Michael Jackson - $500 Million Net Worth, The One And Only King Of Pop
American singer-songwriter-actor-producer-philanthropist Michael Jackson net worth is less than $500 million at the time of his death.
Technically speaking, one might say that due to years of excessive borrowing and spending, Michael was, at the time of his death, $500 million in debt.
Over 750 million records have been sold by him to this point, including 35 million in the year after his death.
|Name||Michael Joseph Jackson|
|Date Of Birth||Aug 29, 1958 - Jun 25, 2009|
|Height||5 ft 8 in (1.75 m)|
|Nationality||United States of America|
|Profession||Entertainer, Singer-songwriter, Musician, Choreographer, Record producer, Actor, Businessperson, Film Producer, Dancer, Film Score Composer|
|Net Worth||$500 Million|
On August 29, 1958, Michael Joseph Jackson was born in Gary, Indiana. He belonged to the Jackson family, a working-class African-American family with 10 children who resided in a two-bedroom home.
Clarinetist and pianist Katherine Esther Jackson (née Scruse), his mother, had aspirations of becoming a country and western singer. She was a Jehovah's Witness and part-time employee at Sears.
Former boxer Joseph Walter "Joe" Jackson, who worked as a crane operator at US Steel and played guitar in a local blues band, was also the father of the boy.
Elvis Presley's daughter Lisa Marie received a phone proposal from Michael Jackson in 1993.
In May 1994, they exchanged vows in La Vega, Dominican Republic. They split in December 1995, little over a year after they wed.
Debbie Rowe, a nurse who later became his second wife, first met him while employed by dermatologist Dr. Arnold Klein.
She said that when Jackson and Lisa Marie Presley separated, he was concerned at the prospect of maybe never having children. Longtime Jackson supporter Rowe suggested having children with him.
On November 13, 1996, Jackson and Rowe exchanged vows at the Sheraton on the Park in Sydney, Australia.
Jackson phoned Lisa Marie Presley the evening before their wedding, and she gave them her blessing.
It was made public that Rowe was expecting his kid some months after he and Presley divorced.
Rowe did not raise her kid with Jackson and did not see him for the first time for six weeks after his birth.
During his first several months in Neverland, Prince was looked after by a staff of six nannies and six nurses.
In November 1997, Rowe made known that she was expecting Jackson's second child. The child was a girl who was given the name Paris after the French city where her parents said she was born.
In 1993, Jackson was accused of sexually abusing children; he vehemently disputed the claims and agreed to settle the accuser's legal case.
An inquiry was started when footage from the 2003 documentary Living with Michael Jackson revealed Jackson holding hands with Arvizo and justifying his habit of providing his bed to kids.
Jackson was charged with four charges of child molestation, four counts of getting a juvenile drunk to molest him, one count of attempted child molestation, one count of plotting to kidnap and kidnap Gavin and his family, and four counts of plotting to extort money.
Beginning on January 31, 2005, with jury selection, the trial lasted around four months.
Jackson allegedly gave Gavin and his brother beer, watched pornography with them, masturbated in front of them, and made sexual advances during their testimony.
The prosecution's witnesses, according to the defense, were either disgruntled former workers or people out to make money from Jackson.
Celebrities testified as witnesses for the defense, including comedian Chris Tucker and former child star Macaulay Culkin.
The trial's coverage has been compared to a media circus, and several media sites sprang to Jackson's defense almost once.
On June 13, 2005, Jackson was declared innocent of all charges. He never went back to Neverland Ranch and lived in Bahrain and Ireland for the first several months following the trial.
Wade Robson, one of the defense witnesses, altered his story and launched a lawsuit in 2013, four years after Jackson's death, claiming Jackson had mistreated him.
The jury members who spoke on The Jury Speaks in 2017 declared they would still vote to exonerate the defendant.
Jackson started performing as a kid with his four siblings as part of the musical group the Jackson 5.
With "I Want You Back," the group achieved their first No. 1 hit in 1969. Jackson began making TV appearances at the age of 11, and by the age of 14, he had his first solo CD out.
Early in the 1970s, a Jackson 5 TV cartoon series debuted, and in 1976, the Jackson family, including sister Janet Jackson, debuted a one-season TV variety program dubbed The Jacksons.
Michael, who contributed vocals in his high voice to several Top 20 successes, including "ABC," "I'll Be There," and others, attracted media attention throughout the 1970s.
Jackson put out a number of solo albums in the 1970s, but Off the Wall was his big break.
He made history when "She's Out of My Life" and "Rock with You" were among his four Top 10 singles from a single album.
With sales of about 45 million copies worldwide, his next album, Thriller (1983), quickly rose to the top of the charts.
