Before the age of 13, Michael Jackson released The World of the Living. One of the most well-known dancers in the world passed away on June 25, 2009.
The birthplace of Michael Jackson is Gary, Indiana.
When he was young, Jackson joined the Jackson family band, The Jackson 5.
He developed his profession in the 1970s. The King of Pop was said to have had a net worth of million to 0 million annually between 1985 and 1995.
Tours, album sales, endorsements, and merchandising all contributed significantly to Michael Jackson’s wealth.
However, he spent the most of his money on Debbie Rowe, his ex-wife and child’s mother. For abusing a child, Jackson received a $20 million settlement and was also had to pay his attorneys’ expenses.
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Jackson also acquired Neverland Ranch, which had maintenance costs of $10 million annually and a cost of $19.5 million.
Michael Jackson’s net worth at death
Michael Jackson’s net worth was $500 million less than it was while he was living at the time of his death. For his extravagant lifestyle, Michael once obtained a $380 million loan from Bank of America. He pledged his 50% ownership stake in Sony/ATV, a music publishing company, as collateral.
That loan’s interest alone costs tens of millions of dollars every year. He squandered the entire $380 million plus an additional $120 million in a matter of years. When Michael Jackson passed away in 2009, he owing $500 million as a result.
The Music of Michael
At the time of his passing, Michael’s music collection was his most precious property. The most valuable part of his fortune, however, was his library of songs by other artists, particularly those by The Beatles, which had a copyright value of $100 million. Michael purchased Sly and the Family Stone’s music libraries towards the beginning of the 1980s.
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But in November 1984, when he paid $47.5 million to ATV to purchase The Beatles’ music, Michael achieved his greatest success. He then purchased a number of timeless songs, including “Runaround Sue,” “Shake Rattle and Roll,” “When a Man Loves a Woman,” and “Great Balls of Fire.” He had never before owned music rights.
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Sony and the Beatles catalogue were eventually united to create Sony/ATV, a 50/50 partnership that is now estimated to be valued between $2 and $4 billion.
The Beatles Purchased by Michael Jackson
All of The Beatles’ music was owned by Robert Holmes. The business tycoon from Australia put it up for sale through his organisation, ATV Music Publishing, which had a section called Northern Songs that served as The Beatles’ music publishing company and possessed the rights to roughly 4,000 songs.
Paul McCartney and John Lennon signed a bad contract at the start of their careers that granted Northern Songs the right to publish more than 250 songs. Paul McCartney and Yoko Ono had the opportunity to purchase the Beatles collection in 1984, but they passed up the opportunity due to the $40 million price tag.
At the time, 25-year-old Michael Jackson was in the midst of a two-year buying binge for music publishing rights and had recently scored a huge hit with Thriller. He spent a lot of money between 1982 and 1984 acquiring publishing rights to songs by, among others, Sly and the Family Stone, Great Balls of Fire, When a Man Loves a Woman, and Runaround Sue.
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The ATV/The Beatles repertoire was up for sale for a while, and Michael Jackson’s attorney, John Branca, talked to Michael about buying it. Jackson and Branca made an offer of $47.5 million, which is equivalent to around $115 million in today’s money, after Michael instructed him to go all out. The $40 million top offer won.
After that, Michael was free to licence any Beatles song, which he did in 1987 when he paid $500,000 to Nike for the rights to Revolution. McCartney and Lennon each received $125,000 because they still held the songwriter’s royalties, while Jackson received a sum of $250,000 from the arrangement.
Jackson, Michael Money Earned and Spent
During his lifetime, Jackson earned about $500 million from his songs, performances, videos, and sponsorships; yet, he was $500 million in debt at the time of his death in 2009. Jackson’s extravagant, costly lifestyle caused him to run out of money. He owed his lawyers, agents, and publicists a large sum of money that he never paid, and he spent between $30 million and $50 million a year on his lifestyle alone. Note a couple things:
- The Neverland Ranch cost $17 million to purchase and $5 million a year to maintain.
- $20 million was paid to resolve a lawsuit alleging child sexual assault.
- $65 million was spent on several video projects, including the 35-minute film “Ghosts,”
- which he co-wrote with Stephen King.
- Tom Cruise and Debbie Rowe settled their divorce for $12 million.
- Each year, he was required to pay $5 million in interest on his loans.
- Millions of dollars were spent on Bentleys, collectibles, artwork, clothing, chimps,
- diamond-studded gloves, and other little goods.
- To fund his extravagant lifestyle, Jackson took out a $380 million loan against the value
- of his music collection.
- The pop artist has a reputation for making financial mistakes and overestimating his worth.
- In an effort to maintain his lifestyle and make a return in his profession and finances toward the end of his life, he entered into a number of dubious financial arrangements with banks, hedge funds, and other unscrupulous figures.
- Michael had little hope of being able to repay the principal or interest of the 0 million loan before he passed away because he had already spent the full amount.
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The “This Is It” tour, which some claim caused Michael’s passing, was primarily required because of this debt.
