Table of Contents
Introduction: More Than a Number, A Four-Decade Financial Saga
To assign a simple number to Mary Austin’s net worth is to misunderstand the story.
Her wealth is not a static figure but the financial culmination of a four-decade saga rooted in a singular, complex relationship.
It is a story of love, profound loyalty, public tragedy, and the immense burden of stewardship.
To comprehend the “what”—the vast fortune—one must first forensically investigate the “why” of the relationship that started it all, the “how” of the legal and financial instruments that shaped it, and the “now” of the controversies and new narratives that continue to define it.
This report deconstructs the journey from a 19-year-old shop girl meeting a charismatic, pre-fame artist 1, to the designated inheritor of a rock-and-roll kingdom 3, and finally, to a financial powerhouse navigating billion-pound catalog sales.5
Part I: The Cornerstone – “To Me, It Was a Marriage”
The foundation of Mary Austin’s fortune is not a legal document, but the unique and evolving relationship she shared with Freddie Mercury.
Every clause in his will and every subsequent financial event is a direct consequence of this bond.
The Meeting and Early Years (1969-1973)
In 1969, a 19-year-old Mary Austin was working at the fashionable London boutique Biba when she met a 24-year-old Farrokh Bulsara, soon to be known as Freddie Mercury.6
Introduced by future Queen guitarist Brian May, whom Austin had briefly dated, Mercury was immediately taken with her, though it took him months to ask her O.T.1
Once he did, their relationship progressed quickly.
They moved into a small flat together, where Austin, with her steady job, initially provided financial support while Mercury and his fledgling band, Queen, struggled to get started.1
This period is critical, as it establishes Austin’s presence and support
before the fame and fortune, a fact Mercury himself would later emphasize as a cornerstone of their loyalty.
The Engagement and The Shift (1973-1976)
On Christmas Day 1973, Mercury proposed to Austin with a jade ring hidden inside a series of nested boxes, a playful gesture typical of his personality.2
This personal high point occurred just as Queen’s career was exploding into global superstardom.
However, as the band’s fame grew, a distance began to form in their relationship.
Austin later recalled sensing that something was wrong, as Mercury would come home late or not at all, and the topic of marriage was no longer discussed.2
The Revelation and Redefinition of their Bond (1976 onwards)
The pivotal moment that would define their future and, ultimately, Austin’s inheritance, came in 1976.
In an emotional conversation, Mercury confessed to Austin that he was bisexual.
Her now-famous response was direct: “No Freddie, I don’t think you are bisexual.
I think you are gay”.7
This conversation marked the end of their romantic and physical relationship but cemented the beginning of an even deeper, lifelong bond of trust and friendship.
Mercury moved out and bought Austin her own flat nearby, ensuring she remained a central part of his life.2
He began to refer to her publicly and privately as his “common-law wife” and his “only true friend,” stating emphatically that no lover could ever replace her.11
More than just a friend, he integrated her into his professional life, making her company secretary for his business operations in October 1980.1
This act was not merely sentimental; it placed Austin in a formal position of immense trust and responsibility over his affairs long before his health declined.
By entrusting her with his finances and the management of his home, Garden Lodge, Mercury established a de facto fiduciary relationship.
His declaration, “To me, it was a marriage” 11, was not just an expression of affection but a statement of her status as his primary partner in life.
The will he would later write was, from this perspective, the necessary legal formalization of the quasi-spousal role she had occupied for over a decade.
Part II: The Blueprint – Anatomy of a Rockstar’s Will
Freddie Mercury’s last will and testament was signed just months before his death in November 1991.
