On This Day in 1973: Led Zeppelin Falls Victim to One of the Biggest Cash Thefts in NYC History
via WBM/Music / YouTube
A Shock During Their Madison Square Garden Run
On July 29, 1973, Led Zeppelin was wrapping up the final night of a three-show stand at Madison Square Garden as part of their sold-out North American tour. Earlier that day, the band experienced one of the largest cash thefts in New York City history. Road manager Richard Cole discovered that their safe-deposit box at the Drake Hotel had been emptied of roughly $180,000 in cash — earnings from the shows.
Despite a full investigation by the NYPD and FBI, no signs of forced entry were found on the box. Each box required two separate keys — one held by the hotel, the other by Cole. The locks were removed and dusted for fingerprints, but the case remained unsolved.
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Media Storm and Investigation Focus
The Drake Hotel erupted with law enforcement activity. Hotel staff claimed they did not track the value of contents in safe-deposit boxes. A hotel assistant manager stated, “No, we do not,” when asked if staff knew the amount of cash stored.
Suspicion fell on a few individuals. Cole took a lie detector test and was cleared. The NYPD investigated a Drake bellman who later purchased a new car with unexplained cash and had a record of arrests. Another staff member who last handled the box had been fired from another New York hotel over serious misconduct allegations.
A Show Uninterrupted by Chaos
Despite the theft, Zeppelin did not cancel their final show. No official announcement was made to the audience. During John Bonham’s drum solo on “Moby Dick,” the rest of the band reportedly retreated backstage and were informed of the theft behind the scenes. They carried on with the performance, including an encore of “Thank You,” which extended the show to nearly three hours.
That night’s performance was also filmed for the band’s concert movie The Song Remains the Same, which later spelled out this real-life drama as part of the story behind the massive cash loss.
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Suspicions and a Legend Left Unsolved
Peter Grant, the band’s manager, held a press conference the following day while the band stayed on the 17th floor in hiding. Rumors of an inside job circulated, including speculation that the theft might have been orchestrated to avoid U.S. taxes or involved collusion with some hotel staff or even people connected to the band.
Robert Plant later said, “Jimmy (Page) and I just laughed about it,” hinting he found the situation oddly logical in hindsight, though he never explained why. Cole, Grant, and hotel employees were questioned, but no one was charged and the money was never recovered.
Legacy of the Heist
This event remains one of the most infamous unsolved crimes involving a rock group. Led Zeppelin sued the Drake Hotel over the theft, but no legal resolution altered the mystery. Cash from concerts vanished, memories splintered, and the event faded into rock lore — forever linked to the band’s mythic New York City run in summer 1973.
