Despite his multi-million pound track record, Michael Jackson was saddled with a staggering amount of debt when he died in 2009 after spending all his fortune on a series of lavish purchases.
Video not available
Michael Jackson died in a staggering debt to the abandoned Neverland Ranch as a haunting reminder of his lavish pop star past.
The King of Pop moved out of the notorious estate four years before his death in 2009 and vowed never to set foot in the place again after being cleared of child molestation charges.
After leaving his fantasy land, Jackson shrunk to a rented mansion in the Holmby Hills section of Los Angeles, where he spent his final days before dying from an overdose of the surgical anesthetic Propofol.
It was during the trial of the star’s unjust death that his ‘precarious’ finances were exposed by experts.
The news came as a surprise to fans, as Jackson has been in showbiz since the age of 6 and was at the peak of his game decades later.
Along with countless sold-out world tours and lucrative endorsement deals, Jackson is also the owner of a multi-million pound music portfolio – including his own and those of artists like The Beatles – but amazingly, the wealth he has brought from royalties is said to be nothing compared to the staggering amount of debt he is carrying at the same time.
A forensic accountant asked to speak at the 2013 trial told how Jacko blew his fortune on gifts, travel, art, zoo animals, jewelry and furniture loss – as well as huge donations to many charities.
William R. Ackerman described Jackson as being in a ‘precarious financial position’ as he spoke to a Los Angeles courtroom about the singer’s money troubles defending AEG Live during his wrongful trial. wrong.
While MJ is known for splurging on material possessions, Ackerman says that by far Jackson’s biggest and most consistent spending while he was alive was the interest he paid on his debt.
The LA Times reported that Jackson turned over a $30 million annual payment of his debt when he died in 2009.
Ackerman said that since 1993, Jackson had owed $30 million, a figure that had grown to $140 million by 1998.
When he died in 2009, Jackson was saddled with between $400 million and $500 million in debt, Ackerman testified in court.
“He was exploited,” the accountant added.
Ackerman also revealed that Jackson received no loans after 2007 and was three or four months behind on payments on the home in the San Fernando Valley where his mother lived at the time of his death.
During the trial, the CPA also revealed that Jackson’s tours in the 1990s weren’t great money spins. They explained that Jackson broke even on the Dangerous tour in 1992 but lost $11.2 million on the HIStory tour in 1997.
One of the biggest drains to Jackson’s finances was his beloved Neverland Ranch, which turned out to be a huge money pit.
The killer paid a huge amount of money for the maintenance of the zoo and the train ride around the mini theme park. His employee payments alone amount to $2.5 million a year.
In addition to his gorgeous California home, the King of Pop also splurged on a $9.5 million mansion in Las Vegas, nicknamed the ‘Horror Mansion’.
Jacko’s Sin City property comes complete with seven bedrooms, 12 bathrooms, a guesthouse, bell tower and a medieval chapel that can entertain more than 70 people – decorated with hand-painted ceilings .
Michael also has a huge art collection that is estimated to be worth around $90 million and includes works by French painters Paul Pascal and Maurice Utrillo.
He also loves to treat himself to new motorcycles with his custom Rolls Royce Seraph Limousine becoming one of his most prized possessions.
Jackson also purchased a 1990 Rolls Royce Silver Spur II and a white 1998 Lincoln town car, both of which were customized to exactly meet his preferences.
He is also known to love some very expensive retail therapy.
People close to the star say he will occasionally pick up a catalog and order everything in it.
While his notorious shopping trips can make him thousands of pounds in just a few minutes.
In 2008, the star stopped by the Harrods department store in London, where he allegedly spent £100,000 in 15 minutes.
Speaking in 2008, his former lawyer Brian Oxman said: “He lives a fairly simple lifestyle today. Luxury is in the past and nobody really sees him because he’s so short. But he’s happy and doing well.”
https://www.mirror.co.uk/3am/celebrity-news/how-michael-jackson-blew-500m-22509677 How Michael Jackson blew his $500 million fortune into cars, houses, and zoo animals and died shattered