Michael Jackson was a musical genius and one of the most successful artists in history. His songs continue to inspire generations today with their powerful messages about love, life & success despite what some people thought he had done wrong as an adult.
Michael has sold over 750 million albums worldwide, including 35 million copies that were shifted just last year following his death. It is a testament not only to how famous this great singer was but also proof enough why you should always follow your heart no matter where it takes you.
Decade Between 1985-1995
Michael Jackson made a comfortable living in the decade between 1985-1995, but he spent it just as quickly. His lavish lifestyle cost about $50 million per year to maintain and paid out 12 of that amounts on baby mama Debbie Rowe before settling an abuse case for another 20+milion dollars, with dozens more going towards attorneys.
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His death wasn’t enough to slow down this troubled man who, even in life, had been an example of excess. Neverland Ranch costs $19.5 million, and its maintenance is still around yearly- not including all other expenses like antiques or art pieces which can run into millions themselves! He also spent between 50lbs – 100+ on projects whose costs aren’t known because they never got off their ground floor; however, we do know one thing for sure: The expenses didn’t stop there.
How did Michael Jackson make money?
Michael Jackson was a very successful musician and made a lot of money from his music career. He also made money from endorsements and other business ventures. Jackson was an intelligent businessman, and he was able to make a lot of money.
Jackson’s music career is one of the primary sources of his income. He released many successful albums and sold millions of copies. He also went on tour and made much money from ticket sales.
Jackson also made money from endorsements. He was paid to endorse products such as Pepsi and Nike. Jackson was also paid to appear in commercials.
About Michael Jackson:
Michael Jackson was born on August 29, 1958, in Gary, Indiana. He was the eighth child of the Jackson family. His mother, Katherine, was a homemaker, and his father, Joseph, was a steel mill worker.
As a child, Jackson began singing and dancing with his brothers in the band The Jackson Five. The band was successful, and they released several hit songs, including “I Want You Back” and “ABC.”
In 1971, Jackson released his first solo album, Got to Be There. The album was a success and established Jackson as a solo artist.
Jackson’s career took off in the early 1980s with the release of his album Thriller. The album was a massive success and remained the best-selling album of all time. Jackson’s success continued with the release of his following two albums, Bad and Dangerous.
Michael’s most valuable asset at the time of his death was music. He began purchasing other artist’s catalogues in 1985, starting with Sly Stone and The Family Stone songwriting credits and purchasing rights to albums such as “As under Pressure” by Queen (which brought him $40 million). But it wasn’t until November 1984 that he bought ATV Music – Beatles catalogue for nearly 50 cents on each dollar spent! The Beatles’ catalogue is estimated to be worth 2-4 billion dollars.
Buying the Beatles
But wait! You might be wondering why this is called “The Lennon Scandal.” Well, in 1984, when Robert Holmes put up The Beatles’ song catalogue for sale as ATV Music Publishing with 4 thousand songs. Including a division named Northern Songs that was owned by John Lennon’s company NEMS (Northern Entertainment Company), Paul McCartney and Yoko Ono were allowed to buy them but passed because of their high price tag ($40 million).
When do we think about music publishing rights- which include lyrics or melody too? It sounds unfair since most people don’t even write their songs anymore. But there’s more than one side here, so let me tell you what happened next.
Michael Jackson’s success in the music industry was unparalleled by anyone else at that time. He had just come off two excellent albums with salesman-level sales and wanted more – but not much more! So, when John Branca asked him if there were other songs besides those on Thriller or his latest album for sale (which happened to be one of them), Michael told him “No” before realizing how wrong this decision would turn out.
When Michael Jackson licensed the Beatles’ music, he not only earned money for himself but also helped to fund a large number of artists.
