10th FEB 2017
Michael Jackson's Estate Is £800 MILLION In Debt!
BY J.S. VON DACRE
There is more trouble brewing for Michael Jackson’s estate as The Sun has revealed further worrying revelations about his finances.
Banker David Dunn testified in a tax trial that the superstar was £240 million in debt. Mr. Dunn was hired in 2007 to help Mr. Jackson avoid bankruptcy following the 2005 child abuse trial. Yet, after two years Mr. Dunn quit after he failed to receive any payment for the entire period. He claimed that he was owed around £230,000 by Mr. Jackson.
In a Los Angeles court, he said:
“It was the culmination of the molestation allegations, the culmination of recognising the financial situation he was in.
“He talked about his young career and being at his peak.
“He was struggling with how to make a living and still be with his children, who were of paramount importance.”
“(Jackson) borrowed a lot of money, he knew he had financial issues…but the last thing he wanted to do was tour.
“He was looking for other things to generate income to avoid doing what he wound up agreeing to do.”
Fortune has reported that Mr. Jackson’s name and likeness was worth only around £2,000 at the time of his passing, as a result of the child molestation scandals and his increasingly eccentric behaviour. Mr. Jackson’s life was under close scrutiny by the press and his erratic overspending was frequently highlighted. It has been widely believed that the pressure of having to perform on another tour led to his untimely death.
Speculations are that the final figure could reach the £800 million mark for the taxes owed and penalties incurred.
"Speak not of my debts unless you mean to pay them." George Herbert