Was Michael Broke When He Died

[KingMikeJ]

It's hard to tell the difference between tabloid rumours and fact so I'm asking you:

When Michael Jackson died, was he millions of dollars in debt?

 

[LLCz]

Yeah, but he had millions of dollars in money and millions of dollars in assets.

 

[Galactus123]

Didn't he get a lot of money from his Beatles catalog?

 

[SuperLee]

From what I believe is MJ was in debt but not the kind of debt 'me and you' would ever see.
Michael had assets worth millions upon millions of £'s
Not forgetting property and materials he owned

 

[kinder10]

:O Wow

 

[Indra]

Didn't he get a lot of money from his Beatles catalog?

What, I didn't think he sold it?

 

[Galactus123]

What, I didn't think he sold it?

He didn't. But The Beatles is very popular band and people buy it's music. So I guess Michael got all the money?

 

[PaceMioDolceCuore]

If I were the Estate I probably would make myself sound poorer just to get rid of the circling delusional people wanting a piece of the cake.

 

[LaNixie]

No, not really. From what I've heard the "debts" were actully business loans. Which means he took a loan to buy something (music catalogues I think) and he would pay back with the money generated by said 'something', meaning none of his 'own' money would be used.

 

[Zhao]

millions of dollars in debt and millions of dollars in assets. I don't know what the Truth is.

 

[MattyJam]

You can be a multi-millionaire and have no cashflow.

None of us know for sure, but I wouldn't be surprised if that was the case with MJ. All his money could've been tied up in assets and investments leaving very little physical credit accessible to him. I'm sure it didn't help that he spent money like it was going out of fashion either.

 

[ChocolatePie777]

He was tired when he died.........literally

 

[MIST]

Beatles music is only a part of the catalogue.At least lady Gagas earlier music was in the catalogue and many other artists.
I read he earned 50-80 millions/year on music, without doing anything.I think he took loans to invest in more music rights
If he took loans for hundreds of millions, he had high interest rates on loans

 

[analogue]

If MJ was broke then he was the richest broke man i've ever seen. I hope that i can be as broke as he was someday

 

[qbee]

He had a lot of debt but he wasnt broke _ There is a Big difference.
Michael still owned half of Sony ATV worth billions and his own catalog. He just wasnt willing to sell them. He had other ventures going at that time too beyond the TII concerts which was generating more Income.

 

[KingMikeJ]

I forgot about this thread. Thanks for helping me understand everyone.

 

[mjfan310]

Does the Jackson estate now own the ATV catalogue?

 

[KingMikeJ]

Sony/ATV Music Publishing is now owned by The Michael Jackson Family Trust (50%) and Sony (50%).
http://en.wikipedia.org/wiki/Sony/atv