express.co.uk
24.06.2022 / 15:21
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Michael Jackson left behind mammoth NINE-FIGURE debt on passing away
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. The final 20 percent of the superstar’s estate was left to various children’s charities. Despite receiving vast sums of money, Jackson’s children did not rest on their laurels. The eldest, Prince Jackson, 25, has lived a relatively private life and is worth roughly $100million (£81million). He edged into showbiz as a reporter for Entertainment Tonight in 2013 and acted in the 90210 reboot. Prince studied business administration, graduating cum laude,and founded King’s Son Productions. Paris Jackson, 24, is currently worth an estimated $100million (£81million) and works as a model, actress and singer. In 2018 she formed folk duo The Soundflowers with Gabriel Glenn.She’s also tried her hand in the film industry with roles in 2018’s Gringo film and 2021’s American Horror
