Michael Jackson is one of the most famous musical artists in history. His net worth stands at $600 million today. However, at the time of his death in 2009, his estate’s net worth was roughly equal to its debts. It stood at $500 million, according to realtytoday.com.
According to a celebrity news website known as TMZ, Michael Jackson’s estate has come back from the brink of bankruptcy, earning almost $2 billion since 2009 when he met his untimely death.
According to TMZ, if all the expenses incurred running Michael Jackson’s estate amounting to $1.2 billion as well as taxes amounting to $ 350 million are taken into account, the net worth of his estate is estimated to be about $ 450 million.
How he made his money
Music
Michael Jackson’s most …show more content…
One of the most notable deals he was entered into was with Pepsi. It involved the licensing of Michael’s image.
Shows
Cirque du Solei was involved in producing two Las Vegas shows around Michael Jackson’s image and music. In both of these shows, Michael’s estate is in a 50/50 partnership with Cirque du Solei.
Michael Jackson’s woes
Michael’s woes emanated from his lavish lifestyle. It is a known fact that in his lifetime, Michael Jackson used to spend money as fast as he earned it. At the time of his death in November 2009, he was essentially in debt to the tune of $500 million. He used to spend around $ 30 to $ 50 million every year on his lifestyle alone. This uncontrolled spending eventually led him to financial ruin. He ended up racking up large amounts of unpaid bills with his agents, publicists, and lawyers. Below are a few examples of his lavish spending:
$ 17 million which he used to purchase the Neverland Ranch and its maintenance costs amounting to $ 5 million annually.
$ 5 million paid annually to take care of interest on his debts.
$ 12 million spent on a divorce settlement with Debbie
According to a celebrity news website known as TMZ, Michael Jackson’s estate has come back from the brink of bankruptcy, earning almost $2 billion since 2009 when he met his untimely death.
According to TMZ, if all the expenses incurred running Michael Jackson’s estate amounting to $1.2 billion as well as taxes amounting to $ 350 million are taken into account, the net worth of his estate is estimated to be about $ 450 million.
How he made his money
Music
Michael Jackson’s most …show more content…
One of the most notable deals he was entered into was with Pepsi. It involved the licensing of Michael’s image.
Shows
Cirque du Solei was involved in producing two Las Vegas shows around Michael Jackson’s image and music. In both of these shows, Michael’s estate is in a 50/50 partnership with Cirque du Solei.
Michael Jackson’s woes
Michael’s woes emanated from his lavish lifestyle. It is a known fact that in his lifetime, Michael Jackson used to spend money as fast as he earned it. At the time of his death in November 2009, he was essentially in debt to the tune of $500 million. He used to spend around $ 30 to $ 50 million every year on his lifestyle alone. This uncontrolled spending eventually led him to financial ruin. He ended up racking up large amounts of unpaid bills with his agents, publicists, and lawyers. Below are a few examples of his lavish spending:
$ 17 million which he used to purchase the Neverland Ranch and its maintenance costs amounting to $ 5 million annually.
$ 5 million paid annually to take care of interest on his debts.
$ 12 million spent on a divorce settlement with Debbie