Michael Jackson Net Worth 2022
|Net Worth:||$500 Million|
|Date of Birth:||Aug 29, 1958 – Jun 25, 2009 (50 years old)|
|Height:||5 ft 8 in (1.75 m)|
|Profession:||Entertainer, songwriter, musician, choreographer, record producer, actor, businessman, film producer, dancer, film score composer|
|Nationality:||United States of America|
What was Michael Jackson Net Worth 2022?
Michael Jackson was a singer, songwriter, actor, producer, and philanthropist from the United States. Technically, one could argue that at the time of his death, Michael was in debt to the tune of $500 million as a result of decades of excessive spending and borrowing.
Between 1985 and 1995, Michael Jackson earned between $50 and $100 million per year from touring, record sales, endorsements, and merchandise. Even after his death, Jackson remained one of the world’s most popular and profitable celebrities. He has sold over 750 million albums to date, including 35 million in the year following his death.
Michael Jackson Net Worth 2022 at Death
Technically, it was a loss of $500 million.
Michael’s most valuable asset was his extensive music collection. While the copyright value of his own songs was estimated to be worth $100 million, his portfolio of other artists’ songs, particularly those by The Beatles, was the crown jewel of his net worth.
Michael’s first foray into music rights ownership began in the early 1980s, when he purchased the catalogs of Sly and the Family Stone. He then purchased a number of classic singles, including “Great Balls of Fire,” “Shake Rattle Rattle and Roll,” “When a Man Loves a Woman,” and “Runaround Sue,” to name a few.
The biggest win, however, came in November 1984, when Michael paid $47.5 million for The Beatles’ ATV music catalog. The Beatles catalog was eventually merged with Sony to form a 50/50 joint venture known as Sony/ATV, which is now valued at $2 billion.
Jackson earned approximately $500 million from his own music, concerts, videos, and endorsements during his lifetime, but at the time of his death in 2009, he was essentially $500 million in debt. Jackson was left penniless after squandering all of his money on an extravagantly complicated and luxurious lifestyle. He spent between $30 and $50 million per year on his lifestyle alone, and he owed his lawyers, agents, and publicists millions of dollars.
A few highlights | Michael Jackson Net Worth 2022:
- The Neverland Ranch cost $17 million to purchase, plus $5 million in annual maintenance costs.
- A child molestation lawsuit was settled for $20 million.
- $65 million on video projects, including the 35-minute film “Ghosts,” which he co-wrote with Stephen King.
- Divorce settlement of $12 million with girlfriend Debbie Rowe.
- He owes $5 million in interest payments on his debts each year.
- Tens of millions of dollars have been spent on Bentleys, antiques, art, clothing, chimps, diamond-encrusted gloves, and other trinkets.
Jackson took out a $380 million loan against the value of his music catalog to fund his ongoing lavish lifestyle. The pop star was notoriously naive about money, and he had an exaggerated sense of his new worth. He entered a tailspin of financial transactions with banks, hedge funds, and other shady characters near the end of his life in an attempt to maintain his lifestyle while staging a professional and financial comeback.
Michael had spent through the entire $380 million loan before his death and had little hope of making the interest payments, let alone repaying the principal. This debt is the primary reason Michael was forced to stage the “This Is It” comeback tour, which was arguably the cause of his death.
Michael Jackson’s executors have staged an aggressive financial comeback in the years since his death. One of their main goals was to get the estate back on track so they wouldn’t have to sell his prized music collection.
Michael’s will expressly left 40% of his assets to his three children, to be divided equally. Another 20% was left to various children’s charities, and the remaining 40% was left to support his mother Katherine. When Katherine dies, the remaining 40% goes to Michael’s children.
Beginning almost immediately after Michael’s death, his executors set about repairing the pop star’s finances. They immediately sold Michael’s future music rights to Sony for $250 million, the largest record deal in history. His lawyers also combed through thousands of hours of personal home video from the last year of his life to create “This Is It,” a film that was released in theaters around the world.
To date, the film has grossed more than $500 million. Following the success of the film and the record contract, many other endorsers approached him. Pepsi agreed to license Michael’s image.
Cirque du Solei has created two shows in Las Vegas based on his music and image. On both shows, Jackson’s estate is a 50/50 partner with Cirque du Solei. Michael Jackson also left tens of thousands of personal items and memorabilia, which are being stored in three massive warehouses in Southern California.
The items will be stored until all three of his children reach the age of 18, at which point they will be able to decide what they want to keep and what will be auctioned off. This will take place in the year 2020.
Earnings troughs | Michael Jackson Net Worth 2022:
- 2018: $400 million
- 2017: $75 million
- 2016: $825 million
- 2015: $115 million