Michael Jackson’s Finances
The NYTimes has a fabulously long article about the near-billionaire Michael “Jacko” Jackson’s financial affairs. I’ve always wondered how a man so talented in music could squander his riches. With his almost prescient purchase of a 50% share of the Beatles record catalog and his multi-platinum records, you would think that Michael would rake in more than he spent. The article identifies his spending habits:
- Extravagent music video production costs
- Maintainence of a large entourage
- Neverland
- Poor asset management and business advice
- High interest rates on existing loans
- Apathy in his affairs after the 90s
Specific details are revealed:
Mr. Malnik, who began advising Mr. Jackson a few years ago, said in an interview that the entertainer had spent about $8 million annually on plane charters, antiques, paintings, hotel rooms, travel and other personal expenses, and that the annual upkeep for Neverland and its staff was about $4 million. A forensic accountant who testified in Mr. Jackson’s criminal trial last year said that the singer’s annual budget in 1999 included about $7.5 million for personal expenses and $5 million to maintain Neverland. None of this explains the scale of Mr. Jackson’s borrowing, however, or the rapidity with which he burned through those funds.
All in all, very interesting. He’s probably the most difficult celebrity to understand, both because he is psychologically a mystery, and because he is very, very talented and famous.
| This entry was posted on Tuesday, May 23rd, 2006 at 11:06 pm and is tagged with music video production, high interest rates, hotel rooms travel, beatles record, forensic accountant, platinum records, plane charters, record catalog, nytimes, personal expenses, spending habits, maintainence, financial affairs, rapidity, criminal trial, business advice, jacko, billionaire, entourage, apathy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback. |
I don’t think he really cared about money or much he spent because he knew he was rich anyway unlike the greedy and miserly people in this world. He gave lots of his money to help children.
I think he knew that he had that Beatles catalogue and it was worth a lot of money so maybe he didn’t think he needed to watch his spending.
Also he wasn’t ‘psychologically a mystery’ any more than you or I are psychologically a mystery. He was just a human being with thoughts and feelings like any one else. If you took time to understand him instead of judging him you would see this is so.
guyz the last comment was in 2008 and now its 2010 and michael is dead now……so sad
Hail to Michael Jackson!!! Whatever happens He Is Still KING…!!!
He will never be poor because he will always be there in our hearts and all those childres charities he have helped.
RIP Michael, he was in massive amounts of debt, borrowing cash and spending it like it was going out of fashion. But it doesnt matter, he was a King. RIP
Cam’s reply was the most brilliant of all you guys!!!! I love michael…. his life brought many good times to my life. in fact Thriller was the very first album I ever owned
Paul McCartney is the only musical billionaire? Hahahahahahaha – wow. Michael Jackson owns Paul McCartney. Period.
Jackson may be a freak, but he is one of the utmost savy businessmen in the world. He is sitting back right now, looking at all the speculation and tabloid slander and laughing his a$$ off.
listen madonna is a billionaire I dont think Paul McCartney is any were near a billionaire. He has around the same amout as Jackson. In fact Our pal Jackson had more money in the 1990 than Paul McCartney
michael jackson rules hes the best
i want michael jackson to come back i dont care wat anyone says after all he has done for us u would througth him away if you listen to his sond will you be there you would cry and wish you never spread rumers about him i pray to God that he will come back and i cry and hope he can read this message before it to late and you should really listen to that song and curse thoese who curse him.
Ok, lets get this straight: Michael Jackson IS a billionaire, but not in liquid cash. He has assets worth about $1.6 billion. But, because his assets are all tied up in loans he cannot extract any of that cash. The only money he has to rely on is his $350 million net worth and the income from his music, the Beatles music, Eminem’s music catalog and a few other catalogs he purchased which the media fails to mention (which is weird because they tend to mention everything else about him). I have written a blog about his finances on another site, you can read it here:
http://www.askmehelpdesk.com/bankruptcy-debt/michael-jackson-bankrupt-broke-189404.html
But, MICHAEL JACKSON IS A BILLIONAIRE (just not in liquid cash).
Please i need help from micheal jackson, i am from africa my country is nigeria i want him to send some money so that i can use the money to travel out of nigeria please God will contineu to bless you.
