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Jackson finances in chaos before death

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Jackson finances in chaos before death


He was one of the biggest selling artists of all time, and at the same time he was up to his eyes in debt. Michael Jackson had spent a mountain of money on costly court cases, and an extravagant lifestyle.

Earlier this month, the Wall Street Journal reported that he was in hock to the tune of 355 million euros. But his song copyrights, and a share of the Beatles catalogue are valued at almost double that. His trial for child molesting in 2005 heard Jackson was spending up to 20 million euros a year more than he was bringing in. And in 1999 alone, he borrowed 3 and half million euros just to keep his Neverland running. A run of 50 concerts in London was meant to be the comeback to put his finances back in order. The promoters are now checking their insurance – they have already spent 28-million euros in pre-production. But Jackson’s record company looks set to benefit – after the news of his death, a major online retailer had his records occupying the top fifteen spots.
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