No prob, I'll just write him a check.

how the mighty have fallen

I guess he has so many problems no wonder the charity single hasnt come out yet!!

The part about Hayvenhurst doesn't make sense to me. You think that should would have been paid for decades ago.

CinisterCee said:

It was. It says he took out a "second" mortgage on it. If I was his Mama, I'd moonwalk all over his behind!

SexyBeautifulOne said:

Then someone please explain mortgages to me. I'm still a renter!

CinisterCee said:

A second mortgage means that a house was already paid off and the owner goes to the bank and refinances the house. In this case Jacko got 2.2 million and apparently hasn't been keeping up with his payments.

SexyBeautifulOne said:

Like, if you re-appraise the value on the house? I still don't quite get it.

why doesn't Janet pay off the morgatge for Heavenhurst? or is she still very opposed to paying the family bills?

Stories like this have been circulating for years. Headlines like "Jacko Bankrupt" and "Timebomb Bankruptcy" have followed him for years. Strange that in two weeks the Sony/ATV agreement comes to an end and Michael simply retains his own half plus half of any purchased catalogues during the agreement. He has made an absolute fortune out of this agreement, and he could chose to re-sign with Sony for another 10yrs netting him even more cash.

We also are not aware of the value of his corporeal moveables (i.e. his cars, his artwork, his urns etc etc this could be worth 200m by itself) and the actual value of Neverland and all the other property he has.

If he sold all of it and started again he could make $1.5billion from the catalogue, say a further $250million from everything else, therefore, after paying off his $270million debt he's still mega rich, with mega income every week and a massive earning potential if he actually decides to do something career wise.

Stating that MJ is broke is completely absurd!

FunkyBrotha said:

I don't know about this story being "completely absurd." This is not the case of someone just reporting second-hand news (MJ is going broke, yada, yada, yada...) There are too many journalistic nuances to the reporting of this case...I'm sorry, but it's not unbelievable to take in the notion that MJ is having severe financial problems...The man was still living like it was 1985...I think it's time for the hardcore MJ fans (I consider myself an oldschool fan) to use a little common sense...People are suing the man for a reason (not the bullshit, employee lawsuits, but the banks and ex-business partners that are suing him for non-payment of loans)..I respect the loyalty that the hardcore MJ fans have; but sometimes you have to take a deep breath and look at things with an unbiased eye...Yes, the media has been after the man for decades; but there's a difference between tabloid news and straight ahead reporting...The numbers with MJ just don't add up...I want this shit not to be true...I still have a little love in my heart for MJ...But to be completely dismissive of this news is naive...
[Edited 12/8/05 17:14pm]

I wonder where ellie is in all this. She usually knows if things like this are true or not

Unfortunately, this has been old news in the business press and in the trades for years.

If you look at his spending spree with Martin Bashir during the interview that almost sent him to prison for the rest of his life, he is buying all of this stuff that rarely appreciates in value.

He buys things, it seems, because he so desperately unhappy.


I wish him well, but he needs a strict financial manager before he ends up like Joe Louis, Mike Tyson, M.C. Hammer etc. etc. etc.

Alasseon said:

it really is sad, i feel so much for this man

The sad part is he started taking loans after 1998 how can someone spend
$270mil + his earnings in the last 7yrs lets say he was makin 10$mil /yr

$340mil/7 almost 50$mil /yr that is totally radiculous

yes the bashir documnetary just showed some of his excesses

i dont belive his assest of the catalogue and the ranch is worth more then 600mil and in a forclosure wont get him the top dollar


MJ would be broke in 5-10yrs
[Edited 12/9/05 0:43am]

well,if he goes broke,it will be his own fault.The man doesn't know how to manage his money.He spends recklessly,he never tours,and blows over $30 million making an album.He needs a serious reality check.

DavidEye said:

.....i still feel sorry for him though, for the fact that he needs one in the first place

FunkyBrotha said:

Judging by the bloody tat he was buying in that bashir documentary I doubt any of that stuff will have much re-sale value.

I actually dont understand why, if he is in all this debt, why doesnt he sell his share of the Sony catalogue??? Anyone better informed care to shed any light on this.

CrozzaUK said:

I think the Sony catalogue is his main source of income these days.If he sold it,how will he generate income? He never tours and he doesn't release new music often enough.

I have about 900 euros on minus and I thought I was fucked.

DavidEye said:

'He never tours' isn't really a fair statement. He hasn't toured in the '00ies, But he did two massive world tours in the '90ies, I guess about the same in '80ies and countless performances before that.
Blowing $30 million to make an album is probably ridiculous, and probably contra-productive, but at least it's money spent doing something productive.

Other than that, and if it's true, it's really stupid he blew all his money like that.

SpcMs said:

For most artists,touring is their bread and butter.That's where the money is.Mike doesn't seem to understand that touring is a part of his job description (lol).He can't just sit back and rely on royalties and record sales.If he were smart,he would go to Vegas and try to get one of those Celine Dion-type deals,where he could perform at the same venue every night.An artist of his stature could easily make around $100 million a year doing this.

a second mortgage is taking a second loan out on your home (behind an existing 1st loan)..

example: appraised value of your property is $500,000. you have a first mortgage of $100,000 and then get a second home loan for $50,000 behind the first. Total mortgage due is the combined totals: $150,000.


i dont buy this story at all...by California law if someone goes into default (pre-forclosure state) then it gets posted for record (in the local newspaper where the property is located).

if mj did go into foreclosure the news would be all over the place with a link the newspaper stating mj is in foreclosure. it would be found in the classified section.

now, how many people are going to read my statement and declare this a hoax? and how many will ingore my post because they want another chance to bash mj?

DavidEye said:

Well the money on invincible i thought was $51 mil but that wasnt his own money it was sony money!!

But didnt get any royalty from that album for nearly 2yrs

after it had made the money back and the money he did get back was small!!!


Even when he did tour europe in the mid 90s he grossed alot but becuase of his spendin habbits it wasnt very profitable he had like a helicoptor and plane waiting for him at all times

DavidEye said:

Exactly, and I could care less. I lost my respect for Michael years ago. What's with these clebrities who can't manage money? They have no f-n common sense.

uPtoWnNY said:

alot of them fire people who tell them No. that's makes them lose sense with reality, therefore crazy shit happens

The chances of making it in Hollywood or pro sports is slim. That's why stories like this REALLY piss me off. You work hard, sacrifice, beat the odds, become part of a select group, then f--k it up by showing a complete lack of respect for money. I don't care what your economic standing is, treat money like it's going out of style. Sooner or later, somebody has to pay the bills.

Shame on you, Michael.

Im not sure that I believe this story, or at least not all of it. I think the family makes enough to pay off the mortgage at Havenhurst. Havenhurst isnt nearly as expensive as Neverland.

dreamfactory313 said:

Exactly!