While money flowed to him constantly from sources across the globe, he was spending much more. So much so, in later stages, he became flat broke
At the age of 33, Michael Jackson was wealthy beyond imagination. He watched his fortune grow, keeping a constant eye on cash flow, and paying close attention to accounting statements.
However, after August 1993, MJ was a different man. The popstar had begun to use pills and injections to fight his insomnia after settling claims of child sexual molestation. Shopping and spending had become as additive as any opiate. By the turn of the millennium, Jackson was spending about $8million a year just on travel and antiques. At his Neverland ranch, it was costing the star $4million per annum to keep staff on the payroll. In the latter stage, Neverland was being held as collateral for huge Bank of America loan. The truth was Michael had become flat broke and couldn't afford to rent a home in Las Vegas, let alone buy one. In early 2008, accounting firm Thompson, Cobb, Bazilio and Associates concluded that Jackson could claim a net worth of $236.6 million. But only $668,000 of that was liquid and his total debts amounted to $331 million. It was a giant boulder looming over Jackson: he stood to lose everything he had.
That's when his manager Tohme persuaded him to mount another major tour.
In September 2008, a meeting was arranged with concert promoter AEG Live to explore the idea of a concert series at the 18,000-seat O2 arena. By the time, the guests left AEG owner Phil Anuschutz's villa, they had a handshake agreement for Jackson to perform ten concerts at the O2 in London in 2009.
But Michael hadn't stopped his drug use. He had been losing weight at an alarming rate since the announcement of the shows.
The night before the concert, he was unable to sleep. The following morning, his personal physician Dr Conrad Murray gave in to his demands and fed 25mg of Diprivan. The King of Pop would never regain consciousness again.
At the age of 33, Michael Jackson was wealthy beyond imagination. He watched his fortune grow, keeping a constant eye on cash flow, and paying close attention to accounting statements.
That's when his manager Tohme persuaded him to mount another major tour.
In September 2008, a meeting was arranged with concert promoter AEG Live to explore the idea of a concert series at the 18,000-seat O2 arena. By the time, the guests left AEG owner Phil Anuschutz's villa, they had a handshake agreement for Jackson to perform ten concerts at the O2 in London in 2009.
But Michael hadn't stopped his drug use. He had been losing weight at an alarming rate since the announcement of the shows.
The night before the concert, he was unable to sleep. The following morning, his personal physician Dr Conrad Murray gave in to his demands and fed 25mg of Diprivan. The King of Pop would never regain consciousness again.
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