Michael Jackson was at one time one of the most wealthy people on the planet. Makes sense right? He sold more records than almost anyone. His 1982 album “Thriller” remains to this day one of the highest selling albums of all time.
Michael Jackson idolized J.M. Barrie’s hero Peter Pan, the boy who never grew up and it would seem that this idealization also stretched to his finances. Michael Jackson spent money like it was going out of style. Still he made millions upon millions from album sales and at some point purchased the rights to a catalogue of music (for a reported $47.5 million) that continued to bring in revenue up until the present.
But a series of poor decisions among which included putting his millions up as collateral for bad loans and several legal settlements cost the King of Pop big time. When Michael was first accused of child molestation, he opted to pay his accuser rather than see the case go to a trial and risk all the bad publicity. However, his image was tarnished regardless and his major corporate sponsors like Pepsi stopped backing him as a result of his no longer being quite so family friendly. At the time of his debt Jackson was reportedly somewhere between $300 and $400 million dollars in debt.
The series of concerts scheduled in London would have gone a long way to satisfy the entertainers debts. Not only from concert ticket sales but the album sales it would undoubtedly encourage. Supporters also stated that though Jackson claimed the London series would be his last, a possible world tour was in the works which would have put the entertainer back on the books.