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Michael Jackson's Finances 'A Mess'

PopEater
posted: 21 HOURS 27 MINUTES AGO
comments: 223
filed under: Music News
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As the world reacts to the shocking news of Michael Jackson's death, representatives for the superstar's estate must now sort through Jackson's complicated and damaged personal finances. With three children surviving Jackson, his advisers are left with the difficult job of managing assets in a reported state of disarray.
"Michael never thought his personal finances were out of control," Alvin Malnik, a former adviser to Mr. Jackson who is the godfather of Prince Michael II, told the NY Times. "He never kept track of what he was spending. He would indiscriminately charter jets. He would buy paintings for $1.5 million. You couldn't do that every other week and expect your books to balance."
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A Michael Jackson Retrospective

    Michael Jackson was rushed to the hospital suffering from cardiac arrest. According to reports, he has died at the age of 50. A Retrospective of His Life

    X17online

    Known as the King of Pop, Michael Jackson began his life as a child sensation who blossomed into one of the greatest pop stars of all time.

    Michael Ochs Archives / Getty Images

    He was the lead singer for the very popular Jackson 5 that included the his brothers -- Jackie, Tito, Jermaine and Marlon. He then morphed into a highly successful recording artist, making his first solo album in 1972.

    Ron Galella, WireImage

    Jackson appears in the 1982 music video for 'Thriller,' one of the best-selling albums of all time with at least 27 million copies sold worldwide.

    Everett Collection

    Over the course of his storied career, Jackson won 13 Grammy awards -- eight of them for 'Thriller' alone.

    Liason

    His stage presence captured the hearts of millions -- including his signature "moonwalk" dance which he unveiled in 1983 while performing 'Billie Jean.' At 50 years old, he was attempting to make a comeback with several dates scheduled in London.

    Dave Hogan, Getty Images

    Jackson's successes were also marred by personal strife and controversy. In later years, the singer was twice accused of molesting children. In the first, he settled out of court with the accuser, and in the second he was found not guilty.

    Roslan Rahman, AFP / Getty Images

    Jackson is seen being escorted into court in January of 2004 -- the second time he was charged with child molestation. The first, in 1993, resulted in a settlement reported to be worth about $23 million.

    Hector Mata, AFP / Getty Images

    Jackson is shown here in his 2003 mug shot where he was booked on child molestation charges. The singer was later acquitted.

    Robyn Beck. AFP / Getty Images

    The 'Dangerous' star caused a stir when he held his youngest child, Prince Michael II, over the balcony of his Berlin hotel in 2002. His son was later dubbed 'Blanket' due to this incident.

    Olaf Selchow, Getty Images

An executive involved in Jackson's financial affairs said, "No one really knows what is going on, but these are early days."
It has been estimated that Jackson's career as a singer and songwriter earned about $700 million from the '80s until now, but his debts have been estimated at $400 million to $500 million. His largest asset, his claim on the Beatles' music catalog by way of a 50 percent share in Sony/ATV Music Publishing, has roughly $300 million of debt against it.
While Jackson earned a jaw-dropping salary from his royalties, his lifestyle was not conducive to a healthy financial situation. His Neverland estate cost millions of dollars each year to maintain, with its zoo, amusement park and dozens of employees. TMZ reports that Jackson was paying $100,000 a month to rent his Holmby Hills house.
"I'm of the view that Michael's passing, as untimely as it is, is the one opportunity his family and his children have to preserve his asset legacy," said Charles Koppelman, a former music industry executive who was once Jackson's financial adviser. "They will earn a tremendous amount of money over the next 12 to 18 months given the outpouring, and he won't be spending."
Custody arrangements for Jackson's three children have not yet been determined. The contents of Jackson will (or will) and his planned provisions for the children have not been made public.
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Fans Mourn Michael Jackson