Because his health was deteriorating rapidly, his estate plan relied on a will rather than more private legal instruments like living trusts.3
As a result, upon his death, the will was probated and became a public document, providing a clear-but-controversial blueprint for the distribution of his wealth and legacy.3
Dissecting the Bequests
The will was a detailed document that distributed his assets among his closest relations, reflecting the unique structure of his personal life.3
- To Mary Austin: The centerpiece of the will was the bequest to Austin. She inherited his beloved 28-room Kensington mansion, Garden Lodge, and all of its contents, which he had asked her to find for him years earlier.4 Crucially, she was also bequeathed 50% of his estate and, most importantly, 50% of all future earnings from his share of Queen’s recording royalties.3
- To His Family: Mercury left 25% of his future earnings to his parents, Jer and Bomi Bulsara, and 25% to his younger sister, Kashmira Cooke.3
- To His Partner and Staff: His partner at the time of his death, Jim Hutton, received a lump sum of £500,000. The same amount was left to his live-in personal assistant, Peter Freestone, and his chef, Joe Fanelli. His bodyguard, Terry Giddings, received £100,000.17
The table below summarizes the key financial distributions from Mercury’s will.
Table 1: Breakdown of Freddie Mercury’s Will (Key Financial Beneficiaries)
| Beneficiary | Bequest |
| Mary Austin | Garden Lodge & all contents; 50% of future earnings/royalties |
| Jer & Bomi Bulsara (Parents) | 25% of future earnings/royalties |
| Kashmira Cooke (Sister) | 25% of future earnings/royalties |
| Jim Hutton (Partner) | £500,000 lump sum |
| Peter Freestone (PA) | £500,000 lump sum |
| Joe Fanelli (Chef) | £500,000 lump sum |
| Terry Giddings (Bodyguard) | £100,000 lump sum |
The Justification and The Burden
Mercury reportedly justified his decision to Austin by saying, “If things had been different, you would have been my wife, and this would have been yours anyway”.18
For him, it was the honorable and logical conclusion to their unique “marriage.” For Austin, however, the inheritance was both a blessing and a profound burden.
She has spoken of the immense loneliness and difficulty she experienced after his death, inheriting not just wealth but also the resentment of some of those left out, including reported friction with members of the band.3
She described it as being left with “too much to deal with”.21
Part III: The Royalties – A River of Gold
The most significant and enduring component of Mary Austin’s inheritance has been the 50% share of Freddie Mercury’s future earnings.
This created a continuous river of gold, flowing from Queen’s timeless and globally popular music catalog.22
Case Study: The Bohemian Rhapsody Biopic (2018)
The financial power of this inheritance was thrown into sharp relief with the release of the 2018 biopic Bohemian Rhapsody.
The film was a colossal commercial success, grossing over $900 million worldwide.23
As a primary beneficiary of Mercury’s estate, Austin received a massive windfall from the film’s profits.
Reports estimate her earnings from the movie alone to be approximately $75 million (£60 million).24
This single event was more than just a massive liquidity injection; it appears to have been a catalyst.
The newfound financial security may have provided the impetus for her to begin, in her own words, “putting my affairs in order” 25, setting the stage for the major strategic decisions to auction Mercury’s belongings and sell Garden Lodge in the years that followed.
Investigative Focus: The Royalty Share Anomaly
A critical point of confusion and conflicting information surrounds what happened to the 25% royalty share belonging to Mercury’s parents after they passed away.
Resolving this discrepancy is essential for an accurate valuation of Austin’s assets.
- The Common Narrative: Many media reports and sources state that upon the deaths of Jer and Bomi Bulsara, their 25% share of royalties reverted to Mary Austin, increasing her total share to 75%.18
- The Legal Reality: However, more detailed analyses, often found in fan forums discussing the specifics of the will, point to a different outcome. They argue that the will’s “survivor” clause meant the parents’ share passed to their surviving child, Mercury’s sister Kashmira Cooke.17 Since Freddie Mercury and Mary Austin were never legally married, standard UK inheritance practice would favor keeping the familial portion of the inheritance within the bloodline. This interpretation would mean Kashmira’s share increased to 50%, while Mary Austin’s remained at its original 50%.
The reporting of a 75% share for Austin appears to be a journalistic simplification that has been repeated without rigorous verification of the will’s specific legal language.
The more legally sound conclusion is that the royalty income from Mercury’s estate is split 50/50 between Mary Austin and Kashmira Cooke.
This clarification is monumental, as it halves the estimated value of Austin’s stake in any future catalog sale and is the single most important financial adjustment in this report.
