Probably the most famous entertainer to face financial ruin is Michael Jackson. At the time of his death in 2009, the pop star was “tapped out” and millions of dollars in debt.
“Despite receiving millions of dollars annually from his song catalogs, Michael Jackson year after year spent more than he earned, including $30 million in annual debt payments,” The Los Angeles Times reported.
According to forensic accountant William R. Ackerman, who testified as a defense witness on behalf of AEG Live in a wrongful-death trial brought by the Jackson family, Jackson spent money on donations to charity, gifts, travel, art, and furniture.
Then there was Jackson’s famed property, Neverland Ranch, which is sort of a mini-theme park. The estate was a “huge drain” on Jackson’s income.
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As early as 1993, Jackson owed $30 million, which grew to $140 million by 1998. From 2001 through June 2009, Jackson’s debt grew by about $170 million. When he died, Jackson owed $400 million to $500 million, Ackerman testified.
“He was tapped out,” Ackerman added.
