits.
What was Toby Keith’s salary?
The late songwriter was paid $20,000 for his first record contract. In 1993, he performed 150 concerts, earning between $5,000 and $10,000 per night.
Due to Toby’s fast-growing popularity, venues raised his fee to $20,000 per show. In 2013, Forbes reported that the entrepreneur had never earned less than $48 million a year.
Toby Keith’s house
According to Celebrity Net Worth, the late singer owned a 300-acre estate called Dream Walkin’ Farms in Norman, Oklahoma. In addition to a 10,000-square-foot mansion, the estate features professional-level breeding grounds for horses, pigs, cows and turkeys.
Source: Getty Images
Toby Keith’s cars
Keith had an affinity for classic cars. Take a look at some of the rides in his fleet with their estimated price per Speed Society:
| Car | Estimated price ($) |
| Chevy Impala | 52,500 |
| Ford Mustang Mach 1 | 55,000 |
| Lincoln Blackwood | 58,800 |
| Ford Mustang GT500 | 77,260 |
| Ford F150 Raptor | 87,070 |
| Mercedes-Benz GLS-450 | 98,250 |
| Lincoln Navigator | 111,330 |
FAQs
Keith’s songs were widely recognised for their patriotic, romantic, and humorous themes. Below are some frequently asked questions about the late music icon:
How old was Toby Keith?
Toby (aged 62 at death) was born on 8 July 1961 in Clinton, Oklahoma, USA. His mother, Carolyn Joan, was a homemaker, while his dad, Hubert K. Covel Jr, served in the US military.
What was Toby Keith’s cause of death?
The country music singer died of stomach cancer on 5 February 2024. Carrie Underwood, Dolly Parton and Luke Combs are some celebrities who have paid tribute to him.
Who inherited Toby Keith’s wealth?
Toby Keith’s wife, Tricia Lucus and her three kids (Rashelle, Stelen and Krystal) inherited Keith’s $400 million fortune.
Source: Getty Images
Does Toby Keith still make money from Taylor Swift?
The entrepreneur’s family earns royalties when Taylor Swift performs songs she recorded with Big Machine Records, where Toby owned a minority stake.
The hot topic surrounding Toby Keith’s net worth continues to spark public interest after his death. While he earned significant wealth from his musical career, this was only the tip of the iceberg of the financial empire he built. His savvy entrepreneurial endeavours and investment projects greatly contributed to Keith’s multimillionaire status.
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