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 President of the Gihon foundation, hosted the Council on Ideas, a gathering of intellectuals from different fields who were asked to identify the most important issues of their day and publish the result. The Gihon ceased the program in 2000 and started a new Program for the Performing Arts. Nesmith also spent a decade as a board of trustees member, nominating member and vice-chair of the American Film Institute. In 1992, Nesmith undertook a concert tour of North America to promote the CD release of his RCA solo albums (although he included the song "Rio", from the album "From a