Forbs Entertainment Financial Annual Report (FEFAR) Michael Joseph Jackson, and MJJ Production, Inc., TM. Is valued 50 million with assets in various corporations worldwide. Holdings in real estate (worldwide); and bio-technologies. Mr. Jackson is listed as President & CEO of MOJO, Inc., a financial investment company started in 1990, valued at 150 million with additional holding in Maxim Integrated Products, El Paso Corporation, Sealed Air Corporation, Sonoco Products Company & Montpelier Re Holdings, Ltd. – Michael Joseph Jackson total value is listed as 50 Billion.
I m a Zimbabwean based in South Africa, i visit forbes magazine daily, juss checked your facts , Michael Jackson is worth USD 43 Bil
he owns half of the beatles catalog which is worth 4-5 billion dollars, so idiots, he is a billionaire. common sense will tell you that. plus all the money he still racks up from touring, his own records etc……
There has been a conspiracy to hurt him for buying the Beatles catalog. Let’s not fool ourselves.
Whats the POINT in having money if not to SPREAD it among the living? Earn a talent and make money from it, I dare you.
BTW, f’loonie? Why does everything have to have a name so you can disassociate with it? Cowards.
You know your a *** when you use the term floon or for that matter know what a floon is.
What IS it with f’loons and their defense of The Most Utterly Useless Plastic Perv on the planet?
A billionaire at 29? Nay, nay. He was NEVER a billionaire, f”loonie. The only musical BILLIONAIRE is Paul McCartney. Look it up in that Guiness Book you f’loons all love so much.
for one thing i know that michael was a billionaire when he was 29
I think Michael’s got some problems, sure he’s been going through some difficulties which might as well been caused by some very closed friends(people he generously helped), using the advantage his kindness and generosity to put him down. I realize that there are many people out there who’re looking forward to see mike’s downfall. Mike is a good talented and innocent man, so LEAVE HIM ALONE!!! Most of those guys who’re so concerned about Mike’s downfall aren’t even worth a hundred thousand dollar…what a shame!! By the way a good and free hearted man like him will never experience bankruptcy.
I’ll like to let you know that Mike might have his problems and challenges and might even have experienced great drop in his finances, but he is very very FAR from being poor.
It’s amazing how much money Michael Jackson may NOT have in just a few years. Britain is talking about a change in how long a work stays in the public domain, and that the Beatles catalog could become public domain in Britain in 2012. I think that would pretty much cut MJ’s fortune considerably if that happened.
I wrote a story on my blog about MJ selling his Neverland Ranch on a TV show as well. You can read it here:
http://noiseputty.com/archives/michael-jackson-to-sell-neverland-on-reality-tv-show/
i can’t understand this in this world so many people looking at one man and saying he is broke and he is bankrupt so do u happy people i mean wuts the point u’ll r highlighting and wut sort of feeling you get when u say something like that and pls dont forget Mr Jackson is one of the highest donater in the world so there r many many stingy richest people in the world but this man is very genorus and not stingy at all so why can’t u’ll looking after your own problems and be happy about him because when he born they had no money at all because of his talent and hard work he became Billionere and now may be he has some problems but still he has money so pls leave him alone
It has been reported that michael jackson is worth some where between the $200 million dollar to $350 million dollar range. Of course he owns the rights to the beatles records which are worth and estimated $2 billion dollars (and rising) and the Elvis record rights (which are to be estimated). I will admit that he is no longer worth the $750 million he once had but he is no where near broke, he may be in debt, but debt and broke to the wealthy are two totally different things. He still has more money than most of you out there, so until you make ur own $200 million, just shut up.
i wish to apply for financial assistance from Micheal.I am a Cameroonian and a mother of a two year old baby who is said to have retionblastima.She cannot be treated locally and i donot even have the money to pay for the surgery abroad.She has never seen her mummy from birth and i long for that day that my baby will see me.Please help me.
ask the riches man on Earth. Why Mikey?
how much money does michael jackson have?
Why is everyone so interested in Michael Jackson’s money? He is the only entertainer I have seen such interest. Could it be that he is a black man that owns some of the Beatles and Elvis?
Come on people… be host with yourself. Segregation wasn’t that long ago. Someone in your family still living remembers…
It’s no ones business what he does with his money. If he wants to give it to a pack of wild horses, it’s his to do what he wants.
you looked it up didn’t you?
it’s all intriguing so to speak.
he’s a mystery… I think he’s gone too weird, and he’s reliant on personal aides and painkillers. If he goes broke, well, then… he’ll be left on the streets of whatever Middle Eastern country he’s in..