The Monkees most lucrative venture the three had ever seen in their days as the Monkees, far surpassing the money they had made in the 1960s. Nesmith had little financial need to join in Monkees-related projects, mostly as his mother Bette Nesmith Graham was the inventor of Liquid Paper, leaving Nesmith an inheritance of over $25 million upon her death in 1980. A new album by the touring trio, "Pool It!" (the Monkees' tenth), appeared the following year and was a moderate success. From 1986 to 1989, the Monkees would conduct major concert tours in the United States, Australia, Japan, and Europe.
Michael Nesmith third son Jason was born in August 1968 to Nurit Wilde, whom he met while working on "The Monkees". Phyllis's third child and Nesmith's fourth, daughter Jessica, was born in September 1970. In around 1972, Nesmith started the record label Countryside Records with Jac Holzman, the founder of Elektra Records. Also in 1972, Nesmith and Phyllis were divorced and he moved to Carmel-by-the-Sea, California. In 1974, Nesmith started Pacific Arts Records and released what he called "a book with a soundtrack", titled "The Prison", as the company's first release. In 1976, he married Kathryn Bild. In 1988, following the ending