Michael Jackson Lived Like King but Died in Debt


Michael Jackson lived like king but died in debt

LOS ANGELES, Jun 26 (Agencies): Michael Jackson the singer was also Michael Jackson the billion-dollar business.

Yet after selling more than 61 million albums in the US and having a decade-long attraction open at Disney theme parks, the ``King of Pop'' died Thursday at age 50 reportedly awash in about $400 million in debt, on the cusp of a final comeback after well over a decade of scandal.

Michael Jackson died at the UCLA Medical Center after being stricken at his rented home in Holmby Hills. Paramedics tried to resuscitate him at his home for nearly three-quarters of an hour, then rushed him to the hospital, where doctors continued to work on him.

``It is believed he suffered cardiac arrest in his home. However, the cause of his death is unknown until results of the autopsy are known,'' his brother Jermaine said. Police said they were investigating, standard procedure in high-profile cases.

The moonwalking pop star drove the growth of music videos, vaulting cable channel MTV into the popular mainstream after its launch in 1981. His 1982 hit ``Thriller,'' still the second best-selling U.S. album of all time, spawned a John Landis-directed music video that MTV played every hour on the hour.

``The ratings were three or four times what they were normally every time the video came on,'' said Judy McGrath, the chairman and CEO of Viacom Inc.'s MTV Networks. ``He was inextricably tied to the so-called MTV generation.''

Five years later, ``Bad'' sold 22 million copies. In 1991, he signed a $65 million recording deal with Sony.

Jackson was so popular that The Walt Disney Co. hitched its wagon to his star in 1986, opening a 3-D movie at its parks called ``Captain EO,'' executive produced by George Lucas and directed by Francis Ford Coppola. The last attraction in Paris closed 12 years later.

One of Jackson's shrewdest deals at the height of his fame in 1985 was the $47.5 million acquisition of ATV Music, which owned the copyright to songs written by the Beatles' John Lennon and Paul McCartney. The catalog provided Jackson a steady stream of income and the ability to afford a lavish lifestyle.

He bought the sprawling Neverland ranch in 1988 for $14.6 million, a fantasy-like 2,500-acre property nestled in the hills of Santa Barbara County's wine country.

But the bombshell hit in 1993 when he was accused of molesting a 13-year-old boy.

``That kind of represents the beginning of the walk down a tragic path, financially, emotionally, spiritually, psychologically, legally,'' said Michael Levine, his publicist at the time.

He settled with the boy's family, but other accounts of his alleged pedophilia began to emerge.

When he ran into further financial problems, he agreed to a deal with Sony in 1995 to merge ATV with Sony's library of songs and sold Sony music publishing rights for $95 million. Then in 2001, he used his half of the ATV assets as collateral to secure $200 million in loans from Bank of America.

As his financial problems continued, Jackson began to borrow large sums of money, according to a 2002 lawsuit by Union Finance & Investment Corp. that sought $12 million in unpaid fees and expenses.

In 2003, Jackson was arrested on charges that he molested another 13-year-old boy. The 2005 trial, which ultimately ended in an acquittal, brought to light more details of Jackson's strained finances.

One forensic accountant testified that the singer had an ``ongoing cash crisis'' and was spending $20 million to $30 million more per year than he earned.

In March of last year, the singer faced foreclosure on Neverland. He also repeatedly failed to make mortgage payments on a house in Los Angeles that had been used for years by his family.

In addition, Jackson was forced to defend himself against a slew of lawsuits in recent years, including a $7 million claim from Sheik Abdulla bin Hamad Al Khalifa, the second son of the king of Bahrain.

Memorabilia auctions were frequently announced but became the subject of legal wrangling and were often canceled.

Time and again, however, Jackson found a way to wring cash out of high-value assets, borrowing tens of millions at a time or leaning on wealthy friends for advice, if not for money.

Al Khalifa, 33, took Jackson under his wing after his acquittal, moving him to the small Gulf estate and showering him with money.

In his lawsuit, Al Khalifa 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 for a ``motivational guru.'' The lawsuit was settled last year for an undisclosed amount. Neither the album nor book was ever produced.

