Did you know that legal thriller writer John Grisham lost millions of dollars when he first became a published author? Even though he earned $18 million in 2011, he once held a fortune in first-edition books.
In a guest post on The Daily Beast, Grisham (pictured, via) recounts the events surrounding his first novel, A Time to Kill. His publisher printed 5,000 first edition copies of that book and Grisham bought 1,000 copies to use for giveaways, $5 sales to friends and even as a doorstop. Considering that a first edition of A Time to Kill is now worth $4,000, Grisham once owned $6 million of his own books.
Here’s more from the post: “My idea was, I’d buy a thousand books, have a big book party at the local library, and all my friends would come. I’d sell all these books and it’d be easy. I could buy the books at wholesale, sell them at retail, and make a few bucks … Then I took all the books down to the local library and we had a big book party. When the party was over, I still owned 882 copies of A Time to Kill. I had this invoice that was due to pay for them wholesale, so I started giving books away.”