Michael Jackson Net Worth: $500 Million (approx.)
| Net Worth: | $500 Million (approx.) |
| Date of Birth: | Aug 29, 1958 – Jun 25, 2009 (50 years old) |
| Gender: | Male |
| Height: | 5 ft 8 in (1.75 m) |
| Profession: | Entertainer, Singer-songwriter, Musician, Choreographer, Record producer, Actor, Businessperson, Film Producer, Dancer, Film Score Composer |
| Nationality: | United States of America |
Michael Jackson Net Worth is $500 Million. Michael Jackson was an American singer, songwriter, actor, producer and philanthropist.
At the time of his death, Michael was in debt to the tune of $500 million due to decades of overspending and over-borrowing.
In the decade between 1985-1995, Michael Jackson earned between $50 and $100 million per year through touring, record sales, endorsements and merchandise.
Jackson has remained one of the most popular and profitable celebrities in the world even after his death. To date he has sold over 750 million albums, including 35 million that were sold in the year following his death.
What was michael jackson net worth?
Since Michael Jackson died in 2009, his estate has brought in over $700 million. More than any other living artist in that time. His executors have easily paid back his loan from Sony and have secured the future of his billion-dollar music catalogue.
Earnings milestones:
- 2018: $400 million
- 2017: $75 million
- 2016: $825 million
- 2015: $115 million
Michael’s most valuable asset was his music catalogue. The copyright value of his own songs was estimated to be worth $100 million. The crown jewel of his net worth was his portfolio of other artist’s songs, especially those from The Beatles.
Michael’s first foray into owning music rights began when he purchased the catalogues of Sly and the Family Stone in the early 1980s.
He bought a series of classic singles like “Great Balls of Fire”, “Shake Rattle Rattle and Roll”, “When a Man Loves a Woman” and “Runaround Sue” to name a few.
But the biggest catch was in November 1984 when Michael purchased The Beatles catalogue ATV music for $47.5 million. The Beatles catalogue was eventually merged with Sony to create a 50/50 joint venture called Sony/ATV which today is estimated to be worth $2 billion.
During his lifetime Jackson made about $500 million from his own music, concerts, videos and endorsements but at the time of his death in 2009 he was essentially $500 million in debt.
Jackson was left penniless after he spent all of his money on an elaborately complicated and luxurious lifestyle.
Jackson spent between $30 and $50 million per year on his lifestyle alone and piled up massive unpaid bills with his lawyers, agents and publicists.
How much is michael jackson net worth?
- $17 million to purchase the Neverland Ranch plus $5 million in annual maintenance costs
- $20 million to settle a child molestation lawsuit.
- $65 million on a variety of video projects, including the 35-minute film “Ghosts” that he co-wrote with Stephen King
- $12 million divorce settlement with girlfriend Debbie Rowe.
- $5 million in annual interest payments on his debts.
- Millions spent on Bentleys, antiques, art, clothes, chimpanzees, diamond-encrusted gloves and other trinkets.
In order to fund his ongoing lavish lifestyle, Jackson took $380 million loan against the value of his music catalogue. The pop star was notoriously naïve when it came to his finances and he had an over inflated sense of his new worth.
Towards the end of his life, he entered a tailspin of financial transactions with banks, hedge funds and other shady characters in an attempt to maintain his lifestyle while staging a professional and financial comeback.
Before his death, Michael had spent through the entire $380 million loan and had little hope of making the interest payments leave paying back the principal.
This debt is the main reason Michael was forced to stage the comeback tour “This Is It” which arguably was the cause of his death.
In the years after his death, Michael Jackson’s executors have staged an aggressive financial come back. One of their primary goals was to return the properties to solvency so they did not have to sell his prized music portfolio.
Michael’s will left 40% of his assets to his three children, to be split evenly. Another 20% was left to various children’s charities and the final 40% was left to support his mother Katherine. Upon Katherine’s death, that 40% balance goes to Michael’s kids.
Starting almost right after Michael’s death, his executors moved to shore up the pop star’s finances. They immediately sold Michael’s future music rights to Sony for $250 million, which is technically the largest record deal in history.
His lawyers also combed through thousands of hours of personal home video from the last year of his life to produce a movie called “This Is It” which was released in theaters around the world.
To date, the film has made over $500 million. After the success of the movie and the record contract, many other endorsers came calling. Pepsi struck a deal to licenses Michael’s image. Cirque du Solei has produced two Las Vegas shows around his music and image. Jackson’s estate is 50/50 partners with the Cirque du Solei on both shows.
Michael Jackson left tens of thousands of personal items and memorabilia which are being stored in three giant warehouses in Southern California. The items were to be stored until all 3 of his children reach 18, at which time they can decide what they wish to keep and what can be auctioned off.
Michael Jackson Biography:
Michael Joseph Jackson (August 29, 1958 – June 25, 2009) was an American singer, songwriter and dancer. Dubbed the “King of Pop”,
Over a four-decade career, his contributions to music, dance and fashion, along with his publicized personal life, made him a global figure in popular culture.
Jackson influenced artists across many music genres; through stage and video performances, he popularized complicated dance moves such as the moonwalk, to which he gave the name, as well as the robot. He is the most awarded music artist in history.
The eighth child of the Jackson family, Jackson made his professional debut in 1964 with his elder brothers Jackie, Tito, Jermaine and Marlon as a member of the Jackson 5 (later known as the Jacksons). Jackson began his solo career in 1971 while at Motown Records.
He became a solo star with his 1979 album Off the Wall. His music videos, including those for “Beat It”, “Billie Jean” and “Thriller” from his 1982 album Thriller, are credited with breaking racial barriers and transforming the medium into an artform and promotional tool.
He helped propel the success of MTV and continued to innovate with videos for the albums Bad (1987), Dangerous (1991) and HIStory: Past, Present and Future, Book I (1995). Thriller became the best-selling album of all time, while Bad was the first album to produce five U.S. Billboard Hot 100 number-one singles.
From the late 1980s, Jackson became a figure of controversy and speculation due to his changing appearance, relationships, behavior and lifestyle. In 1993, he was accused of sexually abusing the child of a family friend. The lawsuit was settled out of civil court; Jackson was not indicted due to lack of evidence.
In 2005, he was tried and acquitted of further child sexual abuse allegations and several other charges. In both cases, the FBI found no evidence of criminal conduct on Jackson’s behalf in either case.
In 2009, while preparing for a series of comeback concerts, This Is It, Jackson died from an overdose of propofol administered by his personal physician, Conrad Murray, who was subsequently convicted of involuntary manslaughter.
Jackson is one of the best-selling music artists of all time, with estimated sales of over 400 million records worldwide He had 13 Billboard Hot 100 number-one singles (more than any other male artist in the Hot 100 era) and was the first artist to have a top-ten single in the Billboard Hot 100 in five different decades.
His honors include 15 Grammy Awards, six Brit Awards, a Golden Globe Award and 39 Guinness World Records, including the “Most Successful Entertainer of All Time”.
Jackson’s inductions include the Rock and Roll Hall of Fame (twice), the Vocal Group Hall of Fame, the Songwriters Hall of Fame, the Dance Hall of Fame (the only recording artist to be inducted) and the Rhythm and Blues Music Hall of Fame.
In 2016, his estate earned $825 million, the highest yearly amount for a celebrity ever recorded by Forbes.