Another wealthy benefactor came to Jackson's aid last year as he faced the prospect of losing Neverland in a public auction.

Billionaire Thomas Barrack, chairman and CEO of Los Angeles-based real estate investment firm Colony Capital LLC, agreed to bail out the singer and set up a joint venture with Jackson that took ownership of the vast estate.

Barrack was unavailable for comment Thursday, but referred to the singer in a statement as a ``gentle, talented and compassionate man.''

A final piece of the financial jigsaw puzzle fell into place in March, when billionaire Philip Anschutz' concert promotion company AEG Live announced it would promote 50 shows in London's O2 arena. Tickets sold out, and the first show of the ``This is It'' tour was set for July 8.

Jackson, who has won 13 Grammys, hadn't toured since 1997. His last studio album, ``Invincible,'' was released in 2001.

But the opening date was later postponed to July 13 and some shows moved back to March 2010, fueling speculation that Jackson was suffering from health ailments that could curtail his comeback bid.

His death, caused by cardiac arrest according to his brother Jermaine, raised the question whether an insurer would refund money to ticket-holders. AEG Live did not immediately respond to requests for comment.

Jackson was practicing for the concert in Los Angeles at the Staples Center with Kenny Ortega, a choreographer and director of the ``High School Musical'' movies, who has worked on previous Jackson videos like ``Dangerous'' in 1993.

``We had a 25-year friendship. This is all too much to comprehend,'' Ortega said in a statement. ``This was the world's greatest performer and the world will miss him.''
 

Death of King of Pop Michael Jackson shocks the world 
By Arun Kumar

Washington, June 26 (IANS): The death of pop star Michael Jackson with best-selling albums like "Off the Wall", "Thriller" and "Bad" has shocked the world with messages pouring in from his family and close friends in Hollywood and around the globe.

The 50-year-old moonwalking former child star, who became known the world over as the King of Pop, was not breathing when paramedics arrived at his home early Thursday afternoon, according to various media reports.

He was taken to the University of California, Los Angeles Medical Centre, where he died at 1.07 p.m. Pacific time Thursday (1:37 a.m. IST Friday).

"I am so very sad and confused with every emotion possible. I am heartbroken for his children who I know were everything to him and for his family. This is such a massive loss on so many levels, words fail me," said Jackson's ex-wife Lisa Marie Presley, daughter of Elvis Presley.

Madonna also issued a statement, saying: "I can't stop crying over the sad news. I have always admired Michael Jackson. The world has lost one of the greats, but his music will live on forever. My heart goes out to his three children and other members of his family. God bless."

"Michael Jackson was my generation's most iconic cultural hero. Courageous, unique and incredibly talented. He'll be missed greatly," said Russell Simmons, hip-hop entrepreneur and founder of Def-Jam Records.

The son of a steelworker, he rose to fame as the lead singer of the Jackson 5, a band he formed with his brothers in the late 1960s. By the late '70s, as a solo artist, he was topping the charts with cuts from "Off the Wall", including "Rock With You" and "Don't Stop 'Til You Get Enough".

In 1982, he released "Thriller", an album that eventually produced seven hit singles. An appearance the next year on a Motown Records 25th-anniversary special cemented his status as the biggest star in the country.

"Thriller's" follow-up, 1987's "Bad", sold almost as many copies. A new Jackson album - a new Jackson appearance - was a pop culture event.

Michael Jackson was born August 29, 1958, to Joe Jackson, a Gary, Indiana, steelworker, and his wife, Katherine. By the time he was 6, he had joined his brothers in a musical group organised by his father, and by the time he was 10, the group - the Jackson 5 - had been signed to Motown. He made his first television appearance at age 11.

Jackson, a natural performer, soon became the group's front man. Its first four singles - "I Want You Back", "ABC", "The Love You Save" and "I'll Be There" - went to No. 1 on the Billboard pop chart, the first time any group had pulled off that feat.