This time, he had seven Top 10 songs and eight Grammys were given to the record. Despite selling just about half as many copies as Thriller, his subsequent album, Bad (1987), was a massive best-seller.
Jackson inked a record-breaking $65 million record contract with Sony in 1991. He released Dangerous that year.
In 1964, Jackie, Tito, and Jermaine played tambourine and congas as backing musicians for their father's band, the Jackson Brothers, which also featured Michael and Marlon.
Michael said that while they were practicing, his father called him "fat nose" and physically and verbally attacked him.
He remembered that while he and his siblings practiced, Joe would often sit in a chair with a belt in his hand, ready to correct any errors.
Joe said that he often spanked Michael. Katherine said that although flogging was a normal method of child punishment while Michael was growing up, it has now come to be seen as maltreatment.
The whippings, which were worse on Michael because he was younger, kept Jackie, Tito, Jermaine, and Marlon in order and out of mischief, according to Jackie, Tito, Jermaine, and Marlon, who claimed that their father was violent. Jackson said that his boyhood was solitary and lonely.
The Jackson 5 produced a number of songs for Steeltown Records, a Gary-based record company; their debut hit, "Big Boy," was released in 1968.
The Jackson 5 opened for Bobby Taylor at Chicago's Regal Theater in 1968, and Bobby Taylor of Bobby Taylor & the Vancouvers got them to Motown.
Some of their early Motown tracks, including a rendition of "Who's Lovin' You," were produced by Taylor. The Jackson family migrated to Los Angeles after signing with Motown.
Motown officials determined Diana Ross should launch the Jackson 5 in 1969, in part to further her television career and send off what was seen as Motown's last "production line" output.
The Jackson 5 performed a performance of "It's Your Thing" at the Miss Black America contest in 1969, marking their debut appearance on television.
The young Michael was subsequently referred to by Rolling Stone as "a prodigy" with "blowing musical skills" who "soon emerged as the major attraction and lead vocalist."
At the time of his passing, Michael's music collection was his most precious possession. The most valuable part of his net worth was his collection of other artists' songs, particularly those by The Beatles, even though the copyright value of his own compositions was believed to be worth $100 million.
Early in the 1980s, Michael made his first excursion into music rights ownership when he bought the Sly and the Family Stone catalogs.
He then purchased a number of well-known songs, including, to mention a few, "Runaround Sue," "Great Balls of Fire," "Shake Rattle Rattle and Roll," and "When a Man Loves a Woman."
The greatest victory, however, came in November 1984 when Michael paid $47.5 million to acquire the ATV song collection of The Beatles.
In the end, Sony and The Beatles library were combined to form Sony/ATV, a 50/50 joint company with a current estimated value of $2–4 billion.
|20TH CENTURY MASTERS - THE BEST OF THE JACKSON FIVE (1999)||1,015,000|
|GREATEST HITS (1971)||556,000|
|THE JACKSONS (1976)||500,000|
|THE JACKSONS LIVE (1981)||500,000|
|THE VERY BEST OF (1997)||300,000|
|18 GREATEST HITS (1983)||300,000|
|THE MOTOWN YEARS 50 (2008)||150,000|
|THE VERY BEST OF THE JACKSONS (2004)||107,500|
|THE ULTIMATE COLLECTION (1998)||100,000|
|THE BEST OF MICHAEL JACKSON AND THE JACKSON FIVE (1997)||100,000|
|SOUL SOURCE JACKSON 5 REMIX (2000)||77,840|
|LOOKIN` THROUGH THE WINDOW (1972)||60,000|
We identify the pop superstar Michael Jackson with a 40-year musical career that produced some iconic soundtracks and mind-blowing dance performances.
He is one of the most recognizable pop singers of all time because to his unmatched string of songs in the 1980s and 1990s.
Ironically, Michael's death was likely the finest thing that ever happened to his financial situation.
He has constantly held the title of highest-paid deceased celebrity on the world in the years after his death on June 25, 2009.
Michael's executors took action very immediately after his death to support the pop star's finances.
They instantly made the richest record deal in history when they gave Sony the future music rights to Michael for $250 million.
In order to create the film "This Is It," which was shown in cinemas all around the globe, his attorneys also looked through many hours of private home footage from the final year of his life.
The movie has earned more than $500 million so far. Numerous more endorsers contacted me after the movie's popularity and the record deal.
Michael's picture was licensed by Pepsi. Two Las Vegas productions by Cirque du Soleil were based on his songs and persona.
Jackson's estate and Cirque du Soleil are co-producers of both productions, 50/50. Thousands of personal belongings and pieces of memorabilia that Michael Jackson left behind are also being kept in three enormous warehouses in Southern California.
