Right there you're already off the track. The article cites "some experts" as the source for that number. Feh. A more realistic number is half that. Furthermore, Jackson only owns half of the rights under a joint venture with Sony. So his real stake is maybe worth $200-$250 million--just about what the loan was. The whole "Michael Jackson owns the Beatles Catalog" thing has always been a bit of a sham.
All proceeds beyond the amount needed to repay the loan, interest, and lenders' legitimate costs associated with collecting, will go to Jackson. Seller may sell the assets at a little less than market, due to having the right to make itself whole reasonably quickly, but there won't be much discount. Plenty of bidders will surface for both these assets, and by selling at unreasonably low prices, the lender would be opening itself up to huge, and likely successful, lawsuits for the difference between sale price and reasonable market price. Jackson will be very rich for a while, but in his condition, it won't take him long to run through the $800 million or so.
I don't think he owns it entirely, plus I think it reverts back to Sir Paul, who turned down the opportunity to purchase it back.
The entire value of the Beatles catalog goes to the lender who is taking it for the non-payment. MJ put it up as collateral, and he has now lost it. Guess that gives Paul the chance to buy the catalog back from the lender.....
A friend of mine foreclosed on her ex for a sum of back alimony for less than $50K. She ended up with a piece of property worth over $1 million, which she also got with the other 2 mortgages. The net worth of the property was way over the $50K, but she kept it, refurbished it, and doesn't have to give him one red cent when or if she sells it. He gambled and lost. He was sure she would NEVER foreclose, and he bragged about that to all who would listen to him.