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Don’t get it twisted, being in debt is not quite the same as being broke and while some are running adding fire to the fuel surrounding his bizarre life and death, the King of Pop’s was not a pauper. True, at the time of his tragic demise, the legendary performer was $400 million dollars in debt but Jackson was still pulling in $19 million annually in royalties and investment income according to The Wall Street Journal. In addition liquidation of his considerable assets including: the Neverland Ranch which in early 2004, news program “Entertainment Tonight” estimated Neverland Ranch to be valued at approximately $120 million; and the lucrative Beatles catalogue acquisition worth about $500 million dollars will go a long way to offset much of that debt.
So what’s all this about being broke. He was extravagant, he lived lavishly and he was given to indulgences, supposedly squandering away $1 billion dollars during his career. But, the man was a money making machine, a virtual cash cow who churned out hit after hit and made some pretty shrewd investments along the way. The $47.5 million dollar acquisition of the Beatles song catalogue (outbidding Sir Paul McCartney) was a major coup that would bring $1 billion dollars at the time of sale. That was 1985, and in 1995 Jackson sold half of the song rights back to Sony for a reported $500 million dollars. However, Jackson did secure loans against the remaining song inventory with hefty monthly payments.
Jackson earned approximately nearly $75 million from publishing, endorsements, merchandising and music videos. Oh and about the $400 million dollar debt the pop legend incurred, the London concerts would have reportedly earned him in excess of $400 million. Add to that the 100 or so unreleased tracks Jackson has been sitting on and the Jackson heirs aren’t facing a fate worse than the beloved and beleaguered icon’s death. –roz edward
