Stephen King Net Worth (Money & Salary)

What is Stephen King’s net worth?

With a net worth of $500 million, Stephen King stands out as a prolific American novelist known for his works in horror, supernatural fiction, suspense, and fantasy. His books have exceeded 350 million copies sold globally. As of now, King has authored over 65 novels (including seven under the pseudonym Richard Bachman), five non-fiction works, and approximately 200 short stories, most of which are compiled in book collections. Many of his stories have been adapted into renowned films or mini-series, including “Carrie,” “It,” “Stand by Me,” “The Shawshank Redemption,” “The Stand,” “Misery,” and “The Shining.” He is frequently referred to as the King of Horror.

Throughout his career, King has garnered multiple accolades, such as the Bram Stoker Awards, World Fantasy Awards, and British Fantasy Society Awards. In 2003, he was honored with the Medal for Distinguished Contribution to American Letters from the National Book Foundation. The World Fantasy Award for Life Achievement was presented to him in 2004, and in 2007 he received the Grand Master Award from the Mystery Writers of America. Most recently, in 2015, King obtained a National Medal of Arts from the US National Endowment for the Arts in recognition of his literary contributions.

Early Life

Born in Portland, Maine, on September 21, 1947, Stephen King faced a challenging childhood. His father abandoned the family when he was young, leaving his mother, Nellie Ruth, to raise Stephen and his adopted brother David alone. The family relocated to various places including Wisconsin, Indiana, and Connecticut before finally establishing their home in Durham, Maine.

During his childhood, a traumatic event occurred when King was with a friend who was tragically hit and killed by a train. It was reported that upon returning home after leaving to play, King was left speechless and in shock. The family learned about the boy’s death later that same day. When Stephen turned eleven, his mother took a job as a caregiver in a mental health facility.

From an early age, King developed a fascination with horror. He enjoyed reading EC horror comics, known for stories like “Tales from the Crypt.” For leisure, he began writing stories as a child, selling them to friends based on films he had watched. The first story published by King was titled “I Was a Teenage Grave Robber.”

Stephen attended Durham Elementary School and later graduated from Lisbon Falls High School in Maine. Subsequently, he enrolled at the University of Maine, where he obtained a Bachelor of Arts Degree in English. During his college years, he contributed to the campus newspaper.

Career

Upon completing his education, King embarked on a career as a high school teacher while simultaneously selling short stories to men’s magazines. In 1971, he secured a teaching position at Hampden Academy in Maine. Two years later, in 1973, King’s groundbreaking novel “Carrie” was acquired by Doubleday. Though it was the fourth book he had penned, it marked his debut in the publishing world. Upon the release of “Carrie,” King received a $2,500 advance (which would be $14,525 today). The paperback rights for the book generated an impressive $400,000, equivalent to $2.3 million today. This novel significantly propelled King’s career forward and became a pivotal work in literature.

The horror genre saw a significant adaptation in 1976 when it was turned into a successful film featuring Sissy Spacek.

Throughout the remainder of the 1970s, King produced works such as “Salem’s Lot,” “The Shining,” and “The Stand.” In the autumn of 1977, he began teaching creative writing at the University of Maine. His 1982 publication, “Different Seasons,” included four dramatic novellas, of which three were adapted into films: “Stand by Me,” “The Shawshank Redemption,” and “Apt Pupil.”

In 1977, King opened the door for aspiring directors to purchase film rights to his stories for just $1.00—a detail that is not a mistake. These filmmakers became known as King’s “Dollar Babies.” Among them, Frank Darabont, a 20-year-old filmmaker in 1979, was chosen to adapt King’s short story “The Woman in the Room.” His adaptation later became a semi-finalist for the Academy Award in 1983.

In the following years, Darabont bought the film rights to King’s novella “Rita Hayworth and Shawshank Redemption” for $5,000. He wrote the screenplay and directed the 1994 film adaptation, which is often regarded as one of the greatest films ever made. Initially, “The Shawshank Redemption” did not perform well, considered a failure with earnings of $16 million against a $25 million budget.

However, following seven Oscar nominations (and an unfortunate loss of all seven to “Forrest Gump”), the film’s popularity began to rise. A re-release brought in an additional $10 million, and as of now, it has grossed $80 million worldwide. More significantly, “The Shawshank Redemption” has become a staple on cable, VHS, DVD, and streaming platforms. When Ted Turner’s TNT acquired Castle Rock in 1993, they obtained the cable-broadcast rights in 1997, promoting it continuously as the cornerstone of their “New Classics” campaign. To date, the film has amassed over $1 billion through rentals, VHS, DVD, cable broadcast, and streaming sales.

Interestingly, Stephen King never deposited the $5,000 check Darabont gave him for the film rights. Once it became a massive success, King framed the check and gifted it to Darabont, attaching a note that read:

“In case you ever need bail money. Love Steve.”

In 1986, King released “It,” which became the best-selling hardcover novel in the U.S. that year. Notable works of his from this period include “Cujo,” “Pet Sematary,” “The Green Mile,” and the “Dark Tower” series, among others.

The year 2009 marked the publication of “Under the Dome,” which later inspired a television series that premiered on CBS in 2013. King’s most recent book, “Fairy Tale,” was released in 2022, and he has a new novel titled “Holly,” focusing on the character Holly Gibney, scheduled for release in September 2023.

Stephen King, alongside his wife Tabitha, owns Zone Radio Corp, a group of radio stations that includes WZON/620 AM, WKIT-FM/100.3, and WZLO/103.1.

Personal Life

On January 2, 1971, King said “I do” to Tabitha Spruce. The couple shares three children. Their daughter, Naomi, along with her wife Rev. Dr. Thandeka, serve as ministers in the Unitarian Universalist Church and reside in Plantation, Florida. Both sons of the Kings are authors as well. In 2005, Owen King released “We’re All in This Together: A Novella and Stories.” Joseph King, who publishes as Joe Holl, brought out a short story collection called “20th Century Ghosts” in 2005, followed by the novel “Heart-Shaped Box” in 2007.

Philanthropy is a significant part of King and his wife’s lives. Annually, approximately $4 million is donated by him to libraries, schools, arts-funding organizations, and local fire departments requiring modern lifesaving equipment, including the Jaws of Life. Together, they founded The Stephen and Tabitha King Foundation, which stands as the sixth-largest charity in Maine, contributing over $2.8 million each year. In November 2011, $70,000 in matched funding was donated by King’s foundation to assist families in Bangor, Maine, with their heating bills. Furthermore, in February 2021, the foundation contributed $6,500 to assist students from Farwell Elementary School in Lewiston, Maine, in publishing two novels.

Real Estate

Dividing their time among three homes, King and his wife enjoy ownership of each one. Their primary residence for many years, a Victorian home built in 1870 located in Bangor, Maine, is transitioning to become a museum and writer’s retreat. Additionally, they possess a summer home situated in Lovell, Maine, within the lakeside region, close to the New Hampshire border. The couple also owns a waterfront mansion along the Gulf of Mexico in Sarasota, Florida.