The possessions must be kept in storage until all three of his children turn 18, when they will be able to choose what they want to retain and what they want to put up for auction.
Even today, his 50% ownership of the Sony/ATV music library brings in eight-figure income for his estate.
The estate of Michael Jackson has received approximately $700 million since his death in 2009. compared to all other active artists at the moment.
His executors simply repaid Sony's debt and preserved the legacy of his billion-dollar music collection.
Then, 25-year-old Michael Jackson was in the midst of a two-year buying spree for music publishing rights and had just experienced the phenomenal success of Thriller.
Between 1982 and 1984, he spent millions acquiring publication rights to songs by Sly and the Family Stone, Great Balls of Fire, When a Man Loves a Woman, and Runaround Sue, to name a few John Branca, Jackson's longstanding legal counsel, contacted Michael about purchasing the ATV/Beatles library after learning that it was up for sale.
Jackson and Branca made the highest offer of $47.5 million ($115 million in today's terms), after Michael instructed him to spend no money on frills.
Sony came to Michael with a fantastic offer in 1995. Sony made him an offer to combine ATV music with their collection in exchange for $95 million (equivalent to $230 million today), creating a new 50/50 controlled publishing powerhouse.
Michael consented and right away doubled his original investment while also acquiring a 50% stake in a much larger music publishing firm.
Additionally, Jackson maintained complete ownership over his own music via a different business named Mijac Music.
Over the next ten years, the new Jackson/Sony business would expand to 200,000 songs under the name Sony/ATV Music Publishing.
Between 2005 and 2013, Sony/ATV increased their music library to two million tracks, including songs by Lady Gaga, Bob Dylan, Beck, and Eminem.
The business made $500 million in revenue and $1.25 billion in licensing and royalties in only one year (2012). The corporation is now valued between $2 and $4 billion.
The estate was bought by Michael Jackson for $20 million. The marriage of Elizabeth Taylor and Larry Fortensky in 1991 and Michael Jackson's live Oprah Winfrey interview in 1993 were just two of the occasions that took place at the ranch. Later, Micheal Jackson sold this home to Tom Barrack due to financial difficulties.
The facility also has a roller coaster, bumper cars, a carousel, a zip line, an octopus, a pirate ship, a wave swinger, a super slide, a roller coaster, and an arcade. There was a hidden safe room in the master closet as well for protection.
In 1995, as part of the 50th anniversary commemoration of the United Nations, Jackson and his then-wife Lisa Marie Presley-Jackson invited children from all over the world for a three-day World Children's Congress, a series of seminars and workshops on problems affecting youngsters throughout the world.
Police detectives conducted a thorough search of Neverland Ranch in conjunction with the People v. Jackson trial after Jackson was accused of numerous counts of assaulting a child in 2003. Jackson was exonerated on all counts.
At least four limos belonged to Jackson, one of which was a 1999 Rolls Royce Silver Seraph that was, to put it mildly, extraordinarily ornamented.
When they remarked, "The dark blue Seraph wears an interior that seems to have been taken right from the Palace of Versailles," our pals at Jalopnik did a good job of describing it.
Jackson was said to have personally designed the inside, which explains the lavish usage of 24-carat gold.
According to reports, the car had a 5.4-liter V12 aluminum engine that could produce up to 322 horsepower.
- The Neverland Ranch will cost $17 million to buy, plus $5 million a year for upkeep.
- $20 million was paid to resolve a child molester case.
- $65 million was spent on various video projects, including the 35-minute movie "Ghosts," which he and Stephen King co-wrote.
- With lover Debbie Rowe, a $12 million divorce agreement was reached.
- His loan interest payments total $5 million annually.
- Tens of millions of dollars were spent on Bentleys, collectibles, artwork, clothing, chimps, diamond-studded gloves, and other items.
In his will, Michael specifically bequeathed his three children an equal share of his 40 percent of assets.
The remaining 40% was given to Katherine, his mother, along with another 20% going to other children's organizations.
The remaining 40% goes to Michael's children once Katherine passes away, so ultimately his three children would get 80% of the inheritance.
One of the most commercially successful artists in history, Michael Jackson, passes away on June 25, 2009, at the age of 50, at his Los Angeles, California, home after experiencing a lethal mix of drug interactions prescribed to him by his personal doctor.
It is generally known among Michael Jackson's following that his preference for the number seven throughout the course of his career is obvious.
At one time, Michael borrowed $380 million from Bank of America to support his lavish lifestyle, using his 50% ownership interest in the music publishing corporation Sony/ATV as security.
Tens of millions of dollars were paid yearly only in interest on the debt. Within just a few years he blew through the whole $380 million plus $120 million. Michael Jackson had a $500 million debt at the time of his death in 2009.