Michael Jackson Net Worth: How Much Money Does He Leave at the Time of His Death?
The world of the living by Michael Jackson Before 13 years.
On June 25, 2009, one of the most famous dancers in the world died.
In Gary, Indiana, Michael Jackson was born. Jackson joined the family band The Jackson 5 when he was young.
In the 1970s, his career grew. Between 1985 and 1995, it was said that the King of Pop had a net worth of $50 million to $100 million per year.
Michael Jackson made considerable money from tours, record sales, endorsements, and merchandise.
But he spent most of his money on his ex-wife and the mother of his child, Debbie Rowe. Jackson got a settlement of $20 million for molesting a child, and he also had to pay his lawyers’ fees.
Jackson also bought Neverland Ranch, which cost $19.5 million and $10 million a year to keep up.
Michael Jackson’s Wealth When He Died
At the time of his death, Michael Jackson’s net worth was $500 million less than when he was alive. Michael once took out a $380 million loan from Bank of America to pay for his lavish lifestyle. As collateral, he put up his 50% share of the music publishing company Sony/ATV.
The interest on that loan alone costs tens of millions a year. In just a few years, he spent all $380 million and an extra $120 million. Because of this, Michael Jackson owed $500 million when he died in 2009.
Michael’s Music Catalog
Michael’s music library was his most valuable possession at the time of his death. The copyright value of his songs was estimated to be $100 million, but his collection of other artists’ songs, especially those by The Beatles, was the crown jewel of his wealth. In the early 1980s, Michael bought the music catalogs of Sly and the Family Stone.
But Michael’s biggest win came in November 1984, when he spent $47.5 million to buy The Beatles’ music from ATV. He then bought several classic singles, such as “Great Balls of Fire,” “Shake Rattle Rattle and Roll,” “When a Man Loves a Woman,” and “Runaround Sue.” This was the first time he owned music rights.
The Beatles catalog was eventually combined with Sony to form a 50/50 partnership called Sony/ATV, which is considered worth between $2 and $4 billion today.
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When Michael Jackson Buy the Beatles
Robert Holmes had all of The Beatles’ songs. The Australian business mogul put it up for sale through his company, ATV Music Publishing, which owned the rights to about 4,000 pieces and had a division called Northern Songs, which was The Beatles’ music publishing arm.
At the beginning of their careers, Paul McCartney and John Lennon signed a terrible contract that gave Northern Songs the right to publish more than 250 songs. In 1984, Paul McCartney and Yoko Ono had the chance to buy the Beatles catalog, but they decided not to because it cost $40 million.
Michael Jackson, 25 at the time, had just had a massive hit with Thriller and was in the middle of a two-year shopping spree for music publishing rights. Between 1982 and 1984, he spent a lot of money buying publishing rights for songs by Sly and the Family Stone, Great Balls of Fire, When a Man Loves a Woman, and Runaround Sue, to name a few.
For a long time, John Branca, Michael Jackson’s lawyer, heard that the ATV/The Beatles catalog was for sale and talked to Michael about buying it. Michael told him to go all out, so Jackson and Branca made an offer of $47.5 million, which is about $115 million in today’s money. The highest bid was $40 million.
Michael could then license any Beatles song, which he did in 1987 when he sold the rights to Revolution to Nike for $500,000. Jackson got $250,000 from the deal, while McCartney and Lennon each earned $125,000 because they still owned the songwriter’s royalties.
Michael Jackson Profitable After Death
According to Forbes, Michael Jackson is the artist and celebrity who made the most money after they died.
Michael Jackson was at the top for 11 years after his death in 2009.
Michael Jackson has made more than $2.27 billion since 2009.
Michael Jackson Money Made and Money Spent
Jackson made about $500 million from his music, concerts, videos, and endorsements during his life, but when he died in 2009, he was $500 million in debt. Jackson was broke because he spent all his money on a complicated, expensive living. He spent between $30 million and $50 million a year on his lifestyle alone and owed his lawyers, agents, and publicists a lot of money he never paid. A few things to note:
- $17 million to buy the Neverland Ranch and $5 million yearly to keep it in good shape.
- $20 million to settle a lawsuit about sexual abuse of a child.
- $65 million on different video projects, including “Ghosts,” a 35-minute movie he wrote with Stephen King.
- Debbie Rowe and Tom Cruise reached a $12 million divorce settlement.
- He had to pay $5 million in interest on his debts yearly.
- Tens of millions of dollars were spent on things like Bentleys, antiques, art, clothes, chimpanzees, gloves with diamonds, and other small items.
- Jackson took out a $380 million loan against the value of his music library to pay for his lavish lifestyle.
- The pop star was known to be wrong with money and thought he was worth a lot more than he was. Near the end of his life, he got into a series of bad financial deals with banks, hedge funds, and other shady people to keep up his lifestyle and make a comeback in his career and finances.
- Before he died, Michael had spent the entire $380 million loan and had little chance of being able to pay back the principal or interest. This debt was the main reason Michael had to go on the “This Is It” tour, which some people say led to his death.