The group's popularity waned as the '70s continued, and Michael eventually went solo full time. He played the Scarecrow in the 1978 movie version of "The Wiz", and released the album "Off the Wall" in 1979.

Its success paved the way for "Thriller", which eventually became the best-selling album in history, with 50 million copies sold worldwide.


January 2006: Michael Jackson, center, wears an abaya, the Arabic women's veil, and holds the hand of his son, Prince Michael II, also veiled, in Manama, Bahrain


Michael Jackson is seen in file pictures from top left, 1971, 1977, 1979, and bottom left, 1983, 1987, and 1990.



September 7, 2001 file picture: Michael Jackson performs 'The Way You Make Me Feel' with Britney Spears during Jackson's '30th Anniversary Celebration, The Solo Years' concert at New York's Madison Square Garden.

  

Top Stories

Comment on this article

  • Adela., M.G. Road Mangalore.

    Thu, Jul 02 2009

    King of Pop..... May your soul rest in peace..Miss you..

    DisAgree Agree Reply Report Abuse

  • Ayesha, Udupi

    Sun, Jun 28 2009

    We lost a hip hop dancer...It''s extremely a shocking news...I pray to Lord Almighty, "May his soul rest in peace"... His music will rest in my heart throughout my life....he was an icon, he is an icon and will be an icon...Will miss u!!!

    DisAgree Agree Reply Report Abuse

  • GANESH BANGERA, KUNDAPURA

    Sun, Jun 28 2009

    What a life he had lived? King of music? or man of tragedy? you are going to stay in the hearts of billions... we miss u...

    DisAgree Agree Reply Report Abuse

  • sumayya, mlore

    Sun, Jun 28 2009

    very sad about what happend as it was very early for such a iconic person to go away .. as I was a fan of him I still believe his music will never ever be forgotten

    DisAgree Agree Reply Report Abuse

  • Glenn Vaz, Dxb

    Sat, Jun 27 2009

    I beleive his Doctors are the main culprits. Jacko defied gravity with surgeries (including his nose)& Harmonal intake. One thing is for sure ''You cannot go against nature''. We will remember Michael Jackson when somebody does his famous ''Moon walk'' next time.

    DisAgree Agree Reply Report Abuse

  • Jawar D''Souza, M''lore/Doha

    Sat, Jun 27 2009

    Every one has to pay for their wrong doings,but death is too much.

    DisAgree Agree Reply Report Abuse

  • Ralph, Udupi/Canada

    Sat, Jun 27 2009

    Vary sad...big fan..wanted a bit more of music from him...but i am glad that his death didn''t happen at a live concerts he was planning. Wish we can hear some unreleased work of his that he may have done during his reclusive recent years. RIP Micheal!

    DisAgree Agree Reply Report Abuse

  • Dhanpal Shetty, Uppoor Narnad/Abudhabi

    Sat, Jun 27 2009

    We lost an great Artist.May his soul rest in peace

    DisAgree Agree Reply Report Abuse

  • laveena, bahrain

    Sat, Jun 27 2009

    It was really a very bad news. W lost a good dancer and singer. May his soul rest in peace

    DisAgree Agree Reply Report Abuse

  • sandra dsouza, israel/mangalore

    Sat, Jun 27 2009

    We miss u a lot mj........... I am your big big fan......... may your soul rest in peace.....

    DisAgree Agree Reply Report Abuse

  • A.D''Cunha Shenoy, Mangaluru

    Sat, Jun 27 2009

    Its all history. Fame and name.He will be remembered as the pop star but also will be remembered as one who led a mysterious life with battles and personal lows. May his soul be rest with the Almighty.

    DisAgree Agree Reply Report Abuse

  • DavidRanjan Karkada, Haleangadi,M''Lore/ Dubai

    Sat, Jun 27 2009

    May your soul rest in peace. We missed a king of rock artist in a pop world very sad news

    DisAgree Agree Reply Report Abuse

  • Louis Mendonca, Mudarangadi.

    Fri, Jun 26 2009

    I am saddened to know about his death.May his soul rest in peace.

