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How much was Michael Jackson really worth?
It's one of the biggest mysteries in the Michael Jackson saga: How much was the lavish-spending, massively debt-ridden pop icon really worth?
- AP
- Published: 22:52 July 1, 2009
New York: It's one of the biggest mysteries in the Michael Jackson saga: How much was the lavish-spending, massively debt-ridden pop icon really worth?
In the most detailed account yet of the singer's tangled financial empire, documents obtained by The Associated Press show Jackson claimed to have a net worth of $236.6 million as of March 31, 2007.
But less than $700,000 of that amount was in cash - a relatively paltry sum given his opulent lifestyle, prodigious borrowing and seven-figure shopping sprees.
The dollar amounts, which previously consisted of estimates, are crucial because Jackson's estate is expected to become the focus of a legal battle between the singer's family and creditors.
Since then, however, Jackson's debts and assets have grown substantially - he took on more debt in a refinancing transaction later that year, and the Sony/ATV Music Publishing joint venture spent hundreds of millions acquiring new songs.
The news on Jackson's financial situation came as Jackson's family reversed itself and said the singer did in fact have a will - complicating a bid by Jackson's mother to take control of her son's finances.
The will names his mother Katherine as guardian of his children and puts his assets in a trust, according to a person who spoke on condition of anonymity because he was not authorised to speak on the topic.
Jackson died last Thursday at the age of 50 of what his family said was a cardiac arrest. The divvying up of his assets - and the settling of his debts - are likely to be hotly contested in court.
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