By Jae-Ha Kim
Chicago Sun-Times
August 1, 2002
Eight hundred million dollars just doesn’t stretch as far these days. Just ask Michael Jackson. The self-proclaimed King of Pop may not yet be headed for the poor house, but some experts estimate that the litigious singer is at least $200 million in debt.
Holy Neverland, Michael! Where did that money go? Let’s look at the balance sheet:
• Neverland, his 2,700-acre, $50 million home.
• The rights to more than 300,000 songs, including 251 Beatles tunes he purchased in 1985. The bad news is he co-owns these with Sony Records, which he has accused of taking advantage of minority artists.
According to published reports, Jackson paid between $15 million and $20 million in a 1994 out-of-court settlement to a boy who accused the performer of molesting him.
And let’s not forget the current litigation. Besides the verbal tirade Jackson launched against Sony Records and its CEO Tommy Mottola, which could spawn a lawsuit or two, Jackson is the brunt of a couple of suits. A
financial management company that claims it arranged for $200 million in loans for Jackson has filed a $12 million lawsuit against him. And a concert promoter is suing Jackson for $20 million, charging that Jackson reneged on a promised 2001 world tour.
Jackson’s not saying what it costs to support his two children, Prince, 5, and Paris, 4–both of whom are fully in his custody–but remember that when Lisa Bonder Kerkorian sued MGM mogul Kirk Kerkorian, she claimed that she needed $320,000 a month in child support for her toddler daughter.
Then there’s the upkeep for Jackson’s first “child,” Bubbles. The pampered chimp is now 19 and not cute enough to stay at Neverland. So, he lives with an animal trainer.
Running a fantasy park as your home is never cheap. Jackson employs a full-time staff of 50 to tend to his every need–which should set him back about $2.5 million a year, according to Gary Dunn of the Caretaker Gazette.
“The yearly salaries probably would range from $20,000 to $100,000 per staff member,” Dunn says. “The estate manager in charge would definitely make six figures.”
We’re not accusing Jackson of being a plastic-surgery addict, but it’s undeniable that he has had work done. According to the American Society of Plastic Surgeons, the average rhinoplasty (a k a nose job) costs just under $3,000. Though it’s supposed to be permanent, we can’t help but notice that Jackson’s nose has changed as often as Kelly Osbourne’s hair color. Other costs: $5,000 for a face-lift (which needs to be touched up every five to 10 years), $2,500 for eyelid surgery and $500 for a chemical peel.
