Michael Jackson, the King of Pop was the most important cultural icon of our century. The singer, songwriter and dancer dominated the music industry with his eccentric persona and unique vocals. Yet, it seems unbelievable that Jackson had little money at the time of his death.
The artist earned hundreds of awards, making him the most celebrated music icon in the history of American pop culture. But despite the millions of record sales and hundreds of sold-out concerts, Jackson was millions of dollars in debt. How is that even possible?
Michael’s albums sold in millions when other pop artists were struggling to sell even thousands. The moon-walking artist was so rich in his career and investments that he was dubbed ‘The King of Pop’. Jackson drove traffic to everything he touched. If he were still alive, he would have millions of fans and followers on his social media. Things got a little confusing when it was revealed that he was almost $500 million in debt.
Jackson was a shrewd businessman who spent millions investing in various companies including ATV Music which was responsible for copyrighting songs by Paul McCartney and John Lennon. The Thriller singer paid $47.5 million to acquire the music publishing company.
The artist bought his fantasy 2,500-acre Neverland ranch, located in the hills of Santa Barbara County, for $14.6 million. Things started getting out of hand when he agreed to merge ATV with Sony. He sold off his share for $95 million and the rest served as collateral to fund his lavish lifestyle.