Parker Schnabel, the 30-year-old star of Discovery Channel’s Gold Rush, has amassed significant wealth through his mining endeavors.
However, in a recent interview with PEOPLE, he disclosed that his spending habits remain modest, focusing more on experiences than material possessions.
“I really haven’t [splurged],” Schnabel admitted. “I don’t even own a house except for the one on the mine site, so it’s quite the opposite.
“I’m living on a friend’s couch right now in LA. I’m not living here, but I’m just staying here for a few weeks. I don’t really spend much money on physical possessions or things like that.”
As previously reported on Monsters and Critics, the Gold Rush star has an impressive net worth.
He continues to invest heavily in his mining operations and is looking to strike on in Season 15 of Gold Rush.
How Parker Schnabel spends his free time
Schnabel values shared experiences with loved ones. He recounted taking his father to a World Series game and organizing annual trips for his mining crew, including hunting excursions and visits to Las Vegas.
“I’m a big fan of really solid shared experiences and that’s probably where I spend the most money,” he shared.
Family plays a pivotal role in Schnabel’s life and work ethic.
He attributes his dedication to the influence of his great-grandparents, who settled in Alaska in the late 1930s, and his father, who continues to work diligently at 69.
Reflecting on cherished memories, Schnabel recalled a summer spent with his grandfather at the mine site, where they shared nightly dinners and his grandfather recounted stories from his past.
“It was one of the most special things,” Schnabel reminisced.
Parker’s huge investment in Dominion Creek comes with its challenges
As Gold Rush enters its 15th season, premiering on November 8, Schnabel and his team face new challenges, including a significant $15 million investment in new land.
Early in the season, Schnabel’s team faced significant setbacks. The Long Cut area, a focal point of their operation, was not ready for sluicing due to frozen ground conditions.
This delay necessitated the excavation of an extensive 8,000-foot ditch to facilitate drainage and expedite the thawing process.
Compounding these issues, critical equipment failures occurred, including a breakdown of the 480 excavator, leading to repair costs estimated between $20,000 and $30,000.
These obstacles resulted in minimal gold yields, with only 5.6 ounces mined at one point, prompting Schnabel to question the viability of his strategy.
In the latest episode, their efforts yielded a total of 30.80 ounces of gold, valued at $77,000—another disappointing result.
Gold Rush airs Fridays at 8/7c on Discovery Channel and is available for streaming in its entirety on Max.