King Of Pop Lived In Luxury, Died In Debt

(CBS)  He moonwalked his way into history - but Michael Jackson's financial moves were not nearly as smooth, reports CBS News correspondent Ben Tracy.

The "King of Pop" sold an astounding 750 million albums. "Thriller" alone sold more than 100 million copies, the most successful studio album of all time.

But Michael Jackson's penchant for the opulent and the oddball led him to the brink of financial ruin. He also had to fund a team of lawyers to fend off continual lawsuits. By the time of his 2005 molestation trial, court records showed Jackson was $300 million in debt and spending $30 million more per year than he was taking in.

"He lost interest in how much was being made, how much he had and how much was lost along the way," said Jackson biographer Randy Taraborelli.

During one shopping spree captured in a 2003 documentary Jackson spent nearly $6 million.

He funded his elaborate lifestyle by borrowing against his three main assets: his Neverland valley ranch worth as much as $90 million; his own music catalog, as well as a second catalog he co-owned with Sony. It includes more than 250 Beatles songs. Jackson outbid Paul McCartney for the rights in the mid 80's.

In March Jackson announced his comeback, returning to the stage for 50 shows in London.

"This will be it," Jackson declared. "And when I say this will be it, it really will be it."

Seven hundred fifty thousand tickets sold out in just four hours - $85 million that now needs to be refunded. Jackson was expected to earn $20-30 million from the shows plus a potential $400 million for an expected worldwide tour.

He needed the money. Neverland and many of his possessions were almost sold at auction and the house paramedics showed up at yesterday was one Jackson was renting for a reported $100,000 per month.

In Hollywood, Michael Jackson's fans are gathering at a makeshift shrine. As for his will, the big question will be the fate of that music catalog containing the lucrative Beatles songs. It alone is worth an estimated $500 million.

Who should be executor of Michael Jackson's estate?

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 Katherine Jackson
 John Branca and John McClain

More Michael Jackson coverage:

Quincy Jones: "I Miss My Little Brother"
Motown's Gordy On Discovering Jackson
Gary, Indiana Mourns Hometown Star
The Man With The Moves
King Of Pop Lived In Luxury, Died In Debt
Coroner: Cause Of Jackson Death Deffered
911 Caller: Jackson "Not Breathing"
KHOU: Texas MD With Jackson Amid Collapse
A Collection Of CBS Videos Of Michael Jackson
The Death Of Michael Jackson, Full Coverage

[kajexa]

I am soooooo sick of all you talking about how this man spent his money. HE EARNED IT!!!! If he could recoup all that he's GIVEN away in his lifetime, his debts would be more than paid! Give it a rest. Most importantly, let him rest!!!

Jackson Family Fan Forever!!!!!

[hennighg]

Sorry. I'm sad about his death, and sad about his life, and his celebrity is like Princess Di's, but PLEASE remember that this guy was a pedophile, too. Realistic reflection should include that.

[atltom58]

amazing how it seems that becoming a super rich entertainer in the US seems to be a death sentence. Especially to the "SuperStars" that are treated like some sort of saints no matter what they do. I fondly remember enjoying MJ as a kid, during the the Jackson 5 days, Jackson and myself were born the same year. I lost interest in him by the 70s as I moved on to a bit harder Led ZeP sort of musical interest even though i do still like old motown stuff from the early 60s. Shame he had to die under the circumstances he did but when youve got that much money or at least a good line of credit its not hard to surround yourself with people that will say yes to anything you want. oh well Bout as simple as a b c.

[formrusmcsgt]

...court records showed Jackson was $300 million in debt and spending $30 million more per year than he was taking in.
----
The man was looney tunes.

[tmittelstaed]

Actually, technically Jackson didn't die "in debt" he died with the majority of his wealth tied up in non-liquid assets. Balancing his debts against his assets your probably going to come up positive.

[jetranger7]

Ya,, but what ya got to is a bunch of Idiots trying to buy up whatever they can, thinking, their going to get rich quick, rather it be Antique dealers or Collectors or bunch of wanna be get rich E Bayers,, who think they're really going to make a buck,, wait till they find out he ain't as popular with todays bubble gum chewin youngsters, as back in 1983, it ain't happinin, and that report by Amazon,, I wouldn't put a lot of trust intoi their gimmic sales B.S tell that much,, thats another ploy to try to decieve the idiots into thinking they'd better get over to that site and buy whatever they can get their hands a hold of now, because it won't be there later,, its all gimmics and smoke and mirrors for the almighty dollar and to decieve the naive brain dead public,,, which probably 75% will believe anything their told or read anyway,,, personally, I think those that think this moran was any kind of saint - should just give up 80% of their pay checks to the Jackson estate every month to help support it,, for whatever reason,,, bet the tune changes now,,, !

[obomba1]

He was a very troubled person. He needed help many years ago and never got it.

[pvperson3]

wdh3007, well since my portfolio has increased by 35% since Obama took the steering wheel of the country, I hope he keeps driving. His decisions have added $70,000 to my savings, thank you very much.

[pvperson3]

Whooooweee, I don't know which will be a bigger circus, the guardianship of his kids or his finances, this will still be going on a year from now.

[wdh3007]

One thing is for sure MJ and BO have something in common they both know about debt the only difference is BO is driving us into it for us.