Michael Jackson owed $500M in debt

wacko jackoMichael Jackson owed nearly $500 million in debt before he died after his wild spending and failed tours put a strain on his pocket, forensic account William R. Ackerman told the court.

 

The ‘Thriller’ hitmaker was forced to fork out $30 million-a-year in interest charges after his wild spending on lavish furniture and bizarre artwork spiralled out of control, and his previous tours failed to bring in any profit to cover it, forensic accountant William R. Ackerman has told the court.

 

Ackerman was called to testify on behalf of concert promoters AEG Live in the wrongful death lawsuit filed by the Jackson family on Monday (12.08.13), where he told jurors how the late singer would regularly splash out on travel, donations to charity, gifts and “a lot of money of jewellery”.

 

He explained: “He spent more than he brought in. Consistently, his largest expenditure was interest expense. He spent a ton of money on interest.

 

“On an annual basis [he was] spending 15 to 20 million dollars a year more than he brought in.”

 

However, Michael’s Neverland Ranch – where he lived from 1988 to 2005 – and private amusement park was also putting a strain on the star’s pocket as it required maintenance staff for the petting zoo and the train travelled around the property.

 

Banks and credit companies refused to provide the ‘King of Pop’ with any more cash loans after 2007, which meant mortgage payments on his mother Katherine’s family home were not met.

 

Ackerman told the Los Angeles court: “He was tapped out.”

 

The Jackson family are suing AEG Live as they believe the company negligently hired and supervised Dr. Conrad Murray – who is currently serving four years imprisonment for involuntary manslaughter – who administered the lethal dose of Propofol, which killed Michael in 2009.

Connect with us

Latest Stories

Jose Chameleone serves up Afro Futurism on “Champion” Video

Jose Chameleone had promised his fans a treat ahead of releasing the video

#NewMusic: D’banj’s Street Anthem Issa Banga

Celebrated and legendary Nigerian Superstar D'banj has showcased his versatility

Jose Chameleone Enters The Ring With “Champion”

The true test of a champion is not whether he can triumph, but whether

AFRIMA award winner Gilad Millo releases ‘love’ video

Fresh off the Afrima awards where he won 2 awards, Israeli born musician,

Prince Harry predicted he’d marry a celeb

Prince Harry was keen to tie the knot with someone who has "already in

Rock

Foo Fighters announce major supports acts for 2018 tour

Wolf Alice, Frank Carter and The Rattlesnakes and Slaves are among the

Linkin Park frontman Chester Bennington found dead

Linkin Park frontman Chester Bennington has reportedly been found dead

Nothing But Thieves don’t want rock star image

Nothing But Thieves are keen to defeat the rock star image by carving

Kanye to be joined by Chris Martin, 2 Chainz at Glastonbury?

Kanye West will reportedly be joined by Chris Martin and 2 Chainz during

Florence + the Machine replace Foo Fighters at Glastonbury

Florence + the Machine have replaced Foo Fighters as Friday's (26.06.15)

Hollywood

Natalie Portman: Hollywood producer lured me onto private jet

Natalie Portman has recalled how what she believed to be an innocent invitation

John Boyega dubs Star Wars: The Last Jedi very messy

John Boyega has said 'Star Wars: The Last Jedi' is "very messy" but explores

Kate Winslet auditioned for Titanic with Matthew McConaughey

Kate Winslet has revealed, although Leonardo DiCaprio bagged the role

Hugh Jackman won’t star as Wolverine in Deadpool movie

Hugh Jackman has ruled out starring as metal claw-bearing mutant Wolverine

Vin Diesel explains his love of social media

Hollywood star Vin Diesel believes social media has helped to change the