New records show Michael Jackson owed money to more than 65 people at the time of his death.
According to the latest records, Michael Jackson had a huge debt of about 500 million USD at the time of his death in June 2009. This information surprised the audience as they all thought that the “king of pop ” had a huge fortune.
Explaining the debts, the Los Angeles Times said that the late artist had a habit of spending lavishly and needed to pay off an accumulated debt of $ 30 million per year. Accountant William R. Ackerman stood up to testify to give a more detailed look at Michael Jackson’s financial problems. Accordingly, the amount of money the artist used included donations, gifts, travel , art and furniture.
“He spent a lot of money on jewelry. He was broke,” the accountant said.
Ảnh: Universal Pictures
According to the newspaper, the Beat It hitmaker began to be in debt in 1993 and gradually accumulated debt over the following years. By 1998, he owed about $140 million. From June 2001 to June 2009, documents recorded that the late artist’s debt had increased by about $170 million. The interest rate on his loans also increased every year, from less than 7% to 16.8% a year.
He reportedly used his stake in the Beatles’ song catalog as collateral for a $270 million bank loan. Speaking of the music legend , former AEG Live CEO Randy Phillips remains extremely respectful: “Michael wanted people to enjoy his music, not his lifestyle. He wanted to fix his finances, he was ready to stop living like a vagabond, settle down and make money again.”
Michael Jackson’s children Photo: Getty Images
Records show that Michael Jackson had more than 65 claims from creditors and numerous lawsuits pending. After his death, attorneys for his executors handled 15 lawsuits in the United States and assisted with several others in Europe and Japan. Most of them agreed to the settlement and the lawsuits were resolved favorably.
At present, the king of pop’s assets have increased significantly after his death, worth more than 2 billion USD.
