Former PRIEST guitarist K.K. Downing‘s rights to 136 songs, including classic tracks like “Breaking The Law” and “Living After Midnight”, were put up for sale earlier this year. The move followed last year’s announcement that original Downing‘s luxury golf resort fell into administration (similar to Chapter 11 insolvency in the U.S.). As a result, the 320-acre estate, located in Shropshire, England, was put up for immediate sale with an asking price of more than £10 million ($13.5 million).
According to administrators FRP Advisory LLP, who handled the rights sale, Downing‘s catalog share generates between £250,000 (approximately $337,000) and £300,000 (approximately $405,000) a year.
The latest development comes two years after Downing bought out his Birmingham, U.K.-based partners, stating at the time that he was planning to build a leisure resort around his countryside golf course. The estate has an 18-hole, 71-par championship golf course and a stately home used for charity and corporate events.
The sale was initiated by Alastair Massey and Steve Stokes from financial services firm FRP Advisory which is handling the administration of Ken Downing Ltd.