Michael Jackson's Massive Debt Revealed

June 30, 2009 By:
Michael Jackson's Massive Debt Revealed

Every day new details surrounding Michael Jackson's personal life are revealed, including his medical condition and now his finances.

We all knew Michael was in some serious debt, and according to reports, that number is around $300 million.

Although he had assets worth an estimated $1.3 billion, the majority of it was tied up in his 50% ownership of The Beatles' back catalogue with Sony Records, which he refused or was unable to sell.

In a bid to get lenders to give him more cash, Michael had signed up for his 50-night This Is It residency tour at London's O2 arena with promoters AEG Live.

The deal guaranteed him $38.5 million, with the potential to make an additional $300 million if the concerts went well. Sadly, he didn't live long enough to see his comeback tour make headlines.

A source told Britain's The Sun newspaper: "He signed up for the live comeback about 18 months ago and told lenders he could make $300 million. But the pressure of knowing what it would take to fulfill his promise could have helped kill him."

So what did he do with all that money? Michael was renowned for his outlandish spending, which included a collection of cars, antiques and other collectables worth $20 million.

Hopefully when all is said and done, his three kids will get enough money to support them in the upcoming years. And more importantly, lets hope they didn't inherit their fathers 'Bad' money management skills.