Inside UB40’s lost $120m empire amid brutal property collapse

They sold more than 100 million records, topped global charts with hits like Red Red Wine, and built an empire from unemployment benefits in Birmingham, UK. But offstage, British reggae icons UB40 suffered a devastating financial collapse. A $120m fortune dissolved into repossessed mansions, tax seizures and bankruptcy court orders. At the peak of their success in the 1980s and 1990s, the band’s soaring profits funded substantial global real estate portfolios. “The early 1990s was when we had the most money coming in to the band,” Jimmy told This is Money in 2019. “It was ridiculous. We had massive record sales: our album Promises And Lies was number one in the UK and number six in America. It became our biggest selling album. “I cannot remember exactly how much I personally earned that year but it would have been a couple of million pounds. The eight-piece group operated as an equal-share financial democracy where all founding members split income equally. Their assets included luxury homes across the UK and an overseas retreat in Jamaica. MORE: Zeta-Jones’ Douglas ‘ordeal’ led to shock split Unrecognisable Boyz II Men were torn apart Vanished 80s star’s shock life at 57 British r...