“You wake up, lay on the floor and roll around laughing for a couple of minutes”: Sammy Hagar on what it was like selling his tequila company for $80M
Last year, Iron Maiden’s Adrian Smith claimed that only a “tiny percentage” of musicians are able to live off of music alone. A 2023 study suggested the same, revealing almost half of UK artists struggle to earn from their music, often only raking in an average of £14,000 a year. Even Sammy Hagar used to stress over money – that is, until he sold his tequila company Cabo Wabo.
In a new interview with Classic Rock, the ex-Van Halen star reflects on how rock ‘n’ roll alone wasn’t enough to ensure his financial stability. In his case, selling off 80% of his tequila brand was how he earned the big bucks. “I sold my tequila company for 80 million dollars…” he recalls. “That money changed my life.”
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Despite earning a respectable amount through music, Hagar claims that the explains that the deal allowed him to stop worrying about money. “With music you’re always insecure,” he explains. “You’re always thinking: ‘Well I’m rich now, but it could all end tomorrow.’ I grew up poor. I didn’t ever want to be poor again.”
Hagar first launched the tequila company back in 1996, nurturing it for 11 years before selling a majority of his shares to Gruppo Campari in 2007. He would later go on to sell his remaining 20% of the company in 2010 for a further $11 million.
For most people, $80 million is an inconceivable amount of money. When the first sum of $80 million was deposited into Hagar’s bank account, he explains how it felt surreal. “I’ll tell you what it feels like to wake up with $80 million in the bank… you wake up, you get out of bed, you lay on the floor and you roll around laughing for a couple of minutes,” he says.
“Then you get up and take a piss and have your coffee… and then you roll around on the floor laughing for a couple more minutes,” he continues. “And you think: ‘How the fuck did I do that?’”
Of course, a hefty sum in your bank account can result in acquiring more expensive tastes. “I like Ferraris, I like a nice house and fine wines,” Hagar explains. “I couldn’t live the way I’m still living right now if it hadn’t been for that [deal].’
He expands on his love of Ferraris elsewhere in the interview, notably reminiscing on when he “was driving to Lake Tahoe and doing a hundred and sixty miles per hour in my LaFerrari”.
This indulgent love of fast cars has been a persistent theme in Hagar’s life. Even before making it big, the musician was indulging in the rush of high speeds. “Before I wrote the song I Can’t Drive 55, I had 34 speeding tickets and my license taken away three times and was paying $135,000 a year for insurance – and that was in 1984!” he explained on his 2024 AETV biography special.
Of course, fame has helped cut back on the speeding ticket front. “I’ve been stopped by the cops for driving too fast, but they always let me off because I’m Sammy Hagar,” he tells Classic Rock. “I’ve been stopped 40 times, maybe more, and I’ve had two tickets.”
Despite his expensive lifestyle, Hagar hasn’t forgotten where he came from. He formed the Hagar Family Foundation in 2008, and, to this day, continues to support numerous charities and donate to local foodbanks while touring.
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