The King of Pop, Michael Jackson, died at his home in Los Angeles on June 25 2009, following a heart attack caused by a combination of drugs supplied by his doctor, Conrad Murray.
Michael Jackson started his music career as a member of the Jackson 5, which was founded by his father Joe Jackson and siblings Marlon, Jackie, Tito and Jermaine.
The band’s hit song, I Want You Back, reached number one on Billboard Hot 100 in the US.
In 1971, Michael decided to go solo and leave the Jackson 5, later releasing four solo albums with Motown within a three-year-period.
His career continued to go from strength to strength, releasing tunes including Thriller, Bad, Smooth Criminal, Man In The Mirror and many more.
However, the pop legend was also involved in plenty of controversy over the years, with his net worth taking a hit as a result of the 1993 sexual abuse claims against the singer.
But what happened to Michael Jackson’s money and who inherited money in his will?
Here’s everything you need to know.
What happened to Michael Jackson’s money?
(Image: Getty Images)
Being the King of Pop comes with a mighty cash flow due to sell-out live performances and skyrocketing record sales.
During his career, Michael accrued a net worth of millions and when he passed away in 2009, he was thought to have a net worth of $500million (£431m).
However, the status of his net worth was complicated due to the mounting debts he had during his career.
The most valuable asset that pop star had was his lengthy music catalogue, which consisted of his own songs (worth around £86m) and his portfolio of other musicians’ songs like The Beatles and Eminem.
During the time of his death, Michael owned nearly $500m (£431m) in debts due to his habit of dramatically overspending throughout his career.
Official records showed that the pop star spent over $17m (£14m) on the Neverland Ranch where he lived and $25 million for the settlement of the child abuse lawsuit in 2005 following the 1993 allegations.
Reports at the time of the This Is It tour announcement suggested that the singer was using the shows and tour movie to pay off his ginormous debts.
Following the star’s death, the executors of his will solved most of his debts by selling Michael’s future music rights to Sony Music for $250m (£215m)
Who inherited from Michael Jackson’s will?
(Image: WireImage)
Michael left his earnings to a number of close family members and charities following his death.
During his lifetime, the pop star had two failed marriages – one with Elvis Presley’s daughter Lisa-Marie Presley, and another with dermatology nurse Debbie Rowe.
Michael tied the knot to Debbie in 1996 and the couple went on to have two children together, Prince and Paris Jackson.
Sadly, their marriage came to an end just three years after they walked down the aisle, with Debbie receiving full custody of Prince and Paris in a $8m (£6m) divorce settlement.
Following the divorce, Michael went on to have another child called Prince Michael Jackson II, also known as Blanket, via surrogacy in 2002.
According to the Thriller singer’s will, 40% of his assets were split evenly among his three children.
The other 40% was left to his mother, Katherine Jackson, while the remaining 20% of his assets were left to various children’s charities.
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Source: Celebrities - dailystar.co.uk
