MJ was in $500 Million Debt Upon Death
#michaeljackson financial struggles revealed.
Michael Jackson's financial woes had been accumulating for years, dating back to 1993.
Michael Jackson's financial struggles have come to light, obtained by People, court documents and expert testimonies. The King of Pop was reportedly more than $500 million in debt at the time of his death in 2009, despite his efforts to revive his career with new music and a planned comeback tour.
Certified public accountant William R. Ackerman, testifying during the 2013 wrongful-death trial on behalf of AEG Live, revealed that Jackson's annual expenses exceeded his income by $30 million. This financial deficit was largely attributed to Jackson's extravagant lifestyle, including significant spending on charity donations, gifts, travel, art, and furniture. Ackerman also noted Jackson's substantial jewelry purchases and described him as financially "tapped out."
Jackson's financial woes had been accumulating for years, dating back to 1993. By 1998, his debts had reached $140 million and continued to escalate, increasing by an estimated $170 million between 2001 and 2009.
In an attempt to alleviate his financial burden, Jackson used his stake in a valuable song catalog, which included Beatles hits, as collateral for approximately $270 million in loans from Bank of America. These loans were later sold to Fortress Investment Group, a company specializing in distressed debt, in 2005.
These revelations paint a complex picture of the pop icon's financial situation, highlighting the stark contrast between his immense talent and commercial success and the unsustainable spending habits that ultimately led to a massive debt burden at the time of his death.
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Видео MJ was in $500 Million Debt Upon Death канала The Express Tribune
Michael Jackson's financial woes had been accumulating for years, dating back to 1993.
Michael Jackson's financial struggles have come to light, obtained by People, court documents and expert testimonies. The King of Pop was reportedly more than $500 million in debt at the time of his death in 2009, despite his efforts to revive his career with new music and a planned comeback tour.
Certified public accountant William R. Ackerman, testifying during the 2013 wrongful-death trial on behalf of AEG Live, revealed that Jackson's annual expenses exceeded his income by $30 million. This financial deficit was largely attributed to Jackson's extravagant lifestyle, including significant spending on charity donations, gifts, travel, art, and furniture. Ackerman also noted Jackson's substantial jewelry purchases and described him as financially "tapped out."
Jackson's financial woes had been accumulating for years, dating back to 1993. By 1998, his debts had reached $140 million and continued to escalate, increasing by an estimated $170 million between 2001 and 2009.
In an attempt to alleviate his financial burden, Jackson used his stake in a valuable song catalog, which included Beatles hits, as collateral for approximately $270 million in loans from Bank of America. These loans were later sold to Fortress Investment Group, a company specializing in distressed debt, in 2005.
These revelations paint a complex picture of the pop icon's financial situation, highlighting the stark contrast between his immense talent and commercial success and the unsustainable spending habits that ultimately led to a massive debt burden at the time of his death.
#etribune
------------------------------------------------------------------------------------------------------------------------
Keep up with the day's top news stories with The Express Tribune's YouTube Channel. The Express Tribune is Pakistan's #1 brand for breaking news in politics, sports, business, lifestyle and more. Proud partner of the New York Times.
Our mission is to defend the liberal values and egalitarian traditions we believe in, and which deserve to be upheld in writing that is both informative and insightful.
Official website: https://tribune.com.pk/
Follow us on Facebook: https://www.facebook.com/etribune
Follow us on Twitter: https://twitter.com/etribune
Follow us on Instagram: https://www.instagram.com/etribune
Follow us on Tiktok: https://www.tiktok.com/@theexpresstribune
Join our Whatsapp Channel: https://bit.ly/tribune-whatsapp
Pakistan News | Breaking News | Latest News | News Headlines | eTribune | Express Tribune News | News Channel | Live News | Breaking News | Pakistan Breaking News | Breaking News Today | Headlines News | News Updates | Tribune news | Express Tribune | Tribune Headlines | World News | International News
Видео MJ was in $500 Million Debt Upon Death канала The Express Tribune
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