Michael Jackson, the American singer, songwriter, actor, producer, and philanthropist, had a net worth of $500 million at the time of his death in 2009 ¹. Despite his massive earnings from his successful music career and other ventures, Jackson was in debt due to his lavish spending and borrowing habits. Here is a brief biography and overview of his net worth:
Early Life and Career
Michael Jackson was born on August 29, 1958, in Gary, Indiana, to Joseph and Katherine Jackson ². He was the youngest of five brothers who formed the Jackson 5, a successful musical group in the 1970s. Jackson’s solo career began in the late 1970s, and he released his breakthrough album, “Off the Wall,” in 1979. The album’s success was followed by the iconic “Thriller” album in 1982, which catapulted Jackson to global superstardom.
Net Worth
Michael Jackson’s net worth at the time of his death was estimated to be around $500 million ¹. However, his estate has earned significantly more since his passing, with estimates suggesting over $2 billion in earnings. The primary sources of his net worth were:
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Music Catalog : Jackson owned the rights to his own music, as well as the Beatles’ catalog, which he purchased in 1984 for $47.5 million. In 2016, Sony paid his estate $750 million for its half of the company, making it a valuable asset.
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Sony/ATV Music Publishing : Jackson merged his music catalog with Sony’s in 1995, creating a 50/50 partnership. The company grew to control millions of songs and is now worth $2-4 billion.
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Earnings from Music and Tours : Jackson earned millions from his music sales, concerts, and tours, including the “Victory” reunion tour with his brothers in 1984 and the “Bad” tour in 1987-1989.
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Endorsements and Merchandise : Jackson earned significant amounts from endorsement deals with brands like Pepsi and merchandise sales.
Expenses and Debt
Despite his massive earnings, Jackson’s spending habits and debt obligations significantly reduced his net worth. Some of his notable expenses included:
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Lavish Lifestyle : Jackson spent around $50 million annually on his luxurious lifestyle, including maintaining his Neverland Ranch.
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Debts and Loans : He took a $380 million loan from Bank of America, using his music catalog as collateral, and spent through the entire amount, leaving him with significant debt.
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Legal Fees and Settlements : Jackson paid millions in legal fees and settlements, including a $20 million settlement for a child molestation case.
Estate and Legacy
After Jackson’s death, his executors worked to return his estate to solvency, selling his future music rights to Sony for $250 million and releasing the documentary “This Is It,” which earned over $500 million. His estate continues to earn significant amounts, with his 50% stake in the Sony/ATV music catalog generating eight-figure dividends annually. His children, Prince, Paris, and Blanket, will inherit 80% of his estate, with the remaining 20% going to various children’s charities.
In conclusion, Michael Jackson’s net worth at the time of his death was $500 million, but his estate has earned significantly more since his passing. His music catalog, Sony/ATV Music Publishing, and earnings from music and tours contributed to his net worth, while his lavish spending and debt obligations reduced it. Despite his financial struggles, Jackson’s legacy as the “King of Pop” continues to inspire and entertain