    MELBOURNE, AUSTRALIA - JUNE 27: Australian Michael Jackson impersonator Paul Rizzo displays some of his memorabilia at his West Melton home on June 27, 2009 in Melbourne, Australia. Rizzo, who has been impersonating Jackson since 1995 at the age of 13, performs a tribute show called 'Jackson Magic' and is ranked as one of the top 15 Michael Jackson impersonators in the world by America?s BET (Black Entertainment Television) channel. He was "absolutely and completely shocked and devastated " by the news of Jackson's death yesterday, but vows to continue with his show as a tribute to the King of Pop. (Photo by Mark Dadswell/Getty Images)

    Mark Dadswell, Getty Images

    Michael Jackson impersonator who goes by the name Scorpio performs for the media and fans outside the Jackson family home in Encino, California on June 26, 2009. Music legend Michael Jackson died on Thursday at the age of 50. AFP PHOTO / ROBYN BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)

    Robyn Beck, AFP / Getty Images

    Fan Mike Manh dances to celebrate the life of pop icon Michael Jackson at Washington Square Park in New York June 26, 2009. Jackson, the child star turned King of Pop who set the world dancing but whose musical genius was overshadowed by a bizarre lifestyle and sex scandals, died on Thursday. He was 50. REUTERS/Eric Thayer (UNITED STATES ENTERTAINMENT OBITUARY IMAGES OF THE DAY) (Newscom TagID: rtrlthree473145) [Photo via Newscom]

    Eric Thayer, Reuters

    LOS ANGELES, CA - JUNE 26: Joan Bryant of Hollywood, California holds a copy of the Los Angeles Times with Michael Jackson on the cover as she waits in line with fans at the Michael Jackson star on Hollywood Boulevard on June 26, 2009 in Los Angeles, California. (Photo by Amy Graves/WireImage)

    Amy Graves, WireImage

    LOS ANGELES, CA - JUNE 26: Fans gather at the Michael Jackson star on Hollywood Boulevard on June 26, 2009 in Los Angeles, California. (Photo by Amy Graves/WireImage)

    Amy Graves, WireImage

    Prison inmates perform during a tribute to late pop icon Michael Jackson at prison grounds in Cebu city in central Philippines June 27, 2009. More than 1500 prisoners, reprised their world famous prison dance based on Michael Jackson's "Thriller" on YouTube years back, in a tribute to the late "King of Pop"on Saturday in Cebu provincial prison. REUTERS/Erik de Castro (PHILIPPINES SOCIETY ENTERTAINMENT OBITUARY) (Newscom TagID: rtrlthree473469) [Photo via Newscom]

    Erik de Castro, Reuters

2009 AOL LLC. All Rights Reserved.
2009-06-27 10:54:06

Pop Stew

Michael Jackson
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The All Michael Jackson Edition

<< Plans for the Kids -- Radar


He Was MTV's Jackie Robinson -- Daily Beast

Talk About Influence! Amazing MJ Sample Map -- Buzzfeed

Stars' Twitter Tributes to MJ -- Socialite Life

Young Fans Caught in MJ's Spell -- SnagFilms



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Joannsluv

07:52 AMJun 28 2009

I wonder how much of this debt is from HANGERS ON. Individual who milk those with money to enjoy a lifestyle they could never achieve themselves. So many athletes/actors/entertainers. continue to support and bankrool individauls from their old neighborhoods, and these so called friends from their past, just to maintain the image/rep that showed you care about the past and those less fortunate. I feel confident Michael Jackson was a kind, caring and sensitive man and he will always be looked upon by the world in that way. To those who helped bleed him dry and then some...It's time to get a job and stand ON YOUR FEET for the first tiime in your life.........

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dnnspar9

07:37 AMJun 28 2009

the man will be missed,his family needs to take control of his music or some big co. will.

