Leonard Cohen net worth
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What is Leonard Cohen’s net worth?
Leonard Cohen was a Canadian singer-songwriter, musician, and writer with a net worth of US$10 million at the time of his death in 2016. Leonard died in Los Angeles on November 10, 2016, at the age of 82. His net worth could have been much higher, but Leonard lost more than $100,000 due to mismanagement and theft by the business manager.
Leonard Cohen was born on September 21, 1934 in Montreal, Quebec, Canada. He started playing guitar when he was a teenager and then formed a group called Buckskin Boys. He studied at McGill University and soon became famous as a poet and won many literary awards. He published his first collection of poems in the mid-1950s and then moved to New York to study at Columbia University. A year later he chose to leave Columbia and return to Canada. He wrote his second collection of poems “The Spice Box of the Earth” in the early 1960s. The success of this book allowed him to gain wider recognition. Despite his early success as a writer, it is difficult to maintain this momentum. He returned to the United States to focus on building a music career, and continued to record a series of incredible albums and tracks, which made him inducted into the Rock and Roll Hall of Fame and Canadian Music Hall of Fame as a loyal fan for four decades.
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Financial litigation
For most of his career, Leonard’s business manager was a woman named Kelly Lynch. According to reports, in the early 2000s, Leonard began to notice some potential irregularities in his account. For example, he allegedly noticed that he personally paid a $75,000 credit card bill for Lynch. Around this time, he noticed that most of the money in his various accounts, including retirement and charitable trusts, was gone. Allegedly, Cohen’s discovery of financial mismanagement began in the mid-1990s, when Lynch began to sell his music rights. According to reports, shortly after he entered the Zen Buddhist retreat, mismanagement began.
In 2005, Cohen sued Kelly Lynch, accusing her of misappropriating his finances through greed, self-trading, concealment, knowingly false statements, and reckless disregard of professional trust duties. He claims that his retirement account alone has been reduced from over 5 million U.S. dollars to approximately 150,000 U.S. dollars. In March 2006, he won a civil lawsuit and received a judgment of 9 million U.S. dollars.
