Michael Jackson was an American musician who was famous all over the world. He was a songwriter, singer, dancer, and all-around performer. Even though he has been gone for a long time, people still remember Michael Jackson for his groundbreaking music, his unique look, and his outstanding fashion style.
Michael Jackson was well-known for making groundbreaking music records, and his sixth album, Thriller, was one of the best-selling albums of all time. Over 70 million copies of Thriller have been sold all over the world. This makes it the best-selling album of all time. Even after he died, Michael Jackson is still one of the most profitable artists. As of 2022, Michael Jackson is one of the highest-paid dead celebrities, with an estimated $75 million in earnings. His Mijac Music catalog brings in a whopping $30 million, and his unreleased songs, posthumous albums, shows, image and likeness, and music catalogs like Sony/ATV continue to bring in millions of dollars every year. Since he died in 2009, his estate has made more than $2 billion.
Even though Michael Jackson was one of the wealthiest recording artists who ever lived, he seemed to spend a lot of money. Even though Michael Jackson made millions of dollars from his successful career, which included selling more than 61 million albums in the US alone and earning the title of “highest-paid entertainer in the world” from Forbes, he spent as much as he made and even more than he made. Also, to keep living the way he did, he took out a lot of loans, which put him in a lot of debt by the time he died.
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Michael Jackson’s Net Worth in 2009
At the time of his death, different people had different ideas about how much Michael Jackson was worth. His executors thought it was $7 million, but the IRS thought it was more like $1.125 billion.
Judge Mark Holmes of the U.S. tax court put an end to the years-long fight between the two sides. The judge made a final decision on the issue by deciding that Michael’s assets were worth $111 million when he died, even though the IRS said they were worth $482 million. After his debts were paid, the tax court agreed with the estate that Michael Jackson’s likeness and image were worth $4.5 million, Jackson’s song catalog was worth $107 million, and Sony/share ATV was worth nothing.
Also, in 2013, the IRS said that the estate’s managers had underpaid taxes by $500 million. So, the IRS added another $200 million to make up for the difference. Michael Jackson’s managers had to take control of the situation and go to court because of the controversies that surrounded his name. John Branca said that Michael Jackson’s executors made it clear that the value of his assets at the time of his death was ridiculous. He said, “That would have left his heirs with an oppressive tax liability of more than $700 million.” This caused Michael Jackson’s estate and the IRS to fight over taxes for years.
Early Life
Michael Joseph Jackson was born into a family of music lovers. His father was a guitarist, and his siblings were also interested in music. Jackson was born on August 29, 1958. When he was older, he joined the Jackson 5 band, which was started by his father Joe Jackson in 1964 in Indiana, where they lived.
Career
Michael Jackson had a very successful career, even though it wasn’t as long as many people would have liked it to be. Michael Jackson’s professional career began in 1964 when he began singing with his brothers in the Jackson 5 band. He already had a background in music, so this was a good start for him. He became the lead singer because he was naturally good at music.
The quality of the music made by the Jackson 5 band was shown when their first album, Diana Ross Presents the Jackson 5, went to the top of Billboard’s hot 100 charts. From there, the brothers’ talents as songwriters in a strong and promising band became better known.
Michael Jackson started his solo career in 1972 when he was 13 years old. Got to be there was his first album, and Ben was his second. Both came out in the same year. From then on, Michael Jackson’s albums kept getting more and more popular and sold well. In addition to his 10 studio albums, Michael Jackson also released 34 compilation albums, 3 soundtrack albums, 6 EPs, 4 remix albums, a live album, and two albums after his death, Michael in 2010 and Xcape in 2014.
Keep everyone on their feet with the “Michael Jackson: Dance Party” playlist! Includes “Billie Jean”, “Remember The Time”, “Don’t Stop ‘Til You Get Enough”, and almost 5 hours of music. Listen on Spotify now: https://t.co/FE3t5D7hW9 pic.twitter.com/BcyndHYfCR
— Michael Jackson (@michaeljackson) June 2, 2022
Michael Jackson has sold more than a billion records, making him one of the best-selling artists who have sold more than 100 million records. One of his best things is his album Thriller, which helped him make over $100 million from sales and tours.
Michael Jackson Lavish Life Style & Debts
No one knows exactly when he started getting into so much debt, but he was $30 million in debt in 1993. Compared to the total amount of debt he is said to have, this number seems very small. But by 1998, his debt had grown to $140 million, and by 2009, it had grown by another $170 million, putting him in a hole of about $500 million when he died in 2009.
No one can say that Michael Jackson didn’t have enough money to live the way he did. But he lost more control over his money when he had to start getting loans to keep up with his lifestyle. The loans weren’t used to make investments. Instead, they were put into things that we’re more likely to work.
He bought the Neverland ranch for $17.5 million, which cost $5 million a year to keep up. This was one of his biggest million-dollar deals. Also, he had to pay about $5 million a year in interest on his loans. He also spent a lot of money when he bought the ATV Publishing catalog and when he merged it with Sony and bought the other half of the catalog for $115 million. He also had to pay $30 million a year to pay off his debt.
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