MC Hammer Net Worth 2022 (Forbes) – Why Did He Go Bankrupt?

MC Hammer Net Worth

MC Hammer has an estimated net worth of $2 Million. MC Hammer brought rap music to the mainstream audience with his album ‘Please Hammer Don’t Hurt ‘Em,’ the biggest-selling rap album of all time. He earns most of his income from album sales, concerts and music streaming. At the height of his career, Hammer sold more than 50 million albums worldwide.

MC Hammer began his career as a young boy dancing outside the Oakland Coliseum during Oakland A’s games. He became a bona fide star with the 1990 release of Please Hammer Don’t Hurt ‘Em, the first recording to pave the way for rap to enter the mainstream. After a rapid financial crash, Hammer has rebounded as a musician and businessman.

He is also a preacher and celebrates the weddings of his friends. He co-founded DanceJam.com and has raised $4.5 million in equity for the startup. The rapper has also appeared in many commercials for Kentucky Fried Chicken, Apple Music, Command, and more.

Hammer earned $33 million in 1991 alone. Today, that equates to earning $50 million in a single year, adjusted for inflation. His personal fortune peaked in the 1990s at $70 million.

However, most of his fortune was lost to his extravagant spending. During the decline of his rap career, his financial problems also worsened. He got into debt and filed for bankruptcy in 1996. In the bankruptcy filing, he listed over 200 creditors, including former NFL player Deion Sanders, who had allegedly loaned Hammer $500,000. Hammer sold all of his assets at a huge loss, but still has his label and can perform up to 50 concerts a year. 

To calculate the net worth of MC Hammer, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as student loans and credit card debt, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: MC Hammer
Net Worth: $2 Million
Monthly Salary: $60,000+
Annual Income: $700,000+
Source of Wealth: Rapper, Dancer, Record Producer, Preacher, Entrepreneur

Early Years

MC Hammer was born Stanley Kirk Burrell on March 30, 1962, in Oakland, California. Lewis Burrell, his father, worked as a warehouse supervisor for several years before gambling took over his life and nearly bankrupted the family.

Hammer, fortunately, did not inherit his father’s gambling gene. Instead, he was passionate about music, baseball, and dancing. Young Hammer was earning money performing dance routines outside Oakland Coliseum during A’s home games by the age of 11.

He drew the attention of the team’s owner, Chuck Finley, by chance, and was invited to watch a game from his luxury box. Finley became fond of Hammer and hired him as the team’s batboy.

Hammer was a talented baseball player who played second base in high school and later earned a tryout with the San Francisco Giants. However, he did not make the final cut, effectively ending the young ballplayer’s chances of playing in the major leagues.

Commercial Success

Even as he aspired to play professional baseball, Hammer never abandoned his love of music. While working for the A’s, he went by the moniker “MC,” which stands for “Master of Ceremonies,” and performed at various clubs when the A’s went on the road. During this time, he earned the nickname “Hammer” due to his resemblance to home-run king Hank “The Hammer” Aaron.

Hammer returned to Oakland and performing after a brief stint at a local college and three years in the Navy, where he worked as an aviation storekeeper.

Hammer founded his own record label, Bust It Productions, with funds borrowed from two former A’s players, Mike Davis and Dwayne Murphy. He used it to release two of his own albums, Feel My Power (1987) and Let’s Get It Started (1988), both of which sold well enough to land him a deal with Capitol Records.

Following the release of a revised version of his first album, Hammer went into the studio for his third release, Please Hammer Don’t Hurt ‘Em, in 1990. While Hammer was certainly a known quantity on the charts by this point (his second release, Feel My Power, sold more than $2 million), no one could have predicted the success of his third record.

The record sold more than 10 million copies and became the most successful rap record of all time. The record catapulted Hammer to international stardom, thanks to the wildly popular single “U Can’t Touch This,” which sampled Rick James‘ “Super Freak,” as well as two other Top 10 singles, “Have You Seen Her” and “Pray.” Hammer, dressed in his trademark parachute pants, was everywhere, and his record was played nonstop on the radio.

Hammer’s success translated into unfathomable wealth. Forbes estimated the young musician’s worth at $33 million in 1990. Hammer capitalized on the album’s success by producing and starring in a film of the same name. The film tells the fictional story of a rapper who returns home and defeats the city’s most powerful drug lord.

Hammer returned to the studio quickly and released his fourth album, Too Legit to Quit, in 1991. In order to promote the album, the musician went on a lavish tour and made expensive music videos. Despite all of the glitz and PR muscle, the record failed to capture the magic or sales numbers of his previous effort.

Recommendation: Make Passive Income Online

MC Hammer Bankruptcy 

As quickly as Hammer rose to the top of the music world, he plummeted back down. He declared bankruptcy six years after the success of his seminal album. In court, he claimed $9.6 million in assets against debts of nearly $14 million.

Hammer maintained a lavish lifestyle with a huge mansion in Fremont, California, a sprawling estate, and luxury cars. He bought nearly 20 luxury cars, 21 race horses, a private jet, and a helicopter. The renovation of his mansion in California cost more than $30 million, and it had over-the-top features like gold toilets and gold-plated gates that read “Hammer Time” to greet guests.

Then there was a bowling alley, a 17-car garage (all those luxury cars have to go somewhere), tennis courts, two swimming pools, a recording studio, and more. Although MC Hammer paid only $12 million for the mansion, he later invested another $30 million in it. The estate covered a total of 40,000 square feet. He also spent a lot of money on his stage shows, his staff, and his relatives. He reportedly spent $500,000 a month on his entourage alone.

In the end, his estate was sold for $6.8 million after he filed for bankruptcy. Among his creditors was football star Deion Sanders, who had loaned him $500,000.

Hammer owed $800,000 in taxes and penalties to the IRS for income earned in 1996 and 1997 (as of December 2013). Legal documents released to date indicate that every dollar Hammer earns must go to IRS before it is paid to him personally.

Recent Years

Hammer attempted to keep up with the evolution of hip-hop music. Hammer continued to write and record music throughout the 1990s and the first decade of the 2000s. Throughout his long career, he has released more than ten albums, but nothing has ever matched the celebrity and sales that greeted his records in the early 1990s.

In recent years, Hammer’s businessman has put him in the middle of a variety of different business opportunities, ranging from fashion to technology to mixed martial arts. He’s also appeared in a number of commercials and television shows.

Hammer was arrested in a northern California shopping center in February 2013. Following a verbal altercation with a police officer who had pulled him over in a car that was not registered in his name, he was arrested. The charges against Hammer were dropped a few weeks later.

How Much Are MC Hammer’s Cars Worth?

MC Hammer was the hip hop idol of the 1980s and 1990s – he was worshipped. He thought he would never go bankrupt as he made so much money. His false sense of financial security encouraged him to spend lavishly, which led to his bankruptcy filing in 1996. MC Hammer sold off most of his assets to pay off his debt, but he was pictured in Italy in 2017 with a Rolls Royce.

What Houses Does MC Hammer Own?

MC Hammer bought a house in Fremont, California, for $12 million and spent another $30 million to turn it into his dream home. 

The 40,000-square-foot mansion was expanded to include a bowling alley, basketball court, baseball triangle, recording studio, 17-car garage, tennis courts and two swimming pools. One pool was designed in the shape of his famous baggy trousers. He installed a gold hot tub in his bedroom and decorated his estate with marble statues of himself. He did not skimp on his gilded entry gates, inscribed with the slogan Hammer Time.

The star also drew inspiration from his travels and outfitted his bedroom with black carpets, marble floors and a pop-up TV. 

In April 1996, Hammer filed for bankruptcy, listing more than 200 creditors in addition to mounting tax bills.

Hammer sold his home for only $6.5 million – $5.5 million less than he had originally paid for it.

Personal Life

Hammer has been married to Stephanie Fuller since 1985. They have five children together and live in Tracy, California.

FAQs About MC Hammer

How rich is MC Hammer?

As per the record of media, MC Hammer’s net worth is estimated to be around $2 Million in 2022.

How tall is MC Hammer?

MC Hammer is 1.82 m tall.

How old is MC Hammer?

MC Hammer was born March 30, 1962, in Oakland, California, United States. He is 60 years old as of 2022.

What is the real name of MC Hammer?

His real name is Stanley Kirk Burrell, he is better known by his stage name MC Hammer.

What does MC Hammer do for a living now?

Hammer has his own record label now, and still plays about 50 shows each year. 

Favorite MC Hammer Quotes

We got to pray just to make it today.

MC Hammer

 

Every time you see me that Hammer’s just so hype

I’m dope on the floor and I’m magic on the mic

MC Hammer

 

I always believe that the sky is the beginning of the limit.

MC Hammer

 

Technology is important because it creates the future. We’re able to be a part of the “next” and create things that don’t exist.

MC Hammer

 

This is it for a winner, Dance to this and you’re gonna get thinner, Move slide your rump, Just for a minute let’s all do the bump, Bump, bump, bump yeah.

MC Hammer

 

A long time ago, I made the commitment to dedicate at least one song per album to God. He has been very good to me, and never for one minute do I want Him to think I’ve forgotten, because I haven’t.

MC Hammer

 

Dance to this and you’re gonna get thinner.

MC Hammer

 

I have my eye on everything that’s of the moment. All the dances, I can do everything that they’re currently doing but still keep it smooth. So, I really made it something you can dance to in the summer time but keep it comfortable. You’re going to be fly but you don’t have to sweat hard and at the same time the song is real sexy.

MC Hammer

 

I ain’t guilty cause, even though I sell rocks

Yo sound the bells school is in sucker

MC Hammer

 

If kids say I’m just a gospel rapper, I won’t be able to get in their cars.

MC Hammer

View our larger collection of the best MC Hammer quotes.

Further Reading

Related Lists of Celebrities’ Net Worth

Or, browse all celebrities’ net worth.

How To Become Rich Like MC Hammer?

MC Hammer did not become rich by luck. To become as rich as MC Hammer, you have to work smart.

Successful people become rich because they take advantage of the opportunities that come their way. They are in the right place at the right time and take the right action.

Thanks to the Internet, the world has changed massively in recent years. Nowadays it has become much easier to make money online.

Instead of looking for a 9-5 job and staying in your comfort zone, it’s better if you become your own boss as soon as possible.

You can learn how to build a digital asset that generates cash flow for you while you sleep to grow your wealth quickly.

If you seize this golden opportunity in time, you can become as successful as MC Hammer one day.

Recommendation: Make Passive Income Online

Leave a Comment

error: