David Allan Coe’s Net Worth After Tax Evasion Charges And Bankruptcy

With a career steeped in fame and controversy, David Allan Coe is known for his contributions to the outlaw movement in country music. Coe’s success in the music industry, however, has been juxtaposed with legal and financial troubles.

Coe found his stride in the country music scene of the 1970s and 1980s, giving life to hit songs such as ‘The Ride,’ ‘Mona Lisa Lost Her Smile,’ and ‘You Never Even Called Me by My Name.’ He also demonstrated his songwriting prowess with number-one hits ‘Would You Lay With Me (In a Field of Stone)‘ and ‘Take This Job and Shove It.‘ Yet, the same artist who left his mark on the industry also faced a rocky financial journey.

How Did Coe Go Bankrupt?

Like fellow musicians Jerry Lee Lewis and Willie Nelson, Coe grappled with the Internal Revenue Service (IRS) over unpaid taxes, ultimately leading him down the path to bankruptcy. Coe found himself cornered when the IRS claimed he owed $100,000 in unpaid taxes. A coincidental flood that wiped out all his financial records further complicated his situation, leading him to file for bankruptcy.

As a consequence of his bankruptcy proceedings, his songs up to 1984 were sold off for a meager $25,000. This transaction resulted in the loss of the publishing rights to his compositions, significantly curtailing his earnings. Following this financial crisis, his income is now solely derived from his road performances and the new songs he writes.

In his own words, the musician explained:

“All of my songs up to 1984 were sold in a bankruptcy proceeding for, like, $25,000 from the bankruptcy court because nobody told me they’d been put up for sale! Basically, the IRS claimed I owed them $100,000. I was living in a place where we had a flood, and everything was destroyed. They knew I didn’t have any records – any proof of what I did have and what I didn’t have. So I just filed for bankruptcy. Nelson chose to deal with them. I chose not to. I’m totally straight with them now. The only income I have is the money I make on the road performing and from the new songs that I own.”

Coe’s encounters with the legal system did not end in bankruptcy. In 2015, he pleaded guilty to obstructing the due administration of the IRS, revealing that he owed the tax agency nearly half a million dollars dating back to 1993. His concert earnings, instead of serving as payment for his taxes, were instead used to pay off other debts, including substantial gambling debts.

Initially, the penalty for his obstruction charge included three years in prison and a $250,000 fine. However, he managed to avoid jail time and was instead sentenced to three years of probation while ordered to pay fines and back taxes amounting to $980,911.86.

David Allan Coe’s Net Worth

After navigating through bankruptcy and tax evasion charges, David Allan Coe’s current net worth stands at $1.5 million.

Coe was diagnosed with COVID-19 back in 2021. After being admitted to a hospital in August of that year, he was treated with supplemental oxygen and vitamins. Although there were rumors that Coe was to retire, his official Facebook page denied those and assured fans that ‘David Allan Coe always Rides Again!’

Still, he is not active on social media or in the music industry.