Richard Branson Joan also had a daughter named Clare Sarah, who died when she was four days old in 1979. They were married in 1989 on Necker Island. In 1998, Branson released his autobiography, titled "Losing My Virginity", an international best-seller. Branson was deeply saddened by the disappearance of fellow adventurer Steve Fossett in September 2007; the following month he wrote an article for "Time" magazine, titled "My Friend, Steve Fossett". In 2013, Branson became President of the Old Stoic Society of Stowe School. In March 2015, Branson said that almost all drug use should be decriminalised in the UK, following the
Richard Branson was never brought before a court because Branson agreed to repay any unpaid VAT of 33% and a £70,000 fine. His parents re-mortgaged the family home in order to help pay the settlement. Earning enough money from his record store, Branson in 1972 launched the record label Virgin Records with Nik Powell. The name "Virgin" was suggested by one of Branson's early employees because they were all new at business. Branson bought a country estate north of Oxford in which he installed a residential recording studio, The Manor Studio. He leased studio time to fledgling artists, including multi-instrumentalist Mike Oldfield,