Jimmy Osmond claims losing $80 million was the best thing that ever happened to him and his brothers.
Jimmy Osmond claims losing $80 million was the best thing that ever happened to him.
The 'Crazy Horses' singer found fame alongside his six brothers in The Osmonds as a child, but admits they were ''good at entertaining and not business'' and learned a valuable lesson when they were swindled by those they had employed to look after their money.
He told the Daily Telegraph newspaper: ''We lost about $80 million, maybe $100 million in today's money - but it's actually the best thing that ever happened to my brothers and me because it made us really appreciate how to manage money and it forced us to refocus.
''It didn't leave us destitute but we had to start over. It was a wonderful thing, because my brothers are the most humble guys you will ever meet.
''We were taken advantage of by our advisers but my dad would never sue them. He was never that kind of man. His handshake was as good as a contract and he was a great example to me.''
The US star had his first solo hit when he was just nine with 'Long Haired Lover From Liverpool' - a number one in the UK - but claims he never made any money from that track.
He added: ''I never made a penny from it. Our business is not a fair business ... when that record came out I got nothing. The record company would cross the sales of the records off against other costs.
''They'd say one of the brothers' albums didn't make money, or we had to pay for promotions. They always found a way to balance it out.''
Jimmy, now 50, added his finances are now in much better shape.
He said: ''I make more money on record sales today that I never made in the heyday of the Osmonds because I own my own label.''
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