What was Steve Albini's Net Worth?
Steve Albini was an American musician, producer, and journalist who had a net worth of $2.5 million at the time of his death. Steve Albini died on May 7, 2024 at the age of 61, from a heart attack.
While Albini performed in several bands of his own, most famously Shellac and Big Black, he was best known as a producer for other artists. At his peak in the 1990s, Steve was the most in-demand producer in rock music. He produced hundreds of albums, including Nirvana's 1993 album "In Utero" and Bush's 1996 "Razorblade Suitcase."
Albini owned his own recording studio, published his own food blog, and took part in the World Series of Poker, winning two bracelets. He was married to film director Heather Whinna, and lives in Chicago.
Royalties/Payment
Much to the detriment of his net worth, Steve famously refused to accept "points" off the albums he produced. For "In Utero," Steve demanded a $100,000 flat fee with no stake in any royalties. That's the same as around $220,000 today after adjusting for inflation.
Explaining his rationale:
"I think paying a royalty to a producer or engineer is ethically indefensible. I would like to be paid like a plumber: I do the job and you pay me what it's worth. There's no way I would ever take that much money. I wouldn't be able to sleep."
This outlook, while admirable, undoubtedly cost Steve Albini tens of millions of dollars, perhaps just on "In Utero" alone, considering that album went on to sell 15-20 million copies worldwide.
Getty Images
He was born in Pasadena, California, in 1962 and grew up as a teenager in Montana. He took up the bass guitar while he was in high school and soon after developed a passion for punk rock. Albini graduated from the Medill School of Journalism at Northwestern University in the Chicago suburbs, where he became involved with several local bands.
In 1982, Albini founded Big Black while he was still in college and worked on the band's first EP called "Lungs". Four years later, the group released its first studio album "Atomizer". They released several more albums.
In 1987, Albini formed the group "Rapeman" for which he attracted several negative headlines. The group broke up shortly after its formation after a handful of releases. By 1992, Albini was working with the band Shellac, whose releases include "The Rude Gesture: A Pictorial History", "Uranus", "The Bird Is The Most Popular Finger", "At Action Park", and "Excellent Italian Greyhound".
(Photo by Paul Natkin/Getty Images)
Personal Life & Real Estate
At the time of his death in 2024, Steve was married to film director Heather Whinna. They lived in Chicago, where in 2012 they bought a 4,000 square foot town home for $420,000 in February 2012. Today this worth around $1.5 million.
