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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Entertainment > Article Home Business & Finance News U.S. Politics International Technology Entertainment Film Music People Television Arts Industry Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Jackson leaves hefty debts, unrealized comeback Fri Jun 26, 2009 3:17pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Nichola Groom and Yinka Adegoke LOS ANGELES/NEW YORK (Reuters) - Along with a vast musical legacy and legions of adoring fans, pop superstar Michael Jackson leaves behind a mountain of debt and an unfulfilled comeback many hoped would rake in millions and erase his financial troubles. The King of Pop died suddenly on Thursday at the age of 50, after a career spanning 40 years that included the biggest-selling pop album of all time, "Thriller." Despite taking in hundreds of millions of dollars as one of the most successful pop musicians of all time, Jackson racked up about $500 million of debt, according to sources cited by The Wall Street Journal earlier this month. His top assets, however, including copyrights to his own songs and a stake in the Beatles' song catalog, are worth more than $1 billion, according to a music industry source. Jackson's career and image were tarnished by his mounting financial and legal troubles in recent years [ID:nN25299926]. Known for huge shopping sprees for toys and antiques, Jackson was accused by an accountant during his 2005 trial on child molestation charges of spending $20 million to $30 million more than he was bringing in per year. The lavish lifestyle was made possible in part by a $200 million loan secured by his stake in the Beatles catalog. Jackson owned the music in a joint venture with Sony Corp known as Sony/ATV. Jackson refinanced those loans in 2006 in a bid to stave off insolvency. In addition, Jackson last November had to hand over the title on his Neverland estate in California to a company made up of himself and Los Angeles-based real estate investment trust Colony Capital LLC, the firm that holds his $23 million loan on the property. Colony Capital has been sprucing up the ranch and planned to sell it, according to the Journal. Colony Chief Executive Tom Barrack told the newspaper last month the estate could fetch $70 million to $80 million, or more if Jackson's career were revitalized. In a statement on Thursday, Barrack said he was "deeply saddened" by Jackson's death, but did not comment on the impact on Colony's business. PLANNED BIG COMEBACK To help turn around his financial fortunes, Jackson was planning a major comeback in London this summer, 12 years since his last tour. AEG Live, which was promoting the 50-concert run at the 02 Arena, stands to lose as much as $40 million if its insurance is not substantial enough to cover what it has already spent on the production, Billboard reported, and one attorney said the company would not be able to recover any of those costs from Jackson's estate. "The concert promoters can't sue the estate," said Bob Rasmussen, dean of the Gould Law School at the University of Southern California. "Once he dies, he doesn't have any obligation to perform." AEG, wholly owned by privately held Anschutz Co, will also certainly miss out on the $400 million the company estimated it could raise through a 3 1/2-year plan to work with Jackson. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Retailer time-out adds to woes for Nike, rivals Also On Reuters Mounting jobless claims force states to borrow Google's China rift hints at challenges ahead Full Coverage: Remembering Michael Jackson More Entertainment News Painkillers cited as Jackson death examined | Video Farrah Fawcett, 1970s sex symbol, dies aged 62 | Video Michael Jackson feared he'd "end up" like Elvis: Lisa Marie "Transformers" in high gear already Studios wary of Oscar's new best-picture rule More Entertainment News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Painkillers cited as Jackson death examined | Video Iran election violence "outrageous," Obama says | Video Michael Jackson's death hits tour promoter, ticket holders Michael Jackson leaves hefty debts, unrealized comeback World mourns Michael Jackson | Video Michael Jackson leaves hefty debts, unrealized comeback Farrah Fawcett likely to endure as 1970s icon King of Pop Michael Jackson is dead: official California set to issue IOUs as fiscal crisis weighs Disbelief from fans greets Michael Jackson death Most Popular Articles RSS Feed Video Jackson's body at coroner Jackson fans gather in Harlem Pop icon Michael Jackson dies at 50 Asia mourns Jackson death Fans react to Jackson's death World mourns Jackson's death Remembering the "King of Pop" Michael Jackson reported dead Fans worldwide mourn Jackson Stanford's release delayed Most Popular Videos RSS Feed Fan Fare Blog: Share your thoughts Michael Jackson: Motown's fallen hero What was supposed to be a yearlong celebration of Motown Records’ 50th anniversary, turned into a major tragedy with the death on Thursday of one of its biggest stars, Michael Jackson. Blog Blog: Jackson death overshadows Farrah Fawcett Commentary: Jackson's troubled financial legacy Blog: King of Pop or tarnished genius? Blog: A legacy in dance We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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