What was Bud Abbott's Net Worth?
Bud Abbott was a renowned American actor whose net worth was approximately $50,000 at the time of his death in 1974, equivalent to around $260,000 today after adjusting for inflation. Though his net worth was once significantly higher, by his death, Abbott claimed to be nearly broke. Best known as one-half of the iconic comedy duo Abbott and Costello, he played the straight man opposite Lou Costello.
Born into a show business family in Asbury Park, New Jersey, in October 1897, Bud Abbott began his career working in the box offices of theaters. He later transitioned into becoming a comedian and producer of burlesque shows on Broadway. His formal partnership with Lou Costello began in 1935, leading to the creation of their legendary routine, "Who's on First?"
Abbott and Costello made 36 films together and were among the world's most popular entertainers during World War II. In 1942, they launched a radio show, followed by a live television series. However, their partnership ended in 1955 when their contract was terminated, and Lou Costello passed away in 1959. Although Abbott tried to find new partners, he did not achieve the same success. Nonetheless, he was declared the best straight man in the comedy business by Groucho Marx. Abbott earned stars on the Hollywood Walk of Fame for Motion Picture, Television, and Radio. He passed away on April 2, 1974, at the age of 76.
Getty
Earnings
Between 1940 and 1956, Abbott and Costello made 36 movies together, generating more than $120 million at the box office, equivalent to around $1.8 billion today. Early in their career, they split their earnings 60-40 in favor of Abbott. The split was later adjusted to 50-50 but eventually settled at 60-40 in favor of Costello for most of their time in Hollywood. The duo reportedly earned around $25 million from their films alone, which is about $360 million in today's dollars, or $180 million each.
Lou Costello and Bud Abbott (Photo by Herbert Dorfman/Corbis via Getty Images)
Finances
As their careers waned in the 1950s, the IRS demanded back taxes credited to Abbott, amounting to $500,000, which forced him to sell his house and end his early retirement. Costello faced a similar financial crisis, though to a lesser extent. Both were compelled to sell their mansions and the rights to many of their most popular films to cover their debts. In his later years, Abbott declared himself broke and even sought donations from former fans.
