Michael Jackson's financial struggles revealed

Michael Jackson's financial struggles have come to light, obtained by People, court documents and expert testimonies. The King of Pop was reportedly more than $500 million in debt at the time of his death in 2009, despite his efforts to revive his career with new music and a planned comeback tour.

Certified public accountant William R. Ackerman, testifying during the 2013 wrongful-death trial on behalf of AEG Live, revealed that Jackson's annual expenses exceeded his income by $30 million. This financial deficit was largely attributed to Jackson's extravagant lifestyle, including significant spending on charity donations, gifts, travel, art, and furniture. Ackerman also noted Jackson's substantial jewelry purchases and described him as financially "tapped out."

Jackson's financial woes had been accumulating for years, dating back to 1993. By 1998, his debts had reached $140 million and continued to escalate, increasing by an estimated $170 million between 2001 and 2009.

In an attempt to alleviate his financial burden, Jackson used his stake in a valuable song catalog, which included Beatles hits, as collateral for approximately $270 million in loans from Bank of America. These loans were later sold to Fortress Investment Group, a company specializing in distressed debt, in 2005.

These revelations paint a complex picture of the pop icon's financial situation, highlighting the stark contrast between his immense talent and commercial success and the unsustainable spending habits that ultimately led to a massive debt burden at the time of his death.