Composer Jeff Wayne talks to ME & MY MONEY

Jeff Wayne is a composer, musician, conductor and producer and is probably best known for his double album Jeff Wayne’s Musical Version Of The War Of The Worlds, writes York Membery. 

The album – based on H.G. Wells’ classic novel of the same name – sold 15 million copies after its release in 1978. Jeff, who was born in New York but has lived in the UK for 60 years, has composed nearly 3,000 advertising jingles, as well as numerous TV theme tunes including ITV’s Good Morning Britain and film scores including The Who’s McVicar. 

The 80-year-old father of four and grandfather of nine lives in a Hertfordshire manor house with his wife Geraldine. He opened the £5 million The War Of The Worlds: The Immersive Experience in London in 2019 and is taking his live The War Of The Worlds show on tour next year.

What did your parents teach you about money?

My father Jerry was a popular singer, actor and writer in the US and had three No 1 hits, a national radio show as well as Broadway hits. 

I thought my dad’s career would last forever but it crashed abruptly when he was blacklisted in 1950 during the McCarthy Era, a dark period when Senator Joseph McCarthy hounded anyone he suspected of being a communist. In early 1951, my father’s career was in tatters and I saw my parents go from having a comfortable lifestyle to selling prized possessions and counting the pennies.

Good move: Jeff Wayne invested around £200,000 of his own money into recording War Of The Worlds

So in 1953, we moved to London where Dad played Sky Masterson in the original West End version of Guys And Dolls. I grew up knowing that however comfortably off one might be, it could all be snatched away at a moment’s notice.

Have you ever struggled to make ends meet?

Oh yes, when I returned to Britain in the mid-1960s after a spell in the US. I ran out of money when a music project got delayed but was fortunate to be able to borrow £6,000 from my best friend in California. After my career got going, I paid him back with interest.

Have you ever been paid silly money?

I was paid 200 guineas (around £210) for for my first TV ad – for the Cheese Bureau – in the late-1960s, very good money at the time. After a few ads the floodgates opened – I went on to compose the music for the Esso tiger TV ad and wrote the Get The Abbey Habit ad for Abbey National – and my jingles went around the world. At one point I had offices in Paris and Frankfurt. What’s being a millionaire though? It’s just a number to me.

What was the best year of your financial life?

Probably 1978, the year that I released my Musical Version Of The War Of The Worlds double album. One day my dad gave me a copy of H.G. Wells’ classic and after one read I knew it had the potential to be turned into a musical because while on one level it’s the story of a Martian invasion of Victorian England, it’s also a story of hope, love and not giving up. My dad and I secured all the rights [excluding the book and film rights] to the work, and I spent the next 18 months writing the music and putting together the double album.

While CBS (now Sony) thought it was brilliant, they weren’t sure it was going to sell. But it just took off and spent 330 weeks in the UK album charts. It spawned two hit singles, Forever Autumn and The Eve Of The War, as well as video games, a London-based ‘immersive experience’ and a live West End production stage show.

The most expensive thing you’ve bought for fun?

A Cherokee Chief car which had just gone on sale this side of the Atlantic. I treated myself to it after The War Of The Worlds’ album success in 1978. My wife Geraldine and I also have a wonderful collection of Clarice Cliff pottery. When her work is in fashion, its value goes up, and when it’s not, it goes down. Up and down, up and down. The most we have paid for a piece is £200 to £300.

What is your biggest money mistake?

I invested several thousand pounds in The Widow Applebaum’s Deli and Bagel Academy, a New York-style restaurant serving salt beef sandwiches and bagels, in London’s West End in the mid-1970s. It sadly closed after a few months and left me a few grand out of pocket. I think it was an idea ahead of its time.

Best money decision you have made?

Investing around £200,000 of my own money into recording War Of The Worlds. CBS originally put up £70,000 believing it would be a single album of thematic music but it wasn’t enough money to make a double album with guest artists. So I called a family meeting in 1976 when I outlined my plan for a concept album based on the novel. I thought they were going to tell me I was bonkers and wouldn’t invest but they backed me all the way.

My most wonderful purchase was my Steinway Concert D Grand Piano in 1975, on which I wrote The War Of The Worlds. It was a good investment and a similar model today would cost £120,000-£140,000.

Do you own any property?

My wife and I live in a village where we own a five-bedroom Georgian house once owned by the racing driver Graham Hill. We bought it in 1983 for a six-figure sum, but it has since gone up in value 20-fold. It’s set in 30 acres, and also has its own tennis court. Two-thirds of it had burnt down in the 1930s, so it needed an extensive rebuild before we could move in though.

If you were Chancellor what would you do?

I’d look seriously at how British artists have been impacted when wanting to tour Europe post-Brexit. The cost has risen substantially.

What is your number one financial priority?

Making sure my family and I remain comfortable. I’ve just turned 80, but I’ve no plans to retire. I love conducting and producing my tours and continue to compose and create as well as play tennis which keeps my mind active.

• The War Of The Worlds Immersive Experience (thewaroftheworldsimmersive.com). For info on The Spirit Of Man tour in 2025 visit thewaroftheworlds.com.