Part IV: The Great Unlocking – Monetizing the Physical Legacy
For over three decades, Mary Austin preserved Garden Lodge and its contents almost exactly as Freddie Mercury had left it, creating a private shrine or “time warp”.8
Starting in 2023, she began a process of unlocking the immense capital tied up in this physical legacy.
Chapter 1: The Sotheby’s Auction (2023)
In 2023, Austin announced her decision to sell nearly all of Mercury’s 1,500 personal items, stating, “The time has come for me to take the difficult decision to close this very special chapter in my life”.28
The “Freddie Mercury: A World of His Own” auction at Sotheby’s was a global event.
- Financial Results: The auction was a phenomenal success, bringing in a total of £40 million ($50.4 million), far exceeding the pre-sale high estimate of £11.3 million.30 Standout items included his Yamaha baby grand piano (£1.74 million), handwritten lyrics for “Bohemian Rhapsody” (£1.38 million), and a silver snake bangle worn in the music video that sold for £698,500—nearly 100 times its estimate.31
- Controversy and Fallout: The sale was not without controversy. It was reported that Mercury’s sister, Kashmira, was deeply upset and secretly spent £3 million to buy back treasured family items, including a jukebox and draft lyrics for “Killer Queen”.30 While Austin donated a portion of the proceeds to the Mercury Phoenix Trust and the Elton John AIDS Foundation, the sale drew mixed reactions from fans, with some defending her right to sell her property and others criticizing the move as greedy.25
Chapter 2: The Sale of Garden Lodge (2024)
The final step in monetizing the physical estate came in early 2024, when Austin put Garden Lodge on the market for offers in excess of £30 million ($38 million).35
This was more than a simple real estate transaction; it was the symbolic end of an era.
The sale represented the final conversion of Mercury’s intensely personal, physical world into liquid capital, closing the chapter on the home he had entrusted to her care for over 30 years.
Part V: The Endgame – The Billion-Pound Catalog Sale
In June 2024, the music industry was shaken by the news that Queen’s remaining music rights were being sold to Sony Music in a landmark deal valued at approximately £1 billion ($1.27 billion).5
This single transaction fundamentally transformed Mary Austin’s financial profile.
Calculating Mary Austin’s Payout
To calculate Austin’s share, one must apply the corrected royalty split determined in Part III.
- Total Catalog Sale Price: £1 billion.
- Freddie Mercury’s Estate Share: The rights are split four ways among the band members (or their estates). Therefore, Mercury’s estate’s portion is one-quarter of the total, which is £250 million.
- Mary Austin’s Share: Austin is entitled to 50% of the earnings from Mercury’s estate.
- Final Payout Calculation: 50% of £250 million equals £125 million.
This figure stands in contrast to some initial media reports that suggested a payout of £187.5 million, a number based on the incorrect assumption that Austin held a 75% share.5
The £125 million figure, based on a more rigorous analysis of the will’s likely stipulations, represents a more accurate estimate.
This single deal converted her primary income stream into a massive liquid asset, cementing her position as one of Britain’s wealthiest women.
Part VI: The X-Factor – A Secret Daughter?
In May 2025, a bombshell claim emerged that threatens to reshape the narrative of Freddie Mercury’s legacy.
A forthcoming biography, Love, Freddie, by Lesley-Ann Jones, alleges that Mercury fathered a secret daughter in 1976.39
Analyzing the Claim
The book claims the daughter, identified only as “B,” is a 48-year-old medical professional who was conceived during an affair Mercury had with the wife of a friend.40
According to the biography, “B” was known to Mercury’s inner circle, including Mary Austin and the band, and was provided for financially through a “private, legal arrangement,” which is why she is not named in the public will.39
The most compelling piece of evidence presented is the claim that “B” is in possession of 17 volumes of Mercury’s private diaries, which he allegedly entrusted to her as his “only child and next of kin”.40
The biographer has stated that the claims have been legally verified and that “B” is not a fantasist.44
However, the claim has been met with skepticism.
