Michael Jackson '£250m in debt' at the time of his death

Accoutant William R. Ackerman details extent of pop singer's financial problems in wrongful death trial

Photo: Next Previous

Photo Gallery: Michael Jackson

Michael Jackson was reportedly £250m in debt at the time of his death in 2009.

The details of the pop star's death were revealed by a forensic accountant in wrongful death trial Jackson's mother Katherine has filed against concert promoters AEG Live. William R Ackerman testified as a defence witness for the promoters and claimed that Jackson was "tapped out" financially when he died.

According to The LA Times, Ackerman detailed how Jackson spent the majority of his money on travel, art, charity, gifts and lavish furniture. "He spent a lot of money on jewellery," the accountant explained. Ackerman also said that interest on a number of loans Jackson had taken out were among his biggest expenditures. Additionally, it is reported that Jackson was paying £15m per year on old debts. Ackerman told the jury that "consistently, his [Jackson] largest expenditure was interest expense. He spent a ton of money on interest."

Ackerman outlined how in 1993, Jackson owed £15 million, a figure that grew to £70m five years later. This then climbed year on year until Jackson was £85m in debt by 2009.

Earlier in the trial, which began in April, Michael Jackson's mother Katherine accused concert promoters AEG of failing to contact the singer's family as he "wasted away" while rehearsing for the 'This Is It' live tour shortly before his death in 2009.

The trial continues.

Meanwhile, a number of duets recorded by Queen frontman Freddie Mercury and Jackson are to be released for the first time later this year. Three tracks the pair recorded in 1983 will be made available to fans with Queen guitarist Brian May quoted as saying there will be, "something for folks to hear" in September.



Read More On This Artist

Michael Jackson Merchandise
More News
SBTRKT streams new song 'The Light' featuring Denai Moore - listen
George Ezra covers Cyndi Lauper's 'Girls Just Wanna Have Fun' - watch
Foo Fighters pay tribute to late Gwar frontman Oderus Urungus at crowdfunded gig
James Blake unveils new song on BBC Radio 1 show
David Bowie to release new album 'soon', says producer Tony Visconti
Six Iranians sentenced to prison and lashings for dancing to Pharrell's 'Happy' in...
All We Are announce January 2015 release date for debut album – hear first song now
Yorkshire artists cover Gang Of Four's 'Entertainment!' in special Cassette Store...
Guildford venue The Boileroom saved from closure
Richard Hawley to reissue first three albums on vinyl
Johnny Marr reveals new single 'The Trap'
Flying Lotus reveals new song 'Coronus, The Terminator' – listen
Former member of Tatu says she would 'condemn a gay son' in homophobic TV interview
Manchester orchestra covers Oasis, Sex Pistols and The Smiths – listen
Freddie Mercury and Michael Jackson duet to feature on new Queen album 'Queen Forever'
Paul Weller backs campaign to save Guildford venue The Boileroom
Prince reveals new song 'FUNKNROLL' – listen
Guided By Voices announce split and end 'comeback run' with immediate effect
Gwar replace late frontman Oderus Urungus with new singer Vulvatron
Eminem and Sia unveil lyric video for new track 'Guts Over Fear' – watch
Musicians react as Scottish voters reject independence in historic referendum
Laura Jane Grace tweets about 'shitbag' ex-Against Me drummer rumoured to have joined...

More News

Comments

Please login to add your comment.

Featured Videos
Latest Tickets - Booking Now
 
Know Your NME
 

 
NME Store & Framed Prints
Most Read News
Popular This Week
Inside NME.COM
On NME.COM Today