michael jackson net worth
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What is the net worth of michael jackson?
Michael Jackson is an American singer, songwriter, actor, producer and philanthropist. Technically, one could argue that Michael owed $500 million at the time of his death due to decades of overspending and over-borrowing.
For a decade between 1985 and 1995, Michael Jackson easily made $5-100 million a year from touring, record sales, endorsements and merchandise. Even after his death, Jackson remains one of the most popular and lucrative celebrities in the world. He has sold more than 750 million albums to date, including 35 million in the year after his death.
Michael Jackson’s net worth at the time of death
Technically, it’s negative $500 million.
Michael’s most valuable asset is his music catalog. Although the copyright value of his own songs is estimated to be $100 million, the crown jewel of his net worth is the mix of songs by his other artists, especially the Beatles.Michael’s first attempt at owning music rights was when he purchased sly and family stone in the early 1980s. He then bought a string of classic singles like “Great Balls of Fire,” “Shake Rattle Rattle and Roll,” “When a Man Loves a Woman” and “Runaround Sue” to name a few.But the biggest win came in November 1984 when Michael purchased the Beatles $47.5 million ATV music catalog. the Beatles Catalog eventually merged with Sony to create a 50/50 joint venture called Sony/ATV, estimated to be worth today $2 billion.
During his lifetime, Jackson made about $500 million from his own music, concerts, videos and endorsements, but at the time of his death in 2009, he was essentially $500 million in debt. Jackson spent all his money on a sophisticated and lavish lifestyle that left him penniless. He spends between $300 and $50 million a year on lifestyle alone and has huge unpaid bills with his lawyers, agents and publicists. A few highlights:
- $17 million to buy Neverland, plus $5 million in annual maintenance
- $20 million to settle a child sexual assault lawsuit.
- $65 million for various video projects, including the 35-minute film “Ghost,” which he wrote with Stephen King
- Reached a $12 million divorce settlement with girlfriend Debbie Rowe.
- Pays $5 million a year in interest on his debt.
- Tens of millions of dollars have been spent on Bentleys, antiques, art, clothes, chimpanzees, diamond-encrusted gloves and other trinkets.
To finance his continued lavish lifestyle, Jackson took out $380 million in loans worth his music catalogue. The pop star is notoriously naive when it comes to his finances, and he has an overblown sense of his new worth. Towards the end of his life, he made a series of financial deals with banks, hedge funds and other shady figures in an attempt to make a professional and financial comeback while maintaining his lifestyle. Before his death, Michael had used up the entire $380 million loan with little hope of paying the interest, let alone the principal. This debt was the main reason why Michael was forced to put on a comeback tour “That’s it”, which is arguably the reason for his death.
Michael Jackson Net Worth/Francis Sylvain/AFP/Getty Images
In the years since his death, Michael Jackson’s execs staged a radical financial comeback. One of their main goals is to make the estate solvent so they don’t have to sell his prized collection of music. Michael’s will explicitly left 40% of his assets to his three children to be divided equally. Another 20% goes to various children’s charities and the final 40% goes to his mother, Catherine. After Katherine’s death, the 40% balance goes to Michael’s children.
Almost immediately after Michael’s death, his execs began supporting the pop star’s finances. They immediately sold Michael’s future music rights to Sony for $250 million, technically the largest record deal in history. His lawyers also combed through thousands of hours of personal home videos from the last year of his life to produce a film called “This Is It,” which was released in theaters around the world. To date, the film has grossed more than $500 million. After the success of the film and record deal, many other spokespeople called. Pepsi made a deal with Michael’s image. Cirque du Soleil produced two Las Vegas shows around his music and image. In both shows, Jackson’s legacy was a 50/50 partnership with Cirque du Soleil. In addition, Michael Jackson left tens of thousands of personal items and memorabilia stored in three giant warehouses in Southern California. The items will be kept until his three children are 18, at which point they can decide what they want to keep and what can be auctioned off. This will happen in 2020.
Jackson estate net worth after death
Since Michael Jackson’s death in 2009, his estate has brought in more than $700 million. More than any living artist at the time. His executors easily repaid his loan from Sony and secured the future of his multibillion-dollar music catalog. Earnings Milestones:
- 2018: $400 million
- 2017: $75 million
- 2016: $825 million
- 2015: $115 million
