Reports: Michael Jackson was deeply indebted when he died. Know about amount and reasons for his financial woes
Michael Jackson unexpectedly passed away in June 2009 at the age of 50, it exposed a complicated financial condition to the world. According to court records, he owed over $500 million and was deeply indebted. His lavish spending habits and legal fights have left him financially burdened despite having a lucrative career, as per the reports of 'Yahoo Finance.' Before his death, Jackson spent a great deal of time practicing for his 'This Is It' residency in London, which was a financial comeback attempt. But his debts, which amounted to $30 million a year, highlighted how desperate he was for money, according to the Los Angeles Times.
Financial expert's testimony
During a wrongful death trial in 2013, accountant William R. Ackerman detailed Jackson's spending habits, including donations, gifts, travel, and art acquisitions. Jackson's extravagant lifestyle, including jewelry purchases, contributed to his financial troubles.
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Jackson's financial woes dated back to the 1990s, with debts mounting to $140 million by 1998. From 2001 to 2009, his debt increased by another $170 million, exacerbated by high-interest loans and mounting interest payments.
Business ventures and collateral
As per the reports of the New York Times, to secure loans, Michael Jackson used his stake in a song catalog, including Beatles hits, as collateral. Despite financial struggles, he aimed to refocus on earning through strategic business moves and reducing debts.
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