In 1987 when it was announced that Revolution would be used in Nike commercials from England with an earning capacity worth $500k – which included 250K going towards its creators and 125 allotted per member remaining alive at the time–it gave way to unprecedented levels both financially yet creatively speaking because this was able becoming one step closer toward totally owning their songs by having complete control over how much each party gets out
Merging with Sony
It’s hard to believe that before 1995, Michael Jackson never earned more than $30 million in a single year. But then Sony offered him an incredible opportunity – pay him only 95 Million dollars (230 today). So, they could merge their catalogue with ATV Music Publishing and create what would become known as Sony/ATV MUSIC portfolio of publishing companies, giving up 50% ownership but gaining access to all songs written by Mijac composer- singer-songwriter extraordinaire.
In addition, founder of this new firm was given 100% control over his catalogues which at the time consisted entirely of pop tunes like ” speedy mosque” or dicey rap efforts such as ‘hey baby ‘. The man had something to offer the world, and they could make it happen by teaming up with Sony.
Jackson/Sony would be known as Sony/ATV Music Publishing and has grown over the next decade to 200,000 songs. Between 2005-2013, this company controlled two million rights, including those of artists like Lady Gaga or Bob Dylan, with their vast catalogue’s worth between $2-4 billion today.
Earnings and Expenses
While he was alive, Jackson made about $500 million from music and concerts, but at the time of his death in 2009, he had debts that exceeded this amount. After spending all their money on a busy lifestyle with substantial unpaid bills accumulated due to lawyers, agents’ publicists – who were owed by Michael’s assistants- amongst other things, the singer died pennilessly.
Jackson was a musical genius and had an inflated sense of his worth. He took out $380 million in loans against the value. Still, he soon discovers that it wasn’t wisely invested due to t irregular investments, which caused financial troubles for him at age 50 with no prospects on how to pay back this large debt before being died after staging a comeback tour, “This Is It.”
Michael Jackson was married twice and had three children, two of whom were born to his second wife, Deborah Rowe.
He first married Elvis Presley’s daughter, Lisa Marie Presley, in 1994. The couple divorced in 1996.
In November 1996, Jackson married Rowe, a nurse who had worked with his dermatologist. They had two children together, Prince Michael Jackson Jr. and Paris Jackson, before divorcing in 1999.
Jackson had a third child, Prince Michael Jackson II, nicknamed “Blanket,” who was born to an unidentified surrogate mother in 2002.
In 2005, Jackson was acquitted of all charges in his child molestation trial.
During his lifetime, Jackson was accused of sexually abusing three boys. The first accusation was made in 1993 by Jordan Chandler and his father, Evan Chandler.
Net Worth at Death
Michael Jackson’s net worth at the time of his death was negative $500 million. To finance this luxurious lifestyle, Michael took out a loan from Bank of America using 50% ownership stakes in Sony/ATV as collateral, increasing interest rates on what he had already borrowed more than enough without adding anything else onto it. It didn’t take long before all 500+million were gone, leaving us yet another example of why you should always know your finances before getting into such debt.
What was Michael Jackson’s highest net worth?
It is estimated that Michael Jackson’s net worth was around $500 million when he passed away in 2009. However, some sources claim that his net worth was closer to $700 million or even $800 million. Regardless of the exact number, there is no doubt that Jackson was one of the wealthiest celebrities in the world.
Who owns Michael Jackson’s estate?
Michael Jackson’s estate is currently owned by his three children: Prince, Paris, and Blanket. The estate was initially left to Jackson’s mother, Katherine, but she later transferred it to her grandchildren. Jackson’s siblings have also been involved in lawsuits over the estate. But as of now, the three children are the sole owners.
Who Gets Michael Jackson’s money now?
As of now, Jackson’s estate is still in the process of being settled. However, his three children will likely be the primary beneficiaries of his fortune. Other family members may also receive a portion of the estate, but the exact distribution has not yet been determined.
George Patterson is a reporter for net worth news and update. He also covers entertainment news, with a focus on up-and-coming stars in the industry. George is always on the lookout for new and exciting stories to share with his readers.