Jacko leaves hefty debts

Written by Reuters | Los Angeles | Updated: Jun 27 2009, 05:38am hrs
Along with a vast musical legacy and legions of adoring fans, pop superstar Michael Jackson leaves behind a mountain of debt and an unfulfilled comeback many hoped would rake in millions and erase his financial troubles. , Jackson racked up about $500 million of debt, according to sources cited by The Wall Street Journal earlier this month. His top assets, however, including copyrights to his own songs and a stake in the Beatles song catalog, are worth more than $1 billion, according to a music industry source. Jacksons career and image were tarnished by his mounting financial and legal troubles in recent years. Known for huge shopping sprees for toys and antiques, Jackson was accused by an accountant during his 2005 trial on child molestation charges of spending $20 million to $30 million more than he was bringing in per year. The lavish lifestyle was made possible in part by a $200 million loan secured by his stake in the Beatles catalog. Jackson owned the music in a joint venture with Sony Corp known as Sony/ATV. Jackson refinanced those loans in 2006 in a bid to stave off insolvency.