Technically speaking, one could argue that at the time of his death, Michael was in debt to the tune of 500 million thanks to decades of overspending and over-borrowing.In the decade between 1985-1995, Michael Jackson comfortably earned between 50 and 100 million per year through touring, record sales, endorsements and merchandise.Even after his death, Jackson has remained one of the most popular and profitable celebrities in the world.
To date he has sold over 750 million albums, including 35 million that were sold in the year following his death. Michael Jackson Net Worth at Death: Technically, it was negative 500 million. While the copyright value of his own songs was estimated to be worth 100 million, the crown jewel of his net worth was his portfolio of other artists songs, especially those from The Beatles. Michaels first foray into owning music rights began when he purchased the catalogues of Sly and the Family Stone in the early 1980s. Youtube Michael Jackson Greatest Hits Series Of ClassicHe then bought a series of classic singles like Great Balls of Fire, Shake Rattle Rattle and Roll, When a Man Loves a Woman and Runaround Sue to name a few. But the biggest win came in November 1984 when Michael purchased The Beatles catalogue ATV music for 47.5 million. The Beatles catalogue was eventually merged with Sony to create a 5050 joint venture called SonyATV which today is estimated to be worth 2 billion. During his lifetime Jackson made about 500 million from his own music, concerts, videos and endorsements but at the time of his death in 2009 he was essentially 500 million in debt. Jackson was left penniless after he spent all of his money on an elaborately complicated and luxurious lifestyle. He spent between 30 and 50 million per year on his lifestyle alone and racked up massive unpaid bills with his lawyers, agents and publicists. Youtube Michael Jackson Greatest Hits Plus 5 MillionA few highlights: 17 million to purchase the Neverland Ranch plus 5 million in annual maintenance costs 20 million to settle a child molestation lawsuit. Ghosts that he co-wrote with Stephen King 12 million divorce settlement with baby momma Debbie Rowe. Tens of millions spent on Bentleys, antiques, art, clothes, chimpanzees, diamond-encrusted gloves and other trinkets. In order to fund his ongoing lavish lifestyle, Jackson took out a 380 million loan against the value of his music catalogue. The pop star was notoriously nave when it came to his finances and he had an over inflated sense of his new worth. Youtube Michael Jackson Greatest Hits Professional And FinancialTowards the end of his life, he entered a tailspin of financial transactions with banks, hedge funds and other shady characters in an attempt to maintain his lifestyle while staging a professional and financial comeback. Before his death, Michael had spent through the entire 380 million loan and had little hope of making the interest payments, let alone paying back the principal. This debt is the main reason Michael was forced to stage the comeback tour This Is It which arguably was the cause of his death. Michael Jackson Net Worth FRANCIS SylvainAFPGetty Images In the years after his death, Michael Jacksons executors have staged an aggressive financial come back. One of their primary goals was to return the estate to solvency so they did not have to sell his prized music portfolio. Another 20 was left to various childrens charities and the final 40 was left to support his mother Katherine. Upon Katherines death, that 40 balance goes to Michaels kids.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |