Michael Jackson Paris Jackson Gabriel Glenn Katherine Jackson USA death reports Michael Jackson Paris Jackson Gabriel Glenn Katherine Jackson USA

Michael Jackson left behind mammoth NINE-FIGURE debt on passing away

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express.co.uk

However, some reports suggest that the tour was intended to help pay off some of Jackson’s mountainous debts. At the time of his death, Jackson had $500million (£408million) debt.Many blamed his spending habits for the debt, with lavish purchases like the Neverland Ranch, which reportedly cost $19.5million (£15million) to purchase.

On top of this, it is said to have cost $10million (£8million) per year to maintain, and contained the Best Picture Academy Award won by Gone With the Wind, that Jacskon bought for $1.5million (£1.2million).After his death, the executors of his estate were able to save Jackson’s financial state thanks to an aggressive tactic.

They sold all of his future music rights to Sony for $250million (£204million). Once his debts were settled, Jackson’s heirs could finally access their inheritance.

Forty percent of his assets were split equally between his three children, and another 40 percent was left to his mother Katherine Jackson.

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