    DisAgree Agree Reply Report Abuse

  • Nellyson, Karkala\Riyadh

    Fri, Jun 26 2009

    Sad news for all music lovers.He could have made his exit in a better way after the proposed London Concert but what ever you plan and do "GOD" has his own ways for you.May his sould rest in Peace..

    DisAgree Agree Reply Report Abuse

  • Ahmed, Doha / Mangalore

    Fri, Jun 26 2009

    The biggest Pop Star Legend God has ever created in the mankind history.

    DisAgree Agree Reply Report Abuse

  • Sathish Kumar, Puttur

    Fri, Jun 26 2009

    Michal Jakson death was black day for pop world.

    DisAgree Agree Reply Report Abuse

  • Olivia D''souza, Puttur/Toronto

    Fri, Jun 26 2009

    Michael Jackson''s death is very sad & shocking. Contribution he made to the world of entertainment is marvelous. His amazing talents will be missed. May his soul rest in peace.

    DisAgree Agree Reply Report Abuse

  • Sukanta Rautaray, Orissa India,Now in kuwait

    Fri, Jun 26 2009

    WE HAVE LOST A GREAT ARTISTE.REALLY HE IS A GREAT SINGER IN MUSIC INDUSTRY.

    DisAgree Agree Reply Report Abuse

  • C Shetty, Mangalore

    Fri, Jun 26 2009

    My mother , is from village. But whenever she see Prabhudeva dances, she tells, prabhudeva almost replicates Michael Jackson''s style of dancing. Do we need any other certificate for this legends popularity. MJ will live in our hearts till our hearts are alive.

    DisAgree Agree Reply Report Abuse

  • Manjunatha Bangera, Kasaragodu/Bengaluru

    Fri, Jun 26 2009

    Great loss to all the music lovers. He was "The Performer." It is really a big tragedy. May Michael''s soul rest in peace. He will live forever in our hearts. We love him a lot.

    DisAgree Agree Reply Report Abuse

  • Dr. Arunachalam Kumar, Mangalore

    Fri, Jun 26 2009

    There is no doubt the loss of the King of pop will make the world of entertainment poorer. He was unique and one of a kind. He set in motion a genre of music that has spawned a pool of pretenders. My own tribute to Michael Jackson appeared in a blog I wrote here two years ago. http://ixedoc.sulekha.com/blog/post/2007/05/one-small-step.htm Views 1561/Comments 28 One small step..... .....The next huge landmark in the history of gait and locomotion is one man’s quest for the ultimate in the world of music and entertainment. A genius performing an original number in Motown in 1983, created magic, that till date, captivates and mystifies: the singer created an illusion that he was walking forward, while mysteriously moving backward – Michael Jackson and his moonwalk. ''Billie Jean'' changed the world of bipedalism. Moonwalking defied every logic of locomotor biomechanics - It wasn’t movement forwards, it wasn’t movement backwards – it was moving, yet motionless. As I reflect on how far we have come, from such a long way back along time and distance, this article is my tribute to the three individuals who defied norms, normality and nature…the first one, Lucy, who took that one step forward, the second one, Fosbury, who took one backward and third, our own Michael, who stepped forward to go backward

    DisAgree Agree [2] Reply Report Abuse

  • Bulsam, Mangalore

    Fri, Jun 26 2009

    His songs were giving strong message to this bad, bad world about the rich & poor, black & white, racism etc. Like the 007-movies his albums too were highly volatile & people were going crazy to see his concerts. He will be remembered for his Moon-walk which is popular even in rural villages. There are no college/school events without MJ style in their dance move. He is truly the King of Pop. We will miss you. May your soul rest in peace.

    DisAgree Agree Reply Report Abuse

  • Wilfy, Mangalore/AUH

    Fri, Jun 26 2009

    Rest In Peace...dear MJ.We miss u a lot...

    DisAgree Agree Reply Report Abuse

  • henry MISQUITH, Mangalore/Bahrain

    Fri, Jun 26 2009

    His popularity crossed all geographical boundaries and made fans worldwide. What he has given to the world music will always be remembered.

