Michael Jackson lived like king but died awash in debt

pioneer press ^ | 6-26-09 | Ryan Nakashima and Alex Veiga

[WOBBLY BOB]

Yet after selling more than 61 million albums in the U.S. and having a decade-long attraction open at Disney theme parks, the "King of Pop" died Thursday at age 50 reportedly awash in about $400 million in debt, on the cusp of a final comeback after well over a decade of scandal.

[WOBBLY BOB]

he coulda been a Congresscritter.

[Woebama]

I hope he had life insurance for his children (child?).

[dead]

on the cusp of a final comeback

Maybe in Europe and Asia, but he was long done in the US and wasn't coming back.

They're a bit more tolerant of celebrity pedophiles over there then we prudish puritans are.

[Izzy Dunne]

Linkee no workee

[dfwgator]

Sounds like his estate needs a bailout.

[Burkean]

Somebody speculated last night that there will be more than enough money rolling in for the three kids (and presumably grandma Jackson) to live on very comfortably. MJ’s problem wasn’t that he didn’t have money coming in, it was that he was far too lavish in his spending.

[dfwgator]

Well his death certainly will be good for record sales, I suspect you will see “Thriller” sales go through the roof this week.

[EDINVA]

I think he’d have managed sold-out concerts in the US but record/cd sales would not have approached what they were in the past.

[MeneMeneTekelUpharsin]

...it was that he was far too lavish in his spending.

He won't be doing that any more. However, his children may have picked up the habit.

[Tallguy]

$400 Mil??? Too big to fail, I guess. You have to wonder about his creditors... this guy wasn’t ever going to make the kind of money that he once did...

[ozzymandus]

If you make a billion, and spend 1.5 billion, you’re in debt.

[mikelets456]

I don’t know if this is true or not, but his family elected to cremate his body and all the plastic from his surgeries will be molded into legos so kids can play with him.

[HerrBlucher]

They were not very tolerant of Jerry Lee Lewis when they found out he married his 13 year old cousin......the U.S. wasn’t either though. I guess bad timing for Lewis.

[Zevonismymuse]

My daughter's boyfriend impersonating Michael Jackson on the wall in front of Neverland Ranch less than two weeks ago.

[dfwgator]

That’s pretty much the case with any nostalgia act. U2 is selling out their tour, but their latest CD didn’t do squat.

[WOBBLY BOB]

Liz Taylor and Bubbles the chimp can pay for it all.

[WOBBLY BOB]

he does a good red x

[babble-on]

yep, Thriller just hit #1 on Amazone

[La Lydia]

His estate is going to make his children as rich as Lisa Marie, if managed as wisely — big if. They would have to pay off the debt, but the rights to his music, videos, images, etc. are a money machine.

[GOP Poet]

bookmark

[jadedeagle]

...deadophile...

[ElayneJ]

$400,000,000 in debt, yet he was renting a $100,000/mo home (that looks like it would rent for even more than that). How? Or does “debt” mean something different in California?

[a real Sheila]

FUNNY!
Where’s the sequined glove and the Sgt. Pepper’s jacket?

[bigbob]

Better’n dying in prison.

[silverleaf]

That dysfunctional bunch of people is going to be fighting over those kids. Want to bet Papa Joe steps up and demands his share as family patriarch.

[autumnraine]

Read this morning he had an annual income of $19 Million and yet still died $400 million in debt.

I have survived on $19,000 a year just recently. I have no pity for the estate, or his debtors.

[nuadvntur]

Pretty sad.......Farrah......a NORMAL decent person, and a fair actress dies and little is said about it. A sick mentally deficient, child molesting recluse dies and everyone goes into mourning. It is no wonder the country is in the condition it is in today!

[Cathy]

It will make the Anna Nicole’s daughter’s predicament look like a tea party, all those weirdo Jackson’s wanting to cash in. I don’t trust any of them.

[Zevonismymuse]

Here is a picture of my son (in ski mask) with two friends wearing disguises because their T-Shirts say, "I slept at Neverland and I all got was this lousy T-Shirt".

[Extremely Extreme Extremist]

I suspect you will see “Thriller” sales go through the roof this week.

Thriller video has over 37 million hits on YouTube. Just before he died, it was at 14 million.

[La Lydia]

You have to wonder what his will says about custody and care of those children. Given the job Papa Joe did, one can only hope someone responsible will be there to look out for their interests.

