Michael Jackson $400 Million In Debt At Time Of His Death
William R. Ackerman, an accountant and defense witness for AEG Live in the suit brought against the promoter by Michael Jackson's estate, says the King of Pop was at least $400 million in debt at the time of his death.
According to the Los Angeles Times, Ackerman detailed the lavish expenditures of the late singer.
"He spent a lot of money on jewellery," the accountant said, adding that Jacko was also paying large amounts of interest on loans he'd taken out.
"[C]onsistently," added Ackerman, "[Jackson's] largest expenditure was interest expense. He spent a ton of money on interest."
The Times added that Jacko's debt ballooned from $30 million in 1993 to $140 million by 1998, and between $400 and 500 million by the time of his death.
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