    DisAgree Agree Reply Report Abuse

  • Joseph Fernandes, Mangalore/qatar

    Fri, Jun 26 2009

    Sad news for all music lovers. May his soul rest in peace.

    DisAgree Agree Reply Report Abuse

  • fai, dubai

    Fri, Jun 26 2009

    we r never going to forget u in our life......u were the king of pop & da best dancer....may al mighty GOD bless u ....

    DisAgree Agree Reply Report Abuse

  • Refai Dubai, Goonadka sullia

    Fri, Jun 26 2009

    Very sad We lost great artiste....

    DisAgree Agree Reply Report Abuse

  • PAUL DSOUZA, MANGALORE/DUBAI

    Fri, Jun 26 2009

    Great Singer, Great Dancer .We miss You King of Pop!!

    DisAgree Agree Reply Report Abuse

  • SANTOSH PINTO, PADIL/BAHRAIN

    Fri, Jun 26 2009

    WE WILL MISS YOU MICHAEL.. NO ONE HAS BEEN LIKE YOU AND NEVER WOULD BE... LOVE YOU.

    DisAgree Agree Reply Report Abuse

  • STALIN MISQUITH, SURATKAL/BAHRAIN

    Sat, Jun 27 2009

    you have been an incredible talent, you may not be there with us today but your music remains forever.

    DisAgree Agree Reply Report Abuse

  • Navin, Bahrain

    Fri, Jun 26 2009

    The chain of 80s and 90s POP is Broken. The Great performer after the Greatest Elvis! RIP

    DisAgree Agree Reply Report Abuse

  • Vivien Vaz, Mangalore / Dubai

    Fri, Jun 26 2009

    I cant believe this. Is this really true????

    DisAgree Agree Reply Report Abuse

  • ANIL SEQUEIRA, BAHRAIN/ KUNDAPUR

    Fri, Jun 26 2009

    Great Performer, King of pop,Great Dancer, Fantastic Lyrics.......I miss him

    DisAgree Agree Reply Report Abuse

  • Manjunatha Bangera, Kasaragodu/Bengaluru

    Sat, Jun 27 2009

    I cannot believe it. Michael''s death is a great loss to all music lovers and it will create a vacuum in the music world. He was a greater singer, dancer and a great performer. Right from childhood I have heard him and it is so shocking that he has left us. May his soul rest in peace. We love you Michael.

    DisAgree Agree Reply Report Abuse

  • Simon Francis Lasrado, Bangalore

    Sat, Jun 27 2009

    Sad to hear of MJ''s sudden death.Greatest singer,artist and unmatchable personality in music, the world has ever have.My condolences to the bereaved family.May his soul rest in peace.

    DisAgree Agree Reply Report Abuse

  • Arun Manipal, Dubai

    Fri, Jun 26 2009

    We missed A rockin artist in a pop world....its so sad...but he will never die in our heart and in his music...

    DisAgree Agree Reply Report Abuse

  • Pascal Dsouza, Kundapura

    Fri, Jun 26 2009

    We lost great music artist

    DisAgree Agree Reply Report Abuse

  • shridhara achar, Puttur/ Bangalore

    Sat, Jun 27 2009

    He had a unique singing style and his body language often showing signs of indecency.But he had fans all over the world and perhaps no other pop singer has such a vast fan following

    DisAgree Agree Reply Report Abuse

  • henry MISQUITH, Mangalore/Bahrain

    Sat, Jun 27 2009

    It''s a shocking news for me, demise of Michael Jackson. Really he is a legend and style icon. I salute you.. may your soul rest in peace.

    DisAgree Agree Reply Report Abuse

  • greg, mangalore

    Fri, Jun 26 2009

    you have done everything as God, wanted it to be and you proved it to him You... are the best indeed.MAY YOUR SOUL REST IN PEACE.

