Did you ever wonder what someone dying really means? How many people are actually worth more after their death? In the case of Michael Jackson, his death will make him an even bigger star. The King of Pop’s death is likely to yield a financial bonanza more lucrative than any comeback tour ever could.
During his life, Michael Jackson sold hundreds of millions of records. His musical legacy should easily have led him to amass one of the greatest fortunes in show-business history. But instead, a history of bad management, excessive personal spending, and big legal bills left him almost broke.
Jackson’s financial problem stems from the fact he continued to spend tens of millions of dollars a year even as his musical output—and his income—slowed down. In recent years Jackson financed his personal debts by borrowing against assets, and by some estimates his total borrowings at his death may have exceeded $400 million.
His death parallels that of Elvis Presley, who died in 1977 at age 42. Like Jackson, at the end of his life, Presley hadn’t had a hit album in years. He was mostly relying on royalties from his past hits and doing shows in Las Vegas. But in death he became a moneymaking phenomenon.
Might not be a bad time to become a Michael Jackson impersonator.
Tags: debt, financial management, income, personal finances, spending
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