Michael Jackson died as the richest men in the world

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Michael Jackson died as the richest men in the world

Postby Eva » Apr 09, 2012 12:35 pm

Everybody was convinced that Michael Jackson was having money problems when he died, but Johnny Ikon knows that's really a myth and he was one of the richest men in the world.

It was true to say he had enormous debts - $330 million to be precise, made up of a $300 million loan from investment group Fortress; mortgages of $27 million on his Neverland ranch and the Hayvenhurst Avenue, Encino property his parents live in; and a further loan of $4 million from a bank. Additionally, Michael was frequently late paying bills which saw legal action many times as lenders tried to foreclose on his homes and traders took him to court.

However, don't let that make you think he was poor. He was simply bad at managing his money, and disorganised, but absolutely not poor. This is a summary of his enormous assets:

$1.15 billion, 50% share of The Beatles' music back catalogue
$20 million worth of cars, artwork and antiques
$73.5 million of property assets, including Neverland and his parents' Encino home
$85 million for the rights to his own music
$20 million of archive materials that he owned copyright to
$10.5 million in cash, held in reserve to pay Neverland [SPAM_REMOVED]
$668,000 of 'free' cash and $1 million worth of professional recording equipment

So, in total Michael's assets at the time of death were around $1.36 billion, meaning that if everything was sold and all his loans paid in full, he would have over $1 billion left over. He was hardly struggling, was he?!?!! Those who criticise Michael's lavish spending and claim he'd left himself penniless misunderstand the situation. He died one of the richest men in America, with a valuable but badly-managed investment portfolio. His children are set for life.
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Eva
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