MovieChat Forums > Michael Jackson Discussion > So, where DID Jackson's money go?

So, where DID Jackson's money go?

posted 4 years ago by Otter (24464)
18 replies | jump to latest

So during the 1980s, Jackson seemed to have all the money in the world, he was top of the charts for a long time during an era of generous contracts, and was thought to be an astute businessman because he was making deals to buy the Beatles catalogue and so on. But by the early 2000s, his home was seized by creditors, and he seemed to be out of money.

So where DID the money go? I mean, Jackson spent lavishly, but it is possible for one person to spend that much without buying fourteen private islands? Did his record company shaft him? Did his money managers invest badly, or steal from him? Were there illicit payoffs? What? Anyone know anything? I mean, I've followed MJ over the years, but not as closely as some.

[–] Satan2016 (25525) 5 months ago

https://deadline.com/2024/06/michael-jackson-500m-in-debt-when-died-1235985418/

The Los Angeles Times reported that certified public accountant William R. Ackerman, testifying as a defense witness on behalf of AEG Live in a wrongful-death trial in August 2013, told jurors that Jackson spent money on donations to charity, gifts, travel, art and furniture.

“He spent a lot of money on jewelry,” said Ackerman. “He was tapped out.”

After Jackson’s death, the financial liability for his planned London tour fell on the estate. He owed roughly $40 million to concert promoter AEG, according to a recent probate petition, “and [there was] little hope of generating income from [Jackson’s] already highly leveraged assets.”

Estate executors claimed in a March 2024 filing that the estate was saddled with debt and on the verge of bankruptcy when Jackson died.

The estate now is valued at over $2 billion, thanks to some renegotiations of debt and some asset sales.

[–] seagal72 (1962) 3 months ago

My take is, that he was still spending it, like he used to make it.
His fame throughout the 80's/90's turned to infamy in the 00's (and the 'music' took a back-seat to 'headlines')
His career seemed to stall around this time (and the hits weren't exactly forthgcoming like they used to be)
Yet he was still spending money, as if his every last album was 'Thriller'

[–] jacotodd47 (1843) 3 months ago

Well unfortunately, just about everyone is full of it when it comes to $ so who knows.

A common sense reason you can come up with on your own is look what happened to the guy.

Horrific legal messes that cost him countless millions.

He kept Neverland going long past the time he could afford to.

But probably the biggest reason, he went down the tubes as an entertainer. This happened, and one believes he continued to spend like it was still the 1980s at which time he was on top. Simple economics - if you continue to spend more than that which is coming in, you'll eventually go broke.

[–] tsrts (402) a month ago

Mostly Never Neverland Ranch