Brian May’s wife, Anita Dobson, reported that May was shocked by the news and questioned its validity.42
Financial and Legacy Implications
From a purely financial perspective, this claim has no direct impact on Mary Austin’s net worth.
The distribution of assets under Mercury’s probated will is a settled legal matter.
An heir not named in the will, especially one provided for through a separate private arrangement, would have no claim on the assets bequeathed to Austin over 30 years ago.
The true impact is on the narrative.
For decades, Mary Austin has been the undisputed primary steward of Mercury’s personal legacy—the “only friend” he trusted above all others.
The emergence of a potential “only child” directly challenges this long-held story.
It introduces a rival claimant not to the financial inheritance, but to the emotional and historical legacy.
This represents a significant, modern twist in the ongoing story of Freddie Mercury and the estate he left behind.
Conclusion: The Final Valuation and The Steward’s Burden
By synthesizing the foundational inheritance, decades of powerful royalty streams, and the recent, massive liquidity events, a comprehensive estimate of Mary Austin’s net worth can be constructed.
Table 2: Mary Austin’s Estimated Net Worth Components (as of late 2024)
| Asset Category | Component | Estimated Value (GBP) |
| Major Liquidity Events | Queen Catalog Sale Payout (2024) | ~£125 million |
| Sotheby’s Auction Net Proceeds (2023) | ~£30-£35 million | |
| Bohemian Rhapsody Biopic Payout (2018) | ~£60 million | |
| Real Estate | Garden Lodge (listed for sale 2024) | ~£30 million |
| Historical Earnings | Cumulative Music Royalties (1991-2024) | ~£150-£200 million+ |
| Total Estimated Net Worth | ~£400 – £450 million |
This valuation, between £400 million and £450 million, places Mary Austin among the United Kingdom’s wealthiest individuals.
Yet, the numbers alone fail to capture the full story.
Her fortune is inextricably linked to a profound personal loss and the lifelong, complex burden of being the chosen steward for a global icon.
It is a story of immense wealth born from a promise between two people—a promise that transformed the life of a 19-year-old shop girl into that of the keeper of a queen’s ransom, a role she has carried out under public scrutiny for more than three decades.
In the end, her net worth is not just a measure of money, but a testament to the enduring financial power of love, loyalty, and loss.
Works cited
- What was Freddie Mercury’s relationship with Mary Austin? – Quora, accessed on July 29, 2025, https://www.quora.com/What-was-Freddie-Mercurys-relationship-with-Mary-Austin
- When Freddie Mercury met the ‘love of his life’ | &MEETINGS, accessed on July 29, 2025, https://www.andmeetings.com/blog/post/when-freddie-mercury-met-the-love-of-his-life
- Who Wants to Live Forever? – Law Offices of DuPont and Blumenstiel, accessed on July 29, 2025, https://www.dandblaw.com/blog/who-wants-live-forever/
- www.nottinghampost.com, accessed on July 29, 2025, https://www.nottinghampost.com/news/celebs-tv/freddie-mercurys-left-half-fortune-10212155#:~:text=Freddie’s%20will%20bequeathed%20his%20Kensington,his%20portion%20of%20Queen’s%20royalties.
