He was a rock icon who was estimated to be worth an eye-watering $20 million in real estate, cash and investments.
But when Michael Hutchence died on November 22, 1997, he was penniless.
The singer, who was found dead in his Sydney hotel room at age 37, left behind a complicated mess of money and property.
At the time of his death, the INXS frontman only had $506 in cash and $572 as his share of the band’s bank balance.
The properties Hutchence owned in London, France, Hong Kong, Indonesia and Australia were in fact owned by various companies, The Sun reports.
Australian investigators found companies called Nexcess, Nextcircle and Leaguework controlled some of his properties in 2005. It is unclear who is behind these companies, or whether they are still active.
This complex web proved frustrating for the musician’s sister Tina, who told The Sun: “People who set up these things are not people who live in one place, they move around.
“So it’s not like we can serve papers. No one has a number.”
Hutchence’s daughter, Tiger Lily, was at one point “living in a London squat” after missing out on her dad’s fortune.
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At the time of his death, Michael Hutchence only had $506 in cash.
Where did the money go? Here’s a closer look at how Hutchence lost his fortune and what became of his homes.
What happened to Michael Hutchence’s millions?
The Aussie singer has remained a money-making machine in the years since his death through royalties from his band’s 55 million worldwide record sales. He was credited as a writer of many INXS songs.
But the man in charge of Hutchence’s accounts, Colin Diamond, claimed the hitmaker’s wealth was eaten up by partying, gifts and huge legal bills.
However, the Paradise Papers leak in 2017 suggested the tax lawyer, who is Tiger Lily’s godfather, was the “ultimate beneficial owner” of the music and image rights — and behind two of the many offshore companies in which the rocker’s assets are tied up.
The documents claim he set up a company called Helipad Plain on Mauritius in 2015 for the “commercial exploitation of the sound recordings, images, films and related materials embodying the performance of Michael Hutchence”.
Another of his firms is Virgin Islands-based Chardonnay Investments, which in 2010 sued the remaining members of INXS for alleged underpayment of royalties earned since Hutchence’s death in 1997. The matter was settled out of court.
Hutchence was credited as a writer of many INXS songs. Picture: Ross Marino/Getty Images
Michael Hutchence’s will
The music star’s advisers said the situation is just as Hutchence would have wished and claimed he didn’t want his “thieving relatives” and “girlfriends” to get his fortune.
This was at odds with Hutchence’s will, which left half of his estate to Tiger Lily, with the rest split equally between his partner Paula Yates and his mother Patricia, father Kel, brother Rhett and sister Tina.
There were also two bequests of $250,000 to Amnesty International and Greenpeace. These were never received.
Documentary maker Richard Lowenstein spoke to Tiger Lily in 2019, where she laughed at him when he said “maybe it’s [Hutchence’s estate] still going to come to you”.
Tiger Lily told him she’d “given up on that now. It’s literally gone”.
Speaking to the Herald Sun, he added: “I met up with Tiger for dinner in London. We went to her flat to watch the documentary and it was like a little squat.
“I said, ‘Where’s the money from your dad’s estate?’ and she said, ‘I’ve never received anything from anyone. I had a meeting once with an accountant that was so bad I didn’t want to do it again’.”
When Tiger Lily previously met her late father’s accountant he allegedly handed her an envelope containing £500 ($A1000) and told her “there you go, that will tide you over”.
Half of Hutchence’s estate was left to his daughter to Tiger Lily.
Hutchence’s mother Patricia said she received “a couple of small bowls, some awards, and a big poster of Brigitte Bardot in And God Created Woman”.
Rhett and Tina were told by Diamond that royalties and all future earnings from INXS were not part of his estate.
Tina said the family was most worried about whether Tiger Lily would ever see any of what they feel is the promised inheritance.
She told The Sun: “The idea was to take care of the child. Over the years, royalties add up fast. That’s why Michael could buy a million-dollar property over here in cash, another one over there in a million cash.”
Michael with his siblings Tina and Rhett Hutchence. Picture: Supplied / Tina Hutchence
What happened to Michael Hutchence’s properties?
The family discovered that three Gold Coast properties, a luxury waterfront mansion on the Isle of Capri, a villa in France, a house in London, an Indonesian development and numerous other assets were not his.
According to the Gold Coast Bulletin, the New Sensation singer’s Gold Coast property portfolio was valued as being worth more than $5 million at the time of his death, though its value by the time of his estate being settled in 2005 was above $10 million.
Hutchence’s south London home.
Isle of Capri, the Gold Coast residence on Nerang River which belonged to Hutchence.
The Isle of Capri house was put on the market but was passed in at auction.
Five weeks later it was withdrawn from sale entirely in a dispute over the singer’s estate. The legal battle stretched on for nearly a decade.
Hutchence’s French villa was later purchased by U2’s bassist Adam Clayton.
Other real estate, guitars, art, a Harley-Davidson and a Jeep were sold by his estate to cover legal fees.
Parts of this story first appeared in The Sun and was republished with permission.
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