Michael Jackson has died, leaving a half-billion debt

King of Pop Michael Jackson, who died on the night of June 26 from heart failure, left huge debts, wrote in a Friday newspaper «Vedomosti». According to The Wall Street Journal, they account for about 0.5 billion dollars. Earlier this year, the newspaper quoted sources in the environment of the singer, Jackson was in a panic because of their financial condition.

Approximately 200 million of debt Jackson has a credit of Bank of America, received in 2001. Deposit on the loan - the share in the company of Jackson's ATV Music, which owns the rights to the music of The Beatles and his own songs. He bought the company in 1985 for 47.5 million dollars, and that she gave him his livelihood. Two most famous album of Jackson - Thriller (1982) and Bad (1987) - sold a combined circulation of more than 100 million copies.

However, these funds Jackson was not enough, because he got into more debts. During the court hearings in 2002 revealed that he had accumulated unpaid bills amounting to more than 12 million dollars. According to the source The Associated Press, in recent years, the singer spent a year at 30-40 million dollars more than they earn. In March last year, he has delayed payment on the mortgage of his famous estates Neverland. To return the estate, bought Jackson for 14.6 million dollars in 1988, the heirs of the singer will need to pay 24.5 million dollars.

To solve the financial problems of the singer who does not toured since 1997 and whose last album was released in 2001, decided to give a series of concerts. In March, production company AEG Live announced that will host 50 concerts at London's Jackson site O2. And at first it was planned 10 concerts, tickets for which were immediately sold out, and then it was decided to extend the tour. It is, according to AEG Live, the singer could bring about 400 million dollars. The first show, entitled This Is It was to be held on July 7. To get in shape before the speeches, Jackson on potent drugs.

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