TMZ has reviewed financial documents that show MIchael Jackson's cash flow was in the red zone. Jackson's liquid cash totaled .05% of his net worth.
According to the documents obtained by TMZ, Jackson's net worth was estimated at $1,360,839,979 on July 31, 2007. It's a fortune, to be sure ... but of that $1,150,000,000 is the Sony-ATV Publishing Trust (Beatles Catalog).
As for cold, hard "Cash in Bank" -- $668,215. Jackson could blow through that amount in a trip or two to the antique store.
The other assets:
-- Real property $73,475,000 (Neverland valued at $66,875,000, Encino Home valued at $6,600,000)
-- Restricted cash $10,696,764 (this is a cash reserve to pay interest on loans)
-- Media Archival materials $20,000,000
-- MJ Publishing Trust $85,000,000
-- Professional equipment $1,000,000
-- Automobiles, antiques, collectibles & other personal property $20,000,000
Combined assets total $1,360,839,979.
As for liabilities, the big ticket item is Neverland -- $323,000,000. The description "Notes payable to Fortress are collateralized by Mr. Jackson's interest in the Sony-ATV Publishing Trust and a partial security interest in the Los Olivos, California (Neverland) property. Additionally, as of March 31, 2007, the bank holds restricted cash in the approximate amount of $7,803,621. With other liabilities, the sum comes to $331,000,000."
Jackson's bottom line net worth was listed at $1,360,839,979. But the cash flow is pretty stunning.
See More
Reader Comments
(Page 1 of 13) | 1 | 2 | 3 | 4 | 5 | 6 | 7 | Most Recent | Next 15 Comments
How would the whole Jackson clan live off that for the rest of their llives? They must be worried, it might mean they have to get ...JOBS..
May GOD bless his children and the charities that MJ supported. Pray that the money come faster to help his children and his charities/
GOD BLESS MJ RIP
So HE IS WORTH 1.3Billion? And people called him poor? unbelievable. Business ALWAYS operate on almost zero cash flow they always keep their money in assets hence MJ having a net worth of 1.3billion dollars and a debt of 300K hence the low cash flow. So with the debt paid by end of this year (see the 200mil+ the estate is making as per the Executors) MJ will be back to the black in cash flow and his children worth 1.3billion and counting. MJ wasn't as stupid as everyone thought was he?
First page!!!!!!!
I cannot believe it. I cannot imagine MJ in a pooverty situation. It is sad. He earned so much money through his life. But, it happens for some people.
Does this include the $5 mill that he had set aside for the Vegas house?
I predict the MJ merchandising and other enterprises will be the richest in history, dwarfing Elvis'.
Wish I were as poor as Michael was. I will be very happy and I would buy and do much stuff with $668,215. Hehehe.
Who cares about the Little Freak, Dr. Conrad Murray did us a favor
Good riddance Now just Dump Little Wacko In A Hole & Forget About Him.
Elvis died a pauper compared to MJ (nobody harassed him)
MJ was smart enough to set up trusts
who cares if he borrowed against them
if the US hadn't ostracized him, his income would have been higher
This makes me very happy. God protect those children from that family and nefarious forces. You know gosh darn well his family wanted him to liquidate that catalogue and spread the money around.
Latoya better turn over those hard drives.
Branca will not liquidate nor will he be forced to sell the catalogue to sony.
MJ you got the last laugh love the last laugh indeed xoxo
But what about that 5.2 M in cash returned by Tohme(???)...that was supposedly a secret cash stash
Still, the fact that MJ amasted over 1 billion dollars shows that he was a great businessman. Trump said Paul McCartney gave him the idea to buy the Beatles library, to his dismay.
