Michael Jackson: more than one Will?

So Michael Jackson is dead. After the initial shock, focus has now turned to his last hour when his personal doctor was administering CPR. I’m not going to touch on that side of his death. Rather, I’m intrigued by the details that are slowly emerging about Jackson’s financial debt. Some reports said that his debt could reach as much as USD400 million. Already, I’ve also been hearing that some of his memorabilia have gone under the hammer and had fetched good prices. How much of that goes back to Jackson’s estate is unknown because these memorabilia could have come from someone’s personal collection through the years.

glove.jpgNow, Jackson’s complicated and troubled financial legacy will have lawyers arming themselves for a potentially bitter courtroom battle. During his lifetime, he was estimated to have amassed more than USD650 million but his fortune was ravaged by his own profligate spending and dozens of lawsuits.

His estate rests on the value of his own successful music, estimated at between USD50 to USD100 million, and half ownership of most of The Beatles’ music catalogue worth almost USD1 billion.

But it was revealed in a controversial 2005 trial that Jackson was deeply in debt. The court heard that in a year, Jackson was spending about USD30 million more than he earned. His Neverland ranch cost him about USD5 million a year. In March 2008, he nearly lost this 2,600-acre property after defaulting on an obligation but was saved by an investment group that extended him more credit.

At his death, his total debt of USD400 million looks likely to increase because of several outstanding lawsuits which will have to be dealt with by the people entrusted with handling his estate. It’s not going to be easy for whoever is sitting in that hot spot.

Among them: Raymone Bain, Jackson’s manager from 2003 to 2006, says she is entitled to 10 percent royalties on business deals done during that time period; and John Landis, director of “Thriller”, and Ola Ray, who played Jackson’s love interest in the video, are both sueing for unpaid royalties.

To complicate matters, his former financial advisers suggest he may have left at least two wills. Further more, Jackson had reported converted to Islam at the beginning of the year.  That will add a further layer to the whole Michael Jackson financial mess.

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