Michael Jackson faces financial ruin

[PELLA]

(BANG) - Michael Jackson is reportedly so strapped for cash he could be homeless in weeks.


The eccentric singer - whose money troubles have allegedly escalated since he was cleared of child abuse earlier this year - is said to have missed payments on his US$273million loan, which was secured against his Neverland Ranch.

He's been ordered to pay them back by December 20. If he doesn't, the star could lose his home.

He could also be forced to give up his Beatles music catalogue.

Sources close to the star - who is rumoured to be hooked on prescription drugs - reportedly fear he could commit suicide.

One is quoted in Britain's The Sun newspaper as saying: "Jacko is in meltdown.

"He has listened to the wrong people and continued his extravagant lifestyle even when his record sales slumped."

Another source said: "Unless he gets himself off the prescription drugs and takes control of his finances Michael will be homeless."

Jackson has also failed to make payments on a second mortgage on the family mansion in California.

The Canadian Press BANG Media International

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I dont even know what to say about that. He brought the saying "money got to his head" to a NEW level.

 

[C.R.Y.]

damn, hes fucked up BIG time

 

[PuffnScruff]

i really hope is has to sell his rights to the beatles masters that he owns. dude acted like a snake in the way he got them in the first place. that what he gets for being a bitch.

 

[Duke]

Micheal Jackson faces horror in the mirror everyday, not merely financial ruin.

 

[PELLA]

he owes A LOT of money. Im sure he can pay everything back with a world wide tour or something. A lot of ppl out there love him and shit. He's been flopping hardcore tho...music wise. I wont be surprised if he really does kill himself :sad:

 

[PELLA]

Micheal Jackson faces horror in the mirror everyday, not merely financial ruin.

oh ya, thats another mistake.

 

[bigmack]

Broke to Michael Jackson is high roller for 9-5 people.

 

[Glockmatic]

i really hope is has to sell his rights to the beatles masters that he owns. dude acted like a snake in the way he got them in the first place. that what he gets for being a bitch.

lets hope Paul Mccartney buys it and not a big corporation

 

[Casey]

MJ >> Paul

MJ didn't act like a snake to get those rights, he BOUGHT them fair and square. Paul didn't want to pay the money for them, so obviously SOMEBODY ELSE WOULD. That someone happened to be MJ, so what? It serves Paul right for being a stingy bastard.

And these tabloid rag stories crack me up. MJ is far from broke.

 

[PELLA]

Broke to Michael Jackson is high roller for 9-5 people.

lol true

and im down with Militant on his statement (other than the broke part) i beleive hes getting there.

 

[LAZARU$]

Broke to Michael Jackson is high roller for 9-5 people.

:thumb:
they can't send him to jail so they try to ruin him fianancially. you think micheal is reallybroke? ha,he has over seas accounts.

 

[PELLA]

^ so why did he miss his bill sthen?

 

[LAZARU$]

because he has shady accountants,he doesn't pay his bills personally.also the trial was costly,he's just now recoupin.you can't get those lawyer fees back son

 

[Devious]

It's not that Paul wasn't going to buy them Militant, he was, but he was trying to get the cash together when MJ came out of left field and bought them. It's just totally shady and underhanded to do that to someone you consider a friend. And yes, MJ is running out of cash, regardless of what you may think. He's not exactly burning up the charts anymore, and the way he spends money, there's no way he can't go broke

 

[PELLA]

^ thats true, but LAZARU$ makes a good point too

 

[PELLA]

also, i read it somewhere that it costs MJ like 2 mill a MONTH for that ranch of his (maybe not 2 mill exactly but something rediculous)

 

[Casey]

It's not that Paul wasn't going to buy them Militant, he was, but he was trying to get the cash together when MJ came out of left field and bought them. It's just totally shady and underhanded to do that to someone you consider a friend. And yes, MJ is running out of cash, regardless of what you may think. He's not exactly burning up the charts anymore, and the way he spends money, there's no way he can't go broke

Beginning of 2006 - 20 MJ singles re-released in dualdisc format with audio on one side and video on other, collect all 20 and it forms a massive image of MJ when put together. Also collectors box-set. available with all 20. That plus new MJ album at end-2006 = big big money.

It's not shady and underhanded what MJ did, it's called BUSINESS. If it wasn't a celebrity that bought the beatles rights, would we even be talking about it? What if it was like a CEO of a big corporation? No one would be saying shit.

 

[Freedom Froggy]

i doubt he is as broke as they say

 

[Devious]

Come on man, you know what he did was cold. In business terms, there was nothing wrong with it, but to do that to a friend is just wrong. He knew that Paul wanted to buy the Beatles library but didn't have the funds at the time, so he swoops in and buys them for himself. That's about as shady as you can get to take away a chance for a friend to own material that he created. If Paul and MJ weren't friends before all this, then there's no problem, but for him to do that to a friend is just cold. Oh and by the way, do you really expect those albums to do that well? Like I said, he hasn't exactly been burning up the charts, even before the trial he was generally considered a has-been by most people except for the die-hard fans. They'll make some money but they are certainly not gonna sell like MJ did back in the old days

 

[PELLA]

the catalogue was out available for auction...people bet and shit, i think even Pepsi put in a bet. MJ and Paul were the 2 highest bidders, MJ just placed the higher bet. Thats all there is to it.

EDIT; plus i think theres a quote out there were Pauls saying something like: "id rather have MJ buy my shit rather than a corperation" or something. Theyre still down.