    DisAgree Agree Reply Report Abuse

  • MAHESH KALE, INDIA PUNE

    Fri, Jun 26 2009

    Its heartbreaking news ... every one is sad as he was at only 50 we lost a great artist, icon of whole world.. his soul may remain up ..heaven

    DisAgree Agree Reply Report Abuse

  • Rudy D'' Souza, Omzoor/ Kuwait

    Fri, Jun 26 2009

    We lost a great legend of Dance world and there is no replacement for Michael Jackson what so ever.So his memories live for ever and ever in mankind. He has achieved through his talents and opted to this land a lot. So let his soul rest in peace.Lord accept your child Michael Jackson to the eternal life, a great utilizer of your talents to the utmost.

    DisAgree Agree Reply Report Abuse

  • Sohan Albuquerque, Mangalore

    Fri, Jun 26 2009

    M J - Rest In Peace You will be missed forever...

    DisAgree Agree Reply Report Abuse

  • riaz ,saudi arabia, mangalore

    Fri, Jun 26 2009

    innalillahi wa innailahi rajioon........

    DisAgree Agree Reply Report Abuse

  • salim, udupi/dubai

    Fri, Jun 26 2009

    Shocking news...but i am sure king of rock is going to rock the heaven by his music.

    DisAgree Agree Reply Report Abuse

  • Charles D''Mello, Pangala

    Fri, Jun 26 2009

    It is sad that Mr. Michael Jackson is no more. He concurred the world by his music, but failed to live within means.

    DisAgree Agree Reply Report Abuse

  • donald saldanha, udupi

    Fri, Jun 26 2009

    May your soul rest in peace, M Jakson your name will be written in books of history,YOUR SONGS "Heal the world", "Earth Song", "Beat it", "Black or white" ARE ALL TIME FAVOURITES.YOU WILL BE REMEMBRERD ALWAYS.....

    DisAgree Agree Reply Report Abuse

  • Lloyd Dsouza, Dubai

    Fri, Jun 26 2009

    Very Sad news.

    DisAgree Agree Reply Report Abuse

  • Priya , Mangalore

    Fri, Jun 26 2009

    May Your Soul Through The Mercy Of God Rest In Peace. Amen.

    DisAgree Agree Reply Report Abuse

  • Raj Bangera, Israel

    Fri, Jun 26 2009

    WE HAVE LOST A GREAT ARTIST. I SALUTE HIM.

    DisAgree Agree Reply Report Abuse

  • Aditya.A., Udipi

    Fri, Jun 26 2009

    Very sad.. young age..lot of controversies happened in Michael''s life...One chapter finished in the history of Pop...

    DisAgree Agree Reply Report Abuse

  • G Pereira, Mangalore/Los Angeles.California U.S.A

    Fri, Jun 26 2009

    Very sad and sudden death of Michael Jackson. He was an icon...He was the present day Elvis Presley...I wish I had the money to watch his concerts when I grew up. I grew up listening to Jackson  May his soul rest in peace.

    DisAgree Agree Reply Report Abuse

  • Westor, Kallianpur

    Fri, Jun 26 2009

    Though I am not an ardent follower of Jackson''s music, songs like "Heal the world", "Earth Song", "They don''t really care about us" "Beat it", "Black or white" & "Billie Jean" will remain my favourites. And who can forget his dance moves? May his soul rest in peace...

    DisAgree Agree Reply Report Abuse

  • Lancelot N. Tauro, Manglore - Doha qatar

    Fri, Jun 26 2009

    It''s Shocking  news. We lost a break dancer. May his soul rest in peace AMEN.

    DisAgree Agree Reply Report Abuse

  • Savio, Kolalgiri / Manglore

    Thu, Jun 25 2009

    May your soul rest in peace, M Jakson your name will be written in books of history.

    DisAgree Agree Reply Report Abuse

  • vraj, udupi/abudhabi

    Thu, Jun 25 2009

    We loss an great artist, i selute him.

    DisAgree Agree Reply Report Abuse

  • Jeevan, Dubai

    Thu, Jun 25 2009

    RIP..King of Pop. The greatest performer EVER!

    DisAgree Agree Reply Report Abuse


Leave a Comment

Title: Michael Jackson Lived Like King but Died in Debt



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.