King of Pop or King of Debt?

The King of Pop leaves behind a grand legacy of stardom, intrigue, controversy and phenomenal hits, but has he left behind any of his once massive fortune?

Michael Jackson, dead at 50 years old, is survived by his three children, his mother and father, his five brothers and two sisters.

During his career, which spanned across four decades, Jackson sold an estimated 750 million records and won 13 Grammys.

Where did it all go wrong?
In 1987, Jackson paid about $17 million for his 2,600-acre Neverland ranch. At a cost of around $35 million, he outfitted the ranch with amusement-park rides, a zoo and a 50-seat theater.

But Neverland, and Jackson's lifestyle, were expensive to maintain.

His career began sliding in the 1990s, when attention turned from his musical abilities to his bizarre personal life and he earned the nickname "Wacko Jacko".

According to a report by the New York Times, his annual budget during the 1990s included $7.5 million for personal expenses and $5 million to maintain Neverland. He was forced to take out huge loans to support himself and pay debts.

In 1998 he took out a loan for $140 million from Bank of America, which two years later was upped to $200 million. Further loans of hundreds of millions followed.

A mountain of financial woes
Until his death on 26th June 2009, Jackson continued to be the subject of endless tabloid headlines and financial difficulties.

The legendary performer was beset by his mountain of financial woes, fuelled by his eccentricities that by 2008 had turned him into a virtual recluse.

This past year, Jackson's financial problems appeared to have escalated to the point where he was ready to auction off more than 1,000 personal items - including a few of his trademark single gloves.

But in April, Jackson filed a legal action to stop the auction.

The final curtain
The March announcement of 50 shows at London's O2 Arena appeared to signal a return to form for Jackson, and a way to settle his debt problems. Tickets for the event, called "This is It," sold out within hours.

Billed as his "final curtain call," it was to be his first concert series for 12 years and was expected to earn Jackson more than $400 million, according to concert promoters AEG Live.

Michael Jackson's legacy might always be tainted by negative media publicity and financial troubles, but one thing's for sure, he has left behind a priceless musical legacy and, unlike his finances, that can never be taken away.