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Jackson's Financial Wreckage
Michael Jackson may be gone, but his confusing balance sheet will keep creditors busy for years. “It’s all a mess,” one executive involved in sorting out Jackson's finances told the New York Times. “No one really knows what is going on, but these are early days.” Jackson's most notable assets include an estimated $1 billion in publishing rights. At the center of his collection are the rights to the entire Beatles catalog, which he bought in 1985 for $47.5 million, causing a split with his then-friend Paul McCartney. But after wracking up millions in debt, Jackson needed a last-second $24.5 million loan last year just to keep creditors from liquidating his lavish Neverland Ranch in California. “He never kept track of what he was spending," a former adviser, Alvin Malnik, told the Times. "He would indiscriminately charter jets. He would buy paintings for $1.5 million. You couldn’t do that every other week and expect your books to balance.”
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LOL...
I don't think THAT is going to happen. Good thought, though.
He's sitting on a gold mine of song rights and he knew it and if they loaned him the money they know what the collateral is.
Squiggy- he's sittin' on a cloud.....................
Even with
His massive debt
He's still in positive territory-
The Beatles catalog is worth an estimated
$500 million.
The rights to his music are worth another
$250 million.
Additionally his real estate
Possessions and trinkets are worth
Five times what they were worth
Last week at this time.
That doesn't include royalties
And residuals from movies and videos
Novelty marketing etc etc etc.
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They could always arrange for Jacko's funeral to be on Pay Per View - that would be worth a few bucks.
That's a darn good ideal!
I think he wanted to die rich, who cares for loans when you're dead right?
It matters, because the estate is left to your beneficiaries, and he had three children. It looks like he was was letting other people spend his money. And all the court cases, that was a huge culprit. And I guess he wasn't really well enough to keep up his engagements, if I understand it right, and that led to all kinds of money being owed. That could explain his growing dependency on medication, to help him appear fit enough to appear he could perform. That is my theory anyway.
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Your bad charles! LOL
And learn to spell too.
There you go again! Ziiiing!
I love it!
Again, charles 116, you are hella funny!
You are idiots. I can't even read anymore of this, bye.
Okay - that was bad and I laughed my ass off! Good show!
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I would imagine he has made more money in the past 2 days than he has made in years. I don't think we need worry about his children. Elvis has made money hand over fist since dying on the toilet, making Lisa Marie a very wealthy woman.
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That would be "racking up", not "wracking up". As it is hard to believe the Grey Lady would make such a mistake, I assume the error was made by TDB. Proofreaders, please - literate ones.
They don't have proofreaders! Isn't that OBVIOUS?
Well, one good thing in all of this. His children will be ok. Hopefully his debt can be paid off and their futures will be bright.
Enough already. Does anyone really care about this? It's old news and nothing surprising. AGH
I see the predators haven't completely disemboweled the carcass, as yet.
It would be difficult to declare a national holiday in memory of Michael but it would be easy to replace the Andrew Jackson photo on the twenty dollar bill with this great entertainer. Very few of us care about dead presidents.
And even fewer should care about dead pedophiles.
By the way, some guy just went to jail for aggravated assault for reacting the way you have to this death. Similar to the way you have been holding people hostage with your remarks on these posts. Sick.
Hostage. Hmph.
You're right. Who cares what little kids lives he scarred... he could sing and dance.
I now see the light. I should stop assaulting people with knives on buses.
He was a complex human being, and I do not know for a fact that he was guilty of all that he was accused of. I base my opinion on that.
I would also like to remind you that children can be scarred, and often by their very own parents. For example, if their mother used them to extort money in a con game.
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Give it to them.
With Jackson's death the bleed of cash has stopped, for now. Perhaps that will assist with the who owes what to whom and SOMEONE can stop Joe from pimping out those children as the Jackson (whatever number) second generation.
Anyone want to take a bet that McCartney and/or Yoko were on the telephone to their attorneys a few moments after they heard Wacko had left this earth?
Remember when Elvis died he was only worth 2 million and Lisa Marie is now worth almost a billion and I read iTunes is sold out of all his music and contacted Sony to gear up the printing presses! So just like Elvis, Marilyn Monroe and Princess Diana we'll be seeking everything Michael Jackson forever! I just hope his greedy family (excluding Janet) don't get much!
Does he really still own the rights to the Beatles Music? Yuck. I thought he sold those back to pay off some debt.
These are tough financial times. Why should anyone, even one of MJ's offspring, get off easy? They didn't earn the money, although - they did have to live with his eccentric nuttiness and probably should get a prize for that.
Love how all these people are coming out of the wood work, so sad, always new, miss him, so kind, blah blah! With the exception of Liz Taylor, and perhaps not even her, where were they BEFORE he died?
Thank you.
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