What Is MC Hammer’s Net Worth?
An American rapper, entertainer, and dancer, MC Hammer, currently has a net worth of $2 million. During the height of his career in the 1990s, his personal wealth soared to over $70 million. However, through extravagant personal spending, he lost the majority of his fortune and declared bankruptcy in 1996. Further details regarding his financial struggles and his lavish mansion that contributed to his financial downfall will be explored later in this article. Known for his exceptional dancing abilities and extravagant fashion choices, he sold more than 25 million albums during the 1990s.
His breakthrough album, “Please Hammer, Don’t Hurt ‘Em,” which came out in 1990, was the first hip-hop album to achieve diamond certification, with sales exceeding 10 million copies. The album’s hit single, “U Can’t Touch This,” prominently sampled Rick James’ “Super Freak” and gained worldwide success.
In 1991, Hammer released another successful album titled “Too Legit to Quit.” Nevertheless, his swift ascension to fame was marred by financial difficulties, which ultimately led to his bankruptcy filing in 1996. Despite this challenge, Hammer remained active in music and pursued various projects, including becoming an ordained minister, reality television star, and entrepreneur. During the late 1990s and 2000s, he released several additional albums, although these did not replicate the commercial success of his earlier works.
MC Hammer/ Justin Sullivan/Getty Images
Early Life
After graduating from McClymonds High School in Oakland, Burrell enlisted in the U.S. Navy, where he served as a Petty Officer for three years before being honorably discharged.
Early Career
In the late 1980s, MC Hammer gained significant fame for his unique approach to “pop rap.” Notably, he became the first rap artist to attain Diamond status with an album. Although many in the rap community viewed him as a sellout for his mainstream style, he remains one of the most recognizable rappers and is celebrated for his vibrant dance moves.
Initially, Hammer began rapping at small venues throughout the Oakland region. After facing a setback with a record deal, he borrowed $20,000 from former Oakland A’s players Mike Davis and Dwayne Murphy. With these funds, MC Hammer established a record label named Bust It Productions, selling records from both his basement and car to sustain the business.going. Eventually, Bustin’ Records was established by Bust It Productions, with MC serving as the CEO. In 1986, MC Hammer released his debut album under his label, titled “Feel My Power,” which achieved sales exceeding 60,000 copies. The singles “Let’s Get It Started” and “Ring ‘Em” received moderate airplay on the radio and became local nightclub favorites.
(Photo by Neilson Barnard/Getty Images for BMI)
Superstardom
It was Hammer’s distinctive and captivating stage presence that led to his breakthrough in 1998, when he caught the attention of a Capitol Records executive during one of his performances at a club in Oakland. Following this, Hammer signed a recording contract and received a $1,750,000 advance.
MC Hammer achieved monumental success with the single “U Can’t Touch This” from his 1990 album “Please Hammer, Don’t Hurt ‘Em.” This hit reached the top of the “Billboard” Hot R&B/Hip-Hop Songs Chart, and the album itself dominated the charts for an impressive 21 weeks. The single earned two Grammy awards and is still frequently featured in movies and television shows. In 1991, Hammer embarked on an extensive tour across Europe to support this album, which notably sampled music from prominent artists including Prince, The Jackson 5, Marvin Gaye, and Faith No More.
In 1991, Hammer followed up with another major hit, “Too Legit To Quit.” The title track emerged as the standout from the album, which reached the top five on the “Billboard” 200 chart. Hammer launched an extravagant tour to promote the album, featuring Boyz II Men as the opening act. The music video for “2 Legit 2 Quit” was so loaded with celebrity appearances that it ranks among the most expensive music videos ever produced. The album achieved multi-platinum status. Over his career, MC Hammer released seven additional studio albums, with varying levels of success; his most recent one came out in 2009. He has sold over 50 million records globally and has headlined many tours around the world. He has also won three Grammy Awards, along with several other accolades, including multiple lifetime achievement awards. His iconic singles continue to be featured in commercials and films to this day.
MC Hammer has since pursued various roles, including that of an ordained preacher, television show host, and dance competition judge. He has also acted and produced in different capacities. Notably, he produced and starred in the 1990 film “Please Hammer Don’t Hurt ‘Em: The Movie.” In 2008, he contributed to the development of the dance website Dance Jam. Additionally, he serves as the CEO of his record label and was the executive producer of his brief reality TV series, “Hammertime.”
In 2020, he made a memorable appearance in a Cheetos commercial during the Super Bowl, celebrating the 30th anniversary of “U Can’t Touch This.” More recently, he has represented brands such as Starburst and 3M Command Strips.
Photo by Rich Polk/Getty Images
MC Hammer Bankruptcy
Sadly, MC Hammer went through a very public bankruptcy. However, he has managed to recover to some extent with new albums, record label management, and various entrepreneurial pursuits.
In terms of earnings, 1991 marked MC Hammer’s peak year. Over that 12-month span, he amassed $33 million through record sales, merchandise, endorsements, and tour income. To put it in perspective, earning $33 million in 1991 equates to around $70 million today.
During his high-earning years, MC Hammer experienced equally high spending. Between 1990 and 1996, he racked up approximately $10 million in debt, leading him to file for bankruptcy in 1996. His bankruptcy documents revealed that he had taken out a $500,000 personal loan from NFL/MLB star Deion Sanders, along with another $500,000 loan to a personal attorney.
His expenditures included numerous luxury sports cars, airplanes, a record company, and a sprawling 12-acre estate in Fremont, California.
MC Hammer was also infamous for maintaining a large entourage. It was reported that he spent an astonishing $500,000 each month on his entourage at the height of his fame.
By December 2013, Hammer still owed the IRS $800,000 in back taxes and penalties linked to his income from 1996 and 1997. Legal documents indicated that any money Hammer earns today must first satisfy the IRS before reaching him personally.
Hammer Time Mansion
In October 1990, MC Hammer invested $5 million in a 12.55-acre property situated in Fremont, California. This property is located in the hills above the challenging neighborhood of Oakland where he was raised. Spending $5 million on a house in this area, or anywhere in California outside of the ultra-high-end zip codes, was unprecedented. To illustrate, spending $5 million in 1990 parallels spending $11 million today.
Following this purchase, Hammer chose to demolish the previous 11,000-square-foot mansion on the property, opting instead for a massive 40,000-square-foot custom mansion. This new residence boasted a bowling alley, Italian marble flooring, two swimming pools, multiple tennis courts, a recording studio, advanced computerized thermostats, a media room, four dishwashers, a rehearsal space, a 17-car garage, and a baseball diamond. The cost to create this dream home fell between $12 and $20 million, which would be equivalent to spending between $25 and $45 million today. Here’s a video tour of the mansion when it was on the market in 2012:
The expenses associated with building the mansion significantly reduced Hammer’s financial liquidity. He later faced the challenge of maintaining such a vast property. After declaring bankruptcy in 1996, Hammer put the property up for sale at $6.8 million. In August 1997, it sold for $5.3 million and was subsequently resold in 2012 for $5.4 million.
Personal Life
Currently, Hammer resides in a relatively humble ranch-style home in Tracy, California, alongside his wife Stephanie, whom he has been married to since 1985. Together, they have five children: Bobby, Jeremiah, Sammy, Sarah, and A’keiba. They have also raised Hammer’s nephew.
Hammer is active on social media and is currently consulting or investing in eight tech companies. He has mentioned that he dedicates 10 to 12 hours each day to working on different tech projects and is known to tweet between 30 and 40 times daily.