[autumnraine]

Debbie Rowe gets the older two. It was rumored that her parental rights were terminated, but apparently they never were so she gets the older two if she wants.

I’d imagine she wants the bookoo child support involved, but I do feel sorry for that littlest one, Blanket or whatever his name is. He will miss his older siblings.

That whole family is messed up in the head if you ask me.

[dfwgator]

The circus has just only now begun. Oh well, the news channels are happy.

[deport]

He more than likely will end up like Elvis with his estate making huge amounts of money after his death.

[Zevonismymuse]

Farrah......a NORMAL decent person...

I don't know if I'd go that far. She seemed to have plenty of problems with handling her fame also. To me it is sad when people die for any reason but obviously it is worse when it is self inflicted as opposed to dying of cancer.

[GSWarrior]

A couple I know operate a used CD/vintage memorabilia/crap store. People have been snatching up anything related to Michael Jackson. They even sold the plastic bin divider with Jackson’s name on it for $25. Their eBay sales are skyrocketing.

[dfwgator]

Death is a good career move.

[political1]

Sony corporation has the rights to Michael Jackson's Music along with The Beatles archives. They are held as collateral against loans given to MJ. Estimates on this debt are between 280 million and 330 million. That is money he owed Sony corp. Who knows what other debts he has. Unless his estate can pay off this debt it has lost the right to claim any new revenue gained from royalties. Trust me when I say “here come the lawyers.”

[CSM]

“I hope he had life insurance for his children (child?).”

I heard he had Blanket coverage!

[napscoordinator]

Oh dear God. I did not need to know this. Why did you just make me sick. I am now physically ill. That is the most disgusting thing I have read on Free Republic and there have been quite a few doosey’s. lol. I am absolutely disturbed over this. I seriously pray that is not true.

[Cementjungle]

Trust me when I say “here come the lawyers.”

And I'm sure the media will cover the circus ad naseum.

[FreeSmart]

or one of many Americans who thought they could live in credit forever

[Hoosier-Daddy]

Jacko is just a pale, little slice of Americana.

[political1]

My friend just told me that Michael Jackson held nearly 50% of the stock issued by Sony Corp. So his question was, isn't this a case of MJ borrowing money from himself? So I guess part of his debt payment was derived from dividends payed on that stock. If his monthly debts were more then the dividends received, this would fall under the law of diminishing returns. 20 years ago when I was in college, I was taking credit cards to pay off credit cards. At some point this catches up with you.

[WOBBLY BOB]

I never understood that...give it a month or two and you’ll be able to buy it for what it was last week..$2.00

[windcliff]

Maybe I should dig up stuff to sell on ebay.

[Milton Miteybad]

My friend just told me that Michael Jackson held nearly 50% of the stock issued by Sony Corp...


I'm skeptical of your friend's statement, to say the least. Sony's largest institutional shareholder, as of Mar 31, 2009, was Dodge & Cox, Inc., which held 5.17% of the outstanding shares (51,905,178 shares total) with a value of $1,070,803,822 at the end of the first quarter.

If Jackson owned half of the outstanding stock of Sony, his stock would be worth well in excess of $10 billion at the current price of the stock, and there would probably be more than enough available assets remaining in his estate to make his creditors whole, and leave something for his children.

Alas...I fear that is not the case.

[political1]

My friends and I are talking about MJ’s debt, and being that this thread is about his debt I am posting some of the questions. Another Qestion asked is can MJ’s estate sale their Sony Corp stock and retain the right to MJ’s and the Beatles archives? After all Sony Corp only holds these archives as collateral on loans. My answer was yes the estate can sell the Sony Corp stock, and retain the archives. My question was who will buy Sony Corp Stock If they don't own the Beatles, and MJ archives?

[Cementjungle]

My friends and I are talking about MJ’s debt, and being that this thread is about his debt I am posting some of the questions. Another Qestion asked is can MJ’s estate sale their Sony Corp stock and retain the right to MJ’s and the Beatles archives? After all Sony Corp only holds these archives as collateral on loans. My answer was yes the estate can sell the Sony Corp stock, and retain the archives. My question was who will buy Sony Corp Stock If they don't own the Beatles, and MJ archives?

I don't know that much about all the details, but one thing's for certain: Everything in the estate will probably be tied up for many, many years while the armies of lawyers fight it all out.