Even though Michael Jackson, The King of Pop, is considered one of the highest-grossing artists of this generation. He has surprisingly been in debt for years before his death. By the time he passed, how much debt did Jackson owe?
A $500 million amount of debt was revealed during Jackson’s 2013 wrongful death trial. But despite being dead, he still earns a lot of money to pay for his debt to be even noted as one of the biggest-earn deceased celebrities on earth.
From ‘Billie Jean To ‘Beat It’: What Song Did Michael Jackson Make The Most Money Out Of?
Unleashed in 1982, Jackson’s sixth solo album Thriller was the top-selling album yielding seven Top 10 hits. The album remained on the charts for 80 weeks, maintaining the No. 1 spot for 37 weeks.
In expansion to its unparalleled commercial accomplishments, Thriller garnered 12 Grammy Award nominations and notched eight wins, both records. Jackson’s triumphs showcased the various essence of his work.
For his songwriting talents, he gained a Grammy for Best Rhythm and Blues Song for Billie Jean. He also was celebrated for the singles Thriller the Best Male Pop Vocal Performance and Beat It the Best Male Rock Vocal Performance. With co-producer Quincy Jones, Jackson conveyed the award for album of the year. (Source: Biography)
What Happened To Michael Jackson?
On June 25th, 2009 Michael Jackson passed away of a cardiac arrest at the age of 50. This was a consequence of a deadly cocktail of sedatives and painkillers. One of which was propofol, which was dispensed by his physician, Conrad Murray. (Source: Music Minnesota)
It was allegedly publicized by an American forensic accountant William R. Ackerman that Jackson has been pressured to pay his annual debt payments amounting to $30 million. Where his money went exactly, Ackerman explained, was to interest from the debt he’d acquired, along with lavish expenses.
He spent a lot of money on jewelry
William R. Ackerman laughed, Forensic Accountant
Jackson received royalties from his music catalog annually, but it wasn’t enough to keep him out of debt. The musician’s extreme debt started in 1994 with $30 million owed and quickly grew. When he died, Jackson was between $400 million and $500 million in debt.
Jackson’s relative lost his criminal death case, which asked AEG Live, a show advocate, to pay the family $1.5 billion, according to Rolling Stone. The lawsuit asked if AEG had hired Dr. Conrad Murray, who offered Jackson the dose of propofol, which massacred him.
It was settled upon by the jury that AEG did hire Murray, but at the time, Murray was not unqualified of doing his job. The jury uncovered AEG innocent of any role in Jackson’s death.
Since his cessation, though, Jackson has earned earnings. He’s currently on the Forbes list of highest-earning dead celebrities, according to Billboard.
By 2016, Jackson had constructed around $115 million from both his show movie release, This Is It, and a bargain with Sony for $200 million for seven additional albums. He still obtains royalties from his expansive theme cluster. (Source: News Week)