- Freddie Mercury’s ‘wife’ Mary Austin set for massive financial boost …, accessed on July 29, 2025, https://www.dailyrecord.co.uk/entertainment/freddie-mercurys-wife-mary-austin-33427930
- Inside The Love Story That Defined Freddie Mercury’s Life – Refinery29, accessed on July 29, 2025, https://www.refinery29.com/en-us/2018/11/215763/mary-austin-now-freddie-mercury-wife-girlfriend-bohemian-rhapsody
- Meet Mary Austin, the Woman Who Stole Freddie Mercury’s Heart, accessed on July 29, 2025, https://www.biography.com/musicians/freddie-mercury-mary-austin
- What health issues did Mary Austin face after inheriting Freddie …, accessed on July 29, 2025, https://www.quora.com/What-health-issues-did-Mary-Austin-face-after-inheriting-Freddie-Mercurys-estate
- Who Is the Real Mary Austin, Freddie Mercury’s Girlfriend? – Ask.com, accessed on July 29, 2025, https://www.ask.com/culture/real-mary-austin-freddie-mercury-girlfriend
- Mary Austin, The Story Of The Only Woman Freddie Mercury Loved – All That’s Interesting, accessed on July 29, 2025, https://allthatsinteresting.com/mary-austin
- Last Wills — Freddie Mercury | by John B Whalen Jr Esq | Medium, accessed on July 29, 2025, https://medium.com/@johnbwhalenjr/last-wills-freddie-mercury-4a9b423594e8
- Freddie Mercury – Wikipedia, accessed on July 29, 2025, https://en.wikipedia.org/wiki/Freddie_Mercury
- Inside the complicated relationship between Freddie Mercury and Mary Austin, accessed on July 29, 2025, https://www.standard.co.uk/news/uk/freddie-mercury-mary-austin-queen-auction-possessions-relationship-b1076973.html
- Did Mary Austin ever get over Freddie Mercury? – Quora, accessed on July 29, 2025, https://www.quora.com/Did-Mary-Austin-ever-get-over-Freddie-Mercury
- What Can We Learn From Freddy Mercury? Insights into Estate Planning, accessed on July 29, 2025, https://ogoldberglaw.com/estate-planning/what-can-we-learn-from-freddy-mercury-insights-into-estate-planning/
- Freddie Mercury: A legacy that lives on – Thatcher + Hallam Solicitors, accessed on July 29, 2025, https://th-law.co.uk/freddie-mercury-a-legacy-that-lives-on/
- How much money did Freddie Mercury leave behind and to whom did he give it to? – Quora, accessed on July 29, 2025, https://www.quora.com/How-much-money-did-Freddie-Mercury-leave-behind-and-to-whom-did-he-give-it-to
- Freddie Mercury’s will left half his fortune to ‘love of his life’ Mary …, accessed on July 29, 2025, https://www.nottinghampost.com/news/celebs-tv/freddie-mercurys-left-half-fortune-10212155
- Last Will and Testament – QueenConcerts, accessed on July 29, 2025, https://www.queenconcerts.com/queenzone/1548608.html
- Why didn’t Freddie Mercury give more of his money to Jim Hutton instead of Mary Austin? : r/queen – Reddit, accessed on July 29, 2025, https://www.reddit.com/r/queen/comments/z0lto6/why_didnt_freddie_mercury_give_more_of_his_money/
- What Happened to Freddie Mercury’s Former Fiancée Mary Austin? – People.com, accessed on July 29, 2025, https://people.com/where-happened-to-mary-austin-now-freddie-mercury-former-fiancee-8735179
- List of best-selling music artists – Wikipedia, accessed on July 29, 2025, https://en.wikipedia.org/wiki/List_of_best-selling_music_artists
- Freddie Mercury’s Family Stand to Make Millions from ‘Bohemian Rhapsody’ – 102.9 WMGK, accessed on July 29, 2025, https://wmgk.com/2019/04/11/bohemian-rhapsody-freddie-mercury-family-millions/
- Queen Shocker: Freddie Mercury Revealed Why He Left Everything …, accessed on July 29, 2025, https://www.musictimes.com/articles/94955/20230806/queen-shocker-freddie-mercury-revealed-why-left-everything-mary-austin.htm
- Why Is Mary Austin Selling Freddie’s Belongings. Wouldn’t It Be Better In A Museum Or Going To His Sister? : r/queen – Reddit, accessed on July 29, 2025, https://www.reddit.com/r/queen/comments/15q8sx2/why_is_mary_austin_selling_freddies_belongings/
- Did Freddie Mercury give his family any money? – Quora, accessed on July 29, 2025, https://www.quora.com/Did-Freddie-Mercury-give-his-family-any-money