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tate6170

07:10 AMJun 28 2009

THE MAN WAS CRAZY IF HE THOUGHT SLEEPING WITH LITTLE BOYS WAS OK THEN HE NEEDED TO BE IN A MENTAL WARD. YOU DONT PAY OUT MONEY IF YOU REALLY DIDNT DO ANYTHING TO THEM BOYS. AND WHY DIDNT HE LIKE HIS OWN RACE HE BLEACH HIS SHIN AND EVERYONE KNOWS THIS HOW SAID IS IT TO TRY AND BE SOMETHING YOUR NOT. YA HE WAS GOOD AT WHAT HE DID BUT JESUS IS THE KING AND WILL ALWAY WILL BE KING NO ONE CAN OUT DO JESUS SO WHY DONT WE FOCUS ON THE LIVING THAT NEED HELP AND NOT SOMEONE WHO IS NOT EVEN HERE ANYMORE AND AS FAR AS KIDS GO THEY ARE WHITE AS WHITE AND NEED TO GO BACK TO THERE REAL MOTHER AND NOT TO THERE SO CALLOED GRAND PARENTS SO JOE J. CAN BEAT THERE ASS ALL THE TIME.

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MoronsSuckIn2009

06:13 AMJun 28 2009

http://en.wikipedia.org/wiki/Rock_and_roll

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MoronsSuckIn2009

06:10 AMJun 28 2009

Actually you are wrong Shazbotbaru you uninformed bigot. He did more for charity in this country than you will ever possibly realize or do yourself I suspect. Check your facts before you open your mouth and insert both feet and hands. LOL. He has contributed many, many millions of dollars and time to help the unfortunate, as well as many charities based on serious diseases, and to stop poverty in this country. So when you say get back to something important, you must mean everything to do with ignoring poverty, disease, and other cultures in this country. Maybe we should get back to what is important to "YOU" which is what?? Bitching about your taxes and you giving handouts to the unfortunate people by giving them health benefits through your taxes and invading other countries under the guise of democracy. haha..What, You must have wild hair up your arse. Calm down, take a deep breath, and guess what????.................. Deal with it. LOLMore facts about R&R for the uninformed. lol...

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DeRozaleni

06:01 AMJun 28 2009

I didn't know the children had godparents but this article mentions a godfather to the oldest son I believe. If there are godparents they usually are the one to take custody of the children but with the biological mothers still alive I do not know if that would still be the case. I know two families raising godchildren but in both cases both parents are decreased so in this situation I'm not sure....Michael's wishes should be respected if at all possible. I know I'd want my children to be with whomever I had chosen prior to my death if I died while my children were minors.

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DeRozaleni

05:55 AMJun 28 2009

If he's like Elvis he'll sell more recordings after his death than he did alive. Elvis' music is still being bought by new generations 30 years later and I am sure Michael's will be too.

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STFUYDAN

05:55 AMJun 28 2009

just goes to show You cant give a black man money or responsibility

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DeRozaleni

05:49 AMJun 28 2009

The Jackson family needs to consult with Priscilla and Lisa Presley on how to best manage Michael's estate to provide for the children. Priscilla Presley did a wonderful job in making sure what assets Elvis had left were secured to provide for Lisa. If Michael still holds the deed to Neverland maybe they can turn it into a place like Elvis' Graceland where generation after generation can go and learn about Michael. My children are all grown now but as children they really enjoyed going to Graceland and finding out about Elvis. They love his Christmas music, we play it every Christmas as we put up our Christmas tree. Michael and Elvis are once in a lifetime entertainers...nobody can EVER replace them...although I saw a little of Micheal and Elvis in American Idol's Adam Lambert this year...he is one to watch.....maybe he'll be a music icon one day too.

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Shazbotbaru

05:31 AMJun 28 2009

Get off it ppl....he was just another goddamn musician, not somebody that helped direct anything important for our country....there are those of us who really dont give a shit about him or anyone like him....he wasnt god, just another blackass,boogie-woogie bugle boy who wanted to be white.....lets hope jesse jackson is next. radical S.O.B......now, lets drop all the coverage about him and concentrate on something important......

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