mack77
Proud Member
- Joined
- Jan 27, 2012
- Messages
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What on earth happened in order for MJ's debts to spiral out of control in the 90's. Without doubt, his debts where a significant contributor to his stress.
According to Newsweek, "The musician's extreme debt started in 1994 with $30 million owed and quickly grew. When he died, Jackson was between $400 million and $500 million in debt."
In 1995, he received a cash injection of $95 million when he merged ATV with Sony, according to Billboard, https://www.billboard.com/music/music-news/michael-jackson-died-deeply-in-debt-268276/
yet in 2001, he took out a whopping 200 million dollar loan from Bank of America ?
What happened?
I think it was a mixture of:
Neverland expenses
The $ 23 million 1994 settlement (I have seen no proof it was insurance)
The HIStory tour not generating profits
The Ghosts film not generating much money
Random jewellery/ painting expenses
Has anyone seen a detailed article giving an explanation, or accounting documents?
Surely MJ could see his debts were getting out of control ?
According to Newsweek, "The musician's extreme debt started in 1994 with $30 million owed and quickly grew. When he died, Jackson was between $400 million and $500 million in debt."
In 1995, he received a cash injection of $95 million when he merged ATV with Sony, according to Billboard, https://www.billboard.com/music/music-news/michael-jackson-died-deeply-in-debt-268276/
yet in 2001, he took out a whopping 200 million dollar loan from Bank of America ?
What happened?
I think it was a mixture of:
Neverland expenses
The $ 23 million 1994 settlement (I have seen no proof it was insurance)
The HIStory tour not generating profits
The Ghosts film not generating much money
Random jewellery/ painting expenses
Has anyone seen a detailed article giving an explanation, or accounting documents?
Surely MJ could see his debts were getting out of control ?