- Did Freddie Mercury have any children? If he had an illegitimate child, would that person be entitled to a share of his estate since he didn’t leave behind a will? – Quora, accessed on July 29, 2025, https://www.quora.com/Did-Freddie-Mercury-have-any-children-If-he-had-an-illegitimate-child-would-that-person-be-entitled-to-a-share-of-his-estate-since-he-didnt-leave-behind-a-will
- Freddie Mercury’s Personal Belongings to Be Sold at Auction – – American Songwriter, accessed on July 29, 2025, https://americansongwriter.com/freddie-mercurys-personal-belongings-to-be-sold-at-auction/
- Freddie Mercury’s Ex-Fiancée Mary Austin Is Auctioning Off His “Exquisite Clutter”, accessed on July 29, 2025, https://www.biography.com/musicians/a43713225/mary-austin-auctions-off-freddie-mercury-collection
- Freddie Mercury’s sister ‘secretly spent £3 million to buy back his …, accessed on July 29, 2025, https://www.standard.co.uk/showbiz/freddie-mercury-sister-buy-back-memorabilia-mary-austin-b1223699.html
- The magic behind Sotheby’s Freddie Mercury sale – The Art Newspaper, accessed on July 29, 2025, https://www.theartnewspaper.com/2023/10/13/sothebys-freddie-mercury-auction-behind-the-scenes
- Freddie Mercury: A Full Set of ‘White Glove’ Sales Closes on the Highest Note – Sotheby’s, accessed on July 29, 2025, https://www.sothebys.com/en/articles/freddie-mercurys-opening-night-makes-history
- Champagne, Elton and million-pound lyrics: Inside the eye-watering Freddie Mercury auction | The Independent, accessed on July 29, 2025, https://www.independent.co.uk/arts-entertainment/music/features/freddie-mercury-auction-sothebys-b2407105.html
- Freddie Mercury’s family feud as his possessions are sold off – Now To Love, accessed on July 29, 2025, https://www.nowtolove.com.au/celebrity/celebrity-news/freddie-mercury-family-feud/
- www.scmp.com, accessed on July 29, 2025, https://www.scmp.com/news/world/europe/article/3255864/freddie-mercurys-london-mansion-sale-first-time-1980#:~:text=Garden%20Lodge%2C%20as%20the%20neo,It%20is%20not%20publicly%20listed.
- Freddie Mercury’s London Mansion Hits the Market for $38 Million, accessed on July 29, 2025, https://www.elledecor.com/celebrity-style/a60046769/freddie-mercury-london-house-for-sale/
- MoffettNathanson: Q1 2024 was the worst quarter the pay-TV business has ever seen, losing 2.37M subscribers, down 6.9%, and even YouTube TV slightly shrank – Mediagazer, accessed on July 29, 2025, https://mediagazer.com/240619/p13
- The allegations facing Will Lewis and Rob Winnett are not remotely in line with either UK or US journalism ethics; blaming British media culture is wrong – Mediagazer, accessed on July 29, 2025, https://mediagazer.com/240620/p7
- Queen’s Freddie Mercury Had a Secret Daughter, New Biography Claims: Report, accessed on July 29, 2025, https://people.com/queen-freddie-mercury-had-a-secret-daughter-new-biography-claims-report-11741459
- Freddie Mercury had secret daughter, new biography claims …, accessed on July 29, 2025, https://www.theguardian.com/music/2025/may/23/freddie-mercury-had-secret-daughter-new-biography-claims
- Freddie Mercury has a secret daughter from a fling; first details revealed – Hindustan Times, accessed on July 29, 2025, https://www.hindustantimes.com/world-news/freddie-mercury-has-a-secret-daughter-from-a-fling-first-details-revealed-101748025703075.html
- Brian May has four-word response to claim Freddie Mercury had a secret daughter, accessed on July 29, 2025, https://www.independent.co.uk/arts-entertainment/music/news/freddie-mercury-daughter-brian-may-queen-b2780939.html
- Freddie Mercury Had Secret Daughter, Book Claims – Ultimate Classic Rock, accessed on July 29, 2025, https://ultimateclassicrock.com/freddie-mercury-secret-daughter/
- Freddie Mercury’s ‘secret daughter’ gives DNA update after speaking out for the first time, accessed on July 29, 2025, https://www.ladbible.com/entertainment/music/freddie-mercury-alleged-daughter-dna-test-biography-589383-20250526
