Friday, April 15, 2005

Jackson's Debt

I know, I know, I can't help myself. We already know Mesereau is going to crucify the victim's mother on the stand this afternoon. So, here's a little Jackson tidbit about his financial situation. Of course, consider the source. Fox 411 is one step away from US Weekly which is one step away from the Star. So, let's say Fox 411 in credibility terms is two steps away from a straight-up tabloid. Now that we have that on the table, here's the scoop:

We know that Jackson has been living on royalties. Since the trial started, everything's been frozen and paid into escrow, so he's had no cash. (Very important since it's kept him from running, some say.) So, after a couple of family bailouts (the last one reportedly from sister Janet), Jackson is again unable to pay his staff, lawyers, and giraffe food suppliers.

Reportedly a Sony offer for the Beatles catalog has been coming for a while. Sony's deal is ready to be presented. The crux is that Jackson's going to end up with a yearly "allowance" to live on. And the way he's been living, $10 million won't nearly be enough. Chances are high he'll have to sell Neverland (or at least scale back the zoo and carnival.) Maybe he can retire into peace in a neighborhood that allows very large and strange pets.

More on his financial situation and the details of the deal.

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