The $275 Million Margaritaville Drama

Ryan Knutson (0:05)

When you think of Jimmy Buffett, what is the first thing that comes to your mind?

Katherine Sayre (0:10)

I think about the beach. I think about maybe drinking a margarita on the beach.

Ryan Knutson (0:15)

One of my favorite things.

James Taylor (0:16)

Yes.

Katherine Sayre (0:17)

Jimmy Buffett was beloved in large part because of this relaxed, free-flowing lifestyle that his music conveyed.

Ryan Knutson (0:30)

That's our colleague Katherine Sayre. She covers the music industry.

Do you have a favorite Jimmy Buffett song?

Katherine Sayre (0:37)

Changes in Latitudes, Changes in Attitudes. It's actually a really deep song full of wisdom about getting older and trying to figure out your place in life.

Ryan Knutson (0:52)

Can you sing it for me? I'm not sure I'm familiar with this one.

Katherine Sayre (0:55)

I definitely cannot sing it. Come on.

Ryan Knutson (1:00)

Oh man, nobody ever wants to sing for me on this show.

Buffett didn't just sing about the Margaritaville lifestyle. He was also a businessman. It started with a small souvenir shop in Key West, Florida, where the locals counted themselves among his fans.

Jimmy Buffett (1:16)

We were a t-shirt shop because we saw people on Duval Street, and they were doing t-shirts with my name on them, but they spelled it wrong. I just thought, hell, we can do better than that.

Ryan Knutson (1:27)

It expanded into an empire that spanned restaurants, casinos, cruises, apparel, and more.

Katherine Sayre (1:34)

That's part of the genius of him. I mean, he had some hit songs. That's how people came to Jimmy, through his music. But really, when you look at his fortune, it was all about the business of the Margaritaville brand.

And today, there are Margaritaville-branded drink blenders, frozen coconut shrimp, hotels. There are even Jimmy Buffett-themed retirement communities where people go to spend the last years of their lives living like Jimmy Buffett.

Ryan Knutson (2:11)

Buffett died in 2023 And by then, he was worth hundreds of millions of dollars. He left his fortune to his wife Jane and appointed his longtime business partner to help manage it.

The two were supposed to work together, but it turned into a fight for control over Buffett's vast estate. And now, the whole thing is going to court. Jane versus the business manager. And the conflict is dividing the family.

Katherine Sayre (2:40)

This story is about, you know, a bitter family feud over money that I think even the seemingly happiest families can find themselves in after someone dies.

It's also about the way we try to interpret what someone really wanted after they're gone. You can write up the tightest of wills and estate plans, but, you know, you're not there to tell everyone how you want it to play out, and, you know, some very sad things can happen.

Ryan Knutson (3:21)

Welcome to The Journal, our show about money, business, and power. I'm Ryan Knutson. It's Friday, October 16th.

Coming up on the show, Trouble in Margaritaville.

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James Taylor (5:21)

He loved, loved being Jimmy Buffett. He loved his family, he loved his band, he loved the music.