Michael's main problem was that as his income dwindled in recent years, he never changed his spending habits. In 2005, a forensic accountant testified that Michael was spending $20-30 million more per year than he earned and was in debt by as much as $285 million.
Jackson received royalties from his music catalog annually, but it wasn't enough to keep him out of debt. The musician's extreme debt started in 1994 with $30 million owed and quickly grew. When he died, Jackson was between $400 million and $500 million in debt.
When he died in 2009, Jackson was somewhere between $400million to $500million in debt, Ackerman told the court.
Who Got Michael Jackson's Money When He Passed Away? The Billie Jean hitmaker left 40% of his estate to his mother, Katherine. As a result, the matriarch received $100 million (also her current net worth). Court documents also state that she still receives a monthly stipend worth $67,000 from the estate.
At the time of his death, MJ was $500 million in debt
But sadly, Michael blew it all on presumably the animals he filled his zoo with. This extravaganza not only cost the musician his entire life's earning but also landed him in a $500 million debt.
Beyond 'Leaving Neverland': Michael Jackson's $20 Million Settlement With a 13-Year-Old Boy. Jordan Chandler accused the King of Pop of sexual battery, seduction, willful misconduct, and intentional infliction of emotional distress. He settled with the boy for a hefty sum.
Michael Jackson paid $23 million in settlement money to the boy who accused him of child molestation in 1993, according to Court TV and MSNBC-TV.
The estate rights currently belong to the survivors of the Jackson family, including the late singer's mother, Katherine Jackson, and his three children, Paris Jackson, Prince Jackson, and Blanket Jackson. John Branca, an attorney, and John McClain, an accountant, administer the estate.
In 2021, the Tax Court issued a ruling in favor of the estate, ruling that the estate's total combined value of the estate was $111.5 million and that the value of Jackson's name and likeness was $4 million (not the $61 million estimated by the IRS's outside expert witness).
Since 2012, Sony/ATV has administered Jackson's other publishing firm, Mijac, which includes songs written by Jackson himself (and others), and which used to be administered by competitor Warner/Chappell Music.
Michael Jackson's glove from his 1983 performance of Billie Jean: US$420,000.
Net Worth: $100 Million
The matriarch of the Jackson family, Katherine Jackson, was the only one to receive a portion of the Michael Jackson estate when he passed away. As a result, her net worth (per Celebrity Net Worth) is $100 million.
Michael Jackson had a $500 million net worth before dying. However, he went bankrupt after requesting a $380 million loan from Bank of America to finance his lifestyle. Jackson spent the $380 million, and the 50% interest imposed by the bank turned the dept into $500 million.
The King of Pop made the best-selling album of all time, Thriller (which came out 34 years and two days ago!), with sales of around 65 million copies. Yet in spite of the huge revenues he continued to receive from such recordings, Michael Jackson died broke.
In January 1994, Jackson settled the lawsuit made against him for $23 million, with $5 million going to the family's lawyers. The settlement was not an admission of guilt; Jackson said he had settled to prevent the lawsuit interfering with his career, which he later regretted.
The debt surpassed $100 million after the war (including carryover from the Revolutionary War), but by the time Jackson entered office in 1829, it had been reduced to $58 million.
He reveals that Jackson's last words were: "Let me have some milk" before adding: "He was pleading, and begging me, to please, please, let him have some milk." Murray then stated: "That was the only thing that would work. He really could not sleep. Have you ever seen the Thriller image when he was made up?
After subtracting an estimated 20% for distribution and producer royalties, that would leave the Jackson catalog with about $35 million annually.
They show that the executors of Jackson's estate, John Branca and John McClain, approved payment of all proposed expenses, including an advance of $49,000 made by Janet Jackson to Forest Lawn-Glendale cemetery.
Michael Jackson's Neverland Ranch is getting a facelift. The 2,700-acre property at 5225 Figueroa Mountain Road that was home to Michael Jackson from 1988 to 2005 now belongs to billionaire Ron Burkle, SFGate reported.
The oldest member of the Jackson 5, Jackie was born in 1951. He has also released a couple of solo albums.
In 1985 Richie wrote “We Are the World” with pop icon Michael Jackson to raise money for African famine relief; the song generated some $50 million in donations and received a Grammy for song of the year. After the success of Can't Slow Down and Dancing on the Ceiling, Richie's production slowed.
In 2016, Michael Jackson pulled in $100 million on top of landing a deal with Sony/ATV for a portion of his music publishing catalog for $750 million. For this reason, Forbes named Michael Jackson as having the biggest total net worth for one year and setting the record for any celebrity — dead or alive.
Reed traveled to Los Angeles later that week to shoot Safechuck's story in two days. Reed said that Robson, Safechuck, and their families received no financial compensation for the film.