Show me a man who hasn’t heard the name, “Michael Jackson”? I bet you can’t! Michael Jackson is one of the most celebrated singer, dances, songwriter, actor, and producer. Michael Jackson’s Net Worth was negative $500 million at the time of his death. Shocking, right? Technically, Michael Jackson was in debt of $500 million at the time of his death, owing to his decades of overspending and over borrowing. He has sold over 750 million records worldwide, including 35 million in the year following his death.
Between 1985 and 1995, Michael Jackson made approximately $50 and $100 million each year through tours, album sales, endorsements, and merchandising. Regrettably, Michael wasted the money as quickly as he earned it. His extravagant lifestyle costs around $50 million per year to maintain. He paid his baby mom Debbie Rowe $12 million, spent another $20 million resolving a child abuse allegation, and spent tens of millions on attorneys.
Michael Jackson’ Neverland Ranch cost him $19.5 million at the time of purchase and a whopping $10 million to maintain. He spent $35 million transforming the property into his own amusement park. There were also Bentleys, exotic animals, antiques, art and the much renowned diamond-encrusted gloves. Jackson allegedly spent between $50 and $100 million on unfinished film and music projects.
Michael Jackson Age (at the time of death): 50
Michael Jackson Net Worth: – $500 million
Michael Jackson Height: 1.75 m
Michael Jackson Nationality: American
Michael Jackson Spouse: Debbie Rowe (m. 1996–1999), Lisa Marie Presley (m. 1994–1996)
Michael Jackson Kids: Paris Jackson, Prince Michael Jackson II, Prince Jackson
Michael Jackson Most Famous Songs:
- Billie Jean
- Smooth Criminal
- Beat It
- Man in the Mirror
- Off the wall
- Number ones
- Don’t Stop Til You Get Enough
- They Don’t Care About Us
- Black or White
- Earth Song
Michael Jackson Last Words: “I can’t function if I don’t sleep. They’ll have to cancel it. “And I don’t want them to cancel it, but they will have to cancel it.” – According to his doctor
Michael Jackson Net Worth
Like I said, Michael Jackson’s Net Worth was negative $500 million. Let’s find out how. To maintain his lavish lifestyle, Jackson took a loan of $380 million from Bank of America, using his 50% ownership share in the music publishing corporation Sony/ATV as security. The interest alone was in the tens of millions of dollars every year. He burned the whole $380 million plus $120 million down in a few of years. As a result, when Michael Jackson died in 2009, he was $500 million in debt. Michael Jackson’s age at death was 50 years. Google flooded with one question, “how did Michael Jackson die” for months after his death.
Michael Jackson Music Catalogue
Michael’s most important resource at the day of his demise was his music catalogue. While the copyright worth of Michael’s own songs was assessed to be valued at $100 million, the crown gem of his total assets was his arrangement of other artist’s songs, particularly those from The Beatles.
Michael’s initial journey into music rights ownership commenced in the early 1980s, when he bought the catalogues of Sly and the Family Stone. He then purchased a number of iconic singles, including “Great Balls of Fire,” “When a Man Loves a Woman,” “Shake Rattle Rattle and Roll” and “Runaround Sue,” to name a few. The biggest triumph, however, came in November 1984, when Michael paid $47.5 million for The Beatles’ ATV music collection. The Beatles catalogue was subsequently amalgamated with Sony to form a 50/50 joint company known as Sony/ATV, which is now valued at $2-4 billion.
Michael Jackson Sony Collaboration
Sony approached Michael with an unbelievable offer in 1995. Sony offered him $95 million (about $230 million today) to integrate ATV music with their portfolio and form a new 50/50 controlled publishing powerhouse. Michael accepted and immediately doubled his initial investment while also earning 50% ownership of a much larger music publishing firm. Furthermore, Jackson retained exclusive ownership of his own music through a separate corporation named Mijac Music.
Michael Jackson Earning and Expenses
Jackson earned around $500 million through his own songs, performances, videos, and sponsorships over his career, but at the time of his death in 2009, he was basically $500 million in debt. After spending all of his money on an intricately sophisticated and lavish lifestyle, Jackson was left bankrupt. He spent $30 to $50 million a year on his lifestyle alone, and he piled up enormous unpaid bills with his lawyers, agents, and publicists. Here are a few highlights:
- The Neverland Ranch cost him $17 million to acquire, plus $5 million in annual upkeep fees.
- A child molestation claim was settled for $20 million.
- $65 million on video projects, including the 35-minute movie “Ghosts,” which he co-wrote with Stephen King.
- Divorce settlement of $12 million with lover Debbie Rowe.
- $5 million in yearly debt interest payments
- Tens of millions of dollars have been spent on Bentleys, clothing, antiques, art, diamond-encrusted gloves, and other things.
Jackson borrowed $380 million against the value of his song library to support his continuous luxurious lifestyle. The pop artist was notoriously naive about money, and he had an exaggerated sense of his new value. He entered a vortex of financial transactions with banks, hedge funds, and other unscrupulous people at the end of his life in an attempt to preserve his lifestyle while staging a professional and financial comeback.
Who Inherited Michael Jackson’s Estate?
Michael Jackson’s executors have made an ambitious financial comeback in the years since his death. One of their main aims was to get the estate back on track so they wouldn’t have to sell his beloved music collection.
Michael’s will specifically left 40% of his assets to his three children, to be distributed equally. Another 20% was donated to other children’s organisations, with the remaining 40% going to his mother Katherine. When Katherine dies, the 40 percent balance goes to Michael Jackson’s kids, which means his three children will eventually share 80 percent of the inheritance.
Among the many passions of Michael Jackson, kids were among his favourites. He loved kids. Whether or not he assaulted kids is still a controversy. But, his love for kids is clearly visible in his will.
Michael Jackson Estate Net Worth Post Death
Ironically, dying was probably the best thing that ever happened to Michael’s finances. In the years since he died on June 25, 2009 he has consistently been the highest-earning dead celebrity on the planet. Beginning almost right after Michael’s death, his executors moved to shore up the pop star’s finances. They immediately sold Michael’s future music rights to Sony for $250 million, which at the time was the largest record deal in history of pop music. His attorneys also went through hours upon hours of personal home video from the last year of Michael Jackson’s life to create the film “This Is It,” which was released in theatres worldwide. Till date, the film grossed more than $500 million. Following the popularity of the film and the record contract, several more endorsers approached him. Pepsi hit a deal to licence Michael’s picture. Cirque du Solei created two performances in Las Vegas based on Michael’s music and image. On both shows, Jackson’s estate is a 50/50 partner with Cirque du Solei. Furthermore, Michael Jackson left tens of thousands of personal artefacts and mementos in three massive warehouses in Southern California. The artefacts will be preserved until all three of his children reach the age of 18, after which they can decide whether or not to auction off Michael Jackson’s belongings.
Michael Jackson’s Income After Death
2018: $400 million
2017: $75 million
2016: $825 million
2015: $115 million
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