If you're feeling alone and depressed because you have problems with debt and money , cheer up. You're in the company of the rich and famous who unfortunately also sometimes are in the same boat.That can be the company of billionaires, as in Donald Trump and Michael Jackson, to start at the top of the A-list.
The King of Pop died suddenly overnight at the age of 50, after a career spanning 40 years that included the biggest-selling pop album of all time, "Thriller."
Despite taking in hundreds of millions of dollars as one of the most successful pop musicians of all time, Jackson racked up about $US500 million ($627 million) of debt, according to sources cited by The Wall Street Journal earlier this month
His assets, however, including copyrights to his own songs and a stake in the Beatles' song catalogue, are worth more than $US1 billion, according to a music industry source.
The lavish lifestyle was made possible in part by a $US200 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.
Michael's meltdown started to show when his parents, Joe and Katherine, filed for bankruptcy, claiming debts of $45 million and assets of around $400,000. The Jackson kids Tito, Jermaine, Randy and Rebbie also went bust, but Michael and his songbird sisters Janet and LaToya did nothing, saying they had no part of the family firm.
Jackson last November had to hand over the title on his Neverland estate in California to a company made up of himself and Los Angeles-based real estate investment trust Colony Capital LLC, the firm that holds his $US23 million loan on the property.
His records aren't selling the way they used to, and he doesn't want to go home to his Neverland ranch since sheriffs "violated" the place by searching it after the molestation charges Jackson's solution: He's renting a 37,000 square-foot mansion and cliffside estate for $100,000 a month. If you're down and out in Beverly Hills, you can, it seems, still live well..