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WORLD> Death
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Jackson lived like king but in millions of debt
(Xinhua)
Updated: 2009-07-01 13:39
According to his publicist at that time, Michael Levine, this represented the beginning of the walk-down of Jackson on a tragic path, financially, emotionally, spiritually, psychologically, and legally.
Al Khalifa, 33, claimed he gave Jackson millions of dollars to help shore up his finances, cut an album, write an autobiography and subsidize his lifestyle, including more than 300,000 dollars for a "motivational guru." The lawsuit was settled last year for an undisclosed amount. Jackson's nightmare came in 2003, when he was arrested on charges that he molested another 13-year-old boy. He was forced to leave his Neverland ranch and moved to a mansion rented from Ding in Beverly Hills. It was estimated that Jackson spent millions of dollars to defend for himself. Although the case finally ended with an acquittal, he was driven to the bottom of financial crisis. Even before his 2003 lawsuit, Jackson began to borrow large sums of money. A lawsuit filed by Union Finance & Investment Corp. sought 12 million dollars in unpaid fees and expenses. A forensic accountant once testified in court that Jackson was spending 20 million to 30 million dollars more than he earned per year. He had a cash crisis for a long time. Last year, Jackson faced foreclosure on his Neverland ranch. Billionaire Thomas Barrack, chairman and CEO of Los Angeles-based real estate investment firm Colony Capital LLC, agreed to bail out the singer. He purchased Jackson's Neverland ranch for US$22 million just before the fairyland destination would have been sold at an auction to cover Jackson's debt. The King of Pop was actually a poor man with the estimated debt at the time of his death at US$400 million. But Jackson's children would benefit from his songs after his death. As the world mourns this pop king, his songs were sold very well throughout the world. His children would have no worry about the 400 million-dollar debt. They would be rich with Jackson's songs which would be popular for many years to come. Then, another round of fight for the wealth would begin. This time the children's grandmother, two of the three children's mother and the children's babysitter are expected to fight for the right of custody of Jackson's three children.
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