Another question about MJ's death..

[C.Ann]

It has been reported that he was in serious financial debt at the time of his death.. I think I heard at least 4 million dollars - possibly more..

What happens to those debts now? What happens to Neverland? Wasn't it about to go into foreclosure?

Just trying to figure out how much money will actually be available to his mother and children..

Also - is this "public viewing" going to be an open casket? Considering his desire for privacy, would he have wanted that?

 

[Kim1964]

The report I read said 400 million in debt.

 

[ChristmasElf]

It has been reported that he was in serious financial debt at the time of his death.. I think I heard at least 4 million dollars - possibly more..

What happens to those debts now? What happens to Neverland? Wasn't it about to go into foreclosure?

Just trying to figure out how much money will actually be available to his mother and children..

Also - is this "public viewing" going to be an open casket? Considering his desire for privacy, would he have wanted that?

I think you mean 400 million dollars in debt. Some reports have the debt as high as 500 million. Then the next report says just since his death last Thursday, he has sold more than 1 BILLION in record sales. Amazon.com reported they sold out of all his music. Amazing.

 

[C.Ann]

Whoa! Much higher than I thought..

So - do the creditors get to collect now - and all remaining (as well as future) monies go to his mother and children?

 

[aristocatz]

It has been reported that he was in serious financial debt at the time of his death.. I think I heard at least 4 million dollars - possibly more..

What happens to those debts now? What happens to Neverland? Wasn't it about to go into foreclosure?

Just trying to figure out how much money will actually be available to his mother and children..

Also - is this "public viewing" going to be an open casket? Considering his desire for privacy, would he have wanted that?

I could be wrong, but I thought that in the middle of his money woes when he was alive, it was reported that he owned rights to quite a large catalog of music, but refused to sell them to pay off his debts? I think he owned quite a large collections of expensive art and sculptures as well. My guess is all of these things will be auctioned off and the money will go toward his debts. Maybe his family will be lucky and they will break even or have a little set aside??

As for Neverland, not sure. I thought I read recently that he jointly owned it with another person and that person was thinking of turning it into a museum or attraction like Graceland. If his family bought a share of it, that would be a great way to also make some money to pay off some debt. I'll bet, just like Graceland, many people would pay money to have a visit inside Neverland. I just wonder what condition it is in right now and how much it would cost to fix it up if it hasn't been maintained.

Regardless, I think Michael's family will help make sure that his kids are comfortable financially. I don't think his siblings and mother had the money problems that he had.

As for the open viewing of the funeral, if his wishes were not specified in his will (if he had one), I'm guessing his family decided what to do.

 

[S. C.]

He was renting a huge place for having that much debt.

 

[hrh_disney_queen]

I could be wrong, but I thought that in the middle of his money woes when he was alive, it was reported that he owned rights to quite a large catalog of music, but refused to sell them to pay off his debts? I think he owned quite a large collections of expensive art and sculptures as well. My guess is all of these things will be auctioned off and the money will go toward his debts. Maybe his family will be lucky and they will break even or have a little set aside??

As for Neverland, not sure. I thought I read recently that he jointly owned it with another person and that person was thinking of turning it into a museum or attraction like Graceland. If his family bought a share of it, that would be a great way to also make some money to pay off some debt. I'll bet, just like Graceland, many people would pay money to have a visit inside Neverland. I just wonder what condition it is in right now and how much it would cost to fix it up if it hasn't been maintained.



Regardless, I think Michael's family will help make sure that his kids are comfortable financially. I don't think his siblings and mother had the money problems that he had.

As for the open viewing of the funeral, if his wishes were not specified in his will (if he had one), I'm guessing his family decided what to do.

He owned the rights to the Beatles music-over 200 songs. Here is an interesting article I found while verifying that fact. I have no idea if this is a reputable source, just found it interesting.

http://www.contactmusic.com/news.nsf/article/michael-jacksons-murder-fears_1108317

 

[Imzadi]

Yes, MJ had about 400 hundred million dollars of debt when he died. Since his death, his music, cds, mp3s, old record albums, songs etc., have been selling out and playing on air non-stop. Especially now that he's no longer spending out millions of dollars a day, it is estimated that his upcoming royalties for the sales & continuous playing of his song catalogue (and yes, he owned the Beatles song catalogue,) can wipe out his debt and create a fortune for his estate.

People are watching closely who will get the children now. Since those children are named as his heirs, the money follows the children. Whoever gets to care for the children, whether, Debbie Rowe, by petitoning the court that she is the "rightful parent," or Michael's mom, Katherine, they will be sitting pretty on easy street, wallowing in the children's money. The caretakers need to keep the children living in the lifestyle they were accustomed to. So the caretakers get to live the high life, too. Hopefully, whoever gets the kids will also have their wellbeing at heart, too.