Here is an interesting snippet. According to Yahoo Music, Michael Jackson (RIP) apparently died while roughly $400 million in debt! Wow! That is unbelievable considering he was a multi-billion dollar business at the height of his success in the late 80′s and early 90′s.
What makes this fact even more intriguing is that roughly half of his overall debt ($200 million) was secured in loans from Bank of America!
Apparently he ran into the beginning of his financial problems after news of his first scandal came on the scene in 1993. Shortly after he agreed to a deal with Sony in 1995 to merge ATV with Sony’s library of songs and sold Sony music publishing rights for $95 million. Then in 2001, he used his half of the ATV assets as collateral to secure $200 million in loans from Bank of America.
The yahoo news article doesn’t state any additional facts about the current state of his loan with B of A, but I would have to imagine it is still largely unpaid …and building.
If anyