So did m jackson have any money?

[ed8]

Last I heard was he was broke and in debt millions

 

[SportSavant]

I heard he was 400 million in debt, but that some Big Investment Group had purchased all of his debt and was going to make the money back with the upcoming concerts....

I have no idea what will happen now, wether they are stuck with that debt or wether they had insurance against the upcoming shows.

 

[texansfan]

How does one blow through all that money he earned?

 

[jeckll]

two words
CASH FLOWS

 

[jeckll]

Allow me to explain

 

[D2bets]

He may not have had a lot of cash, but his estate certainly has ASSETS. I am sure his estate will be a colossal mess to sort out for a long time to come.

 

[RobFunk]

Allow me to explain

WOW. That is REDICULOUS. I would have NEVER guessed that.

 

[Objection]

Those ITunes rankings shooting up to #1 are only after he died.

I read he was spending 30 million more each year than he was earning and was at least 400 million in debt which is why he was doing concerts again.

 

[jeckll]

Those ITunes rankings shooting up to #1 are only after he died.

Can't get anything past you!!

 

[TheKinz]

did Sony (?) finally take all the Beatles rights that he once owned. There were stories that they were behind a huge manipulation of MJ for years and years to take him down so they could get the rights to the Beatles collection he owned. I thought they were close a few years ago..

 

[RobFunk]

did Sony (?) finally take all the Beatles rights that he once owned. There were stories that they were behind a huge manipulation of MJ for years and years to take him down so they could get the rights to the Beatles collection he owned. I thought they were close a few years ago..

Yes. I think once he fell into heavy debt, he financed a large part of the 'Northern songs' ownership out to Sony as part of some loan.

God, once he had hold of that. Between his own work and that Northern book he should have been jet set.

 

[Objection]

Can't get anything past you!!

nope I'm like Vladislav Tretiak

 

[quantumleap]

Yes. I think once he fell into heavy debt, he financed a large part of the 'Northern songs' ownership out to Sony as part of some loan.

God, once he had hold of that. Between his own work and that Northern book he should have been jet set.

It seems Bank of America was willing to give him loans if he put the Beatles collection and Neverland ranch up for collateral. They later sold his loans:

"Mounting debts eventually forced Jackson to the brink of default on a reported $270 million in loans held by Bank of America. Bank of America eventually sold off the loan package — some that package was secured by his stake in Sony/ATV, his Neverland ranch and a separate music publishing firm that owns the rights to Jackson’s own songs — to Fortress Investment."

 

[jeckll]

did Sony (?) finally take all the Beatles rights that he once owned. There were stories that they were behind a huge manipulation of MJ for years and years to take him down so they could get the rights to the Beatles collection he owned. I thought they were close a few years ago..

Hardly a manipulation. He financed his lifestyle with the ATV publishing company (which owned the Beatles catalog) as collateral. He couldn't pay his loans, so they wanted to take the collateral...

 

[ed8]

Damn, debt to death

 

[ed8]

How does one blow through all that money he earned?

Mike tyson blew over 600 million and now has nothing

 

[D2bets]

It's amazing how much money can be blown through if one tries hard enough.

 

[ed8]

Yep so true, like a jet trip starts at 20k

 

[treece]

This reminds me of when Chris Rock said white people leave a will and black people leave a bill.

 

[GoForBroke]

MJ also donated over 300 million to charity