The Nelson Twins Saved Family Legacy From Collapsing Under ‘Millions of Debt’ After Dad Ricky’s Death

The Nelson twins were just 18 years old when their father, rocker Ricky Nelson, died in a plane crash on New Year’s Eve in 1985. Overcome with grief, they were soon hit with another devastating reality: The family estate was buried in debt.

Now, in a new interview, Gunnar Nelson, 58, opened up about how close he and brother Matthew came to losing everything and why they refused to let that happen.

“Well, it was pretty close. I mean, when our father passed away, the estate was millions in debt, and people don’t know that. But that was really kind of the thing that Nelsons also did — we didn’t air our dirty laundry in public,” Gunnar told Fox News Digital.

“We came from a different period of time, you know, we were the anti-Kardashians, so to speak,” he continued. “We weren’t the kind of people that would take pictures of ourselves and film what we ate.”

At the time of Ricky’s death at 45 in Dekalb, Texas, the financial strain threatened more than just bank accounts. His music catalog was at risk of being sold off, along with the 435 episodes of the beloved daily series, The Adventures of Ozzie and Harriet.

“What that meant was, after he passed away, this was a guy that struggled financially his entire life to provide for the family,” Gunnar explained.

“Matthew and I were a couple of kids. We were just 18, and our dad was our best friend. So we were kind of dealing with all of that stuff. And then, at the same time, we got hit by the double whammy of the finances,” he continued.

As they processed their father’s death, the twins made a defining decision: bankruptcy was not an option.

“Our father was a good father. He wanted to hide all of the challenges. It was his role, he felt, to allow his children to have a good life… But when we actually opened up the books… it was sobering, and it forced my twin brother and I to grow up immediately,” Gunnar told the outlet.

“It was sink or swim, and I am honestly proud to say that everybody acted with integrity, and our father’s good name was preserved,” Gunnar added.

The family’s deep-rooted pride became their north star.

“It was just kind of one of those things that grandpa and grandma had a lot of pride. And our father did as well. I mean, he lived and died for rock and roll. He was playing up to 300 shows a year up until the day he died in the plane crash,” Gunnar continued.

Rather than walk away, the twins — who would go on to become the platinum-selling rock duo Nelson — took on the debt themselves and fought to keep ownership of the catalog and the show.

Decades later, they’re looking toward the future of that legacy carefully. These days, the brothers are exploring streaming opportunities for their family’s beloved TV series, which began as a radio show. But there’s one firm boundary.

“We don’t sell. We rent, we lease, we license. That was the one lesson that I think our grandfather passed along to us was the family show needs to belong to the family as far as ownership is concerned,” Gunnar said. “But we are looking for a wonderful home to license it to. And it’s all about mutual benefit and all that but I think that’s the one non-negotiable thing.”

“Some of the deals that they’re throwing around are giant. And that’s fine. I think that’s great for most people. But I think for this particular family and this particular property, that would probably be a no-go as far as the show’s concerned,” he explained.

For the twins, the legacy is about meaning.

“There’s a lot for us to be proud of as a family, and we know that the show means so much more to so many people than just another television show,” Gunnar concluded. “And I’m really actually grateful to be part of this family and be the one that’s out there representing what the family really does stand for because, again, I think it matters in a time where everything’s disposable.”