It’s hard to imagine, but someone with as much money as Michael Jackson still had debts! Average people aren’t the only one’s with debt. It is estimated that he owed in excess of $500 million. He was able to amass so much debt by leveraging assets he had acquired such as the copyright to 259 songs written by Paul McCartney and John Lennon. He aslo borrowed against his home in Neverland. Like other people, he spent more than he brought in and that left him owing a lot of money. He was preparing for his “This is It” tour which was expected to raise $400 million. The courts will now decide how to divide his assets in order to satisfy his lenders.
Tags: debt
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