Michael Jackson Leaves Enormous Debts as Well as Fans Behind

The untimely death of one of the world's biggest pop stars has realized $500 million worth of debt. Dead at 50 from cardiac arrest, Jackson’s fans are stunned and his patrons very unhappy.

There were many things about the handsome little boy who began singing with his older brothers some 30 years ago as part of the Jackson Five combo that were never meant to be and an unrealized comeback to pay for his mountain of debt is unfortunately among them. For the child with so much talent who knew so much success and celebrity, there was little inner peace. His life was shrouded in eccentricity, white gloves, oxygen tents, identity issues and child abuse allegations, but his career spanned 40 years in a world of fickle tastes and included Thriller, which was the best-selling pop album of all time back in 1984. According to news sources, despite earning staggering amounts of money, Jackson racked up more than $500 million in personal debt. His top assets were worth more than a billion and included the copyrights to his own songs as well as a stake in the Beatles’ song catalogue. He had been headed for trouble in the last few years; back in 2005 when he was brought up on child molestation charges, he spent more on one of his huge shopping sprees for toys and antiques ($20- to $30-million) than he was bringing in. His lavish lifestyle forced him to refinance loans in order to stave off the shadows of insolvency. Last November he lost the title to his estate, the famous Neverland ranch. It was hoped that the sale of the property could fetch $70 to $80 million if Jackson could revitalize his fading career. His comeback tour scheduled for this summer would have marked 12 years since his last one, but it was never to be and much more debt had accrued from the unrealization of this promotional tour. In the words of Bob Rasmussen, dean of the Gould Law School at the University of Southern California:

“The concert promoters can't sue the estate. Once he dies, he doesn't have any obligation to perform.”

Ironically, Jackson's greatest financial returns may come in the wake of his death. His long-term record company, Sony Music Entertainment, will likely reissue special versions of some his biggest-selling albums and possibly even rare recordings. All in all, it’s a sad and tragic end for a little boy who grew to be a star and yet could never find his own special place in the universe or peace within his own soul; two things that come without price tags and the glittering slope of fame.