Former JUDAS PRIEST Guitarist K.K. DOWNING Selling Share Of Royalties For Over 130 Tracks
May 17, 2018, 8 months ago
According to Billboard, a share of the royalty rights to over 130 Judas Priest tracks, including metal hits "Breaking The Law", "Living After Midnight" and "Painkiller," are being put for sale, following the demise of K.K. Downing's luxury golf resort.
The guitarist and founder member of Judas Priest - real name Ken Downing - is thought to have invested millions in developing Astbury Hall, located in Shropshire, England, and its 18 hole, 71-par golf course in the hope of one day attracting the Open Championship. That dream ended last fall when the business fell into administration (similar to Chapter 11 insolvency in the U.S.) and the 320-acre estate was put up for immediate sale with an asking price of more than £10 million ($13.5 million).
At the time, administrators blamed "tougher economic times within the wider corporate hospitality market" for placing "unsustainable pressure" on the business. Astbury Hall and its golf course has since been acquired by new owners.
The next part of the bankruptcy process involves the sale of Downing's share of the royalty rights to 136 Judas Priest songs, which administrators FRP Advisory LLP say generates between $340,000 and $400,000 per year.
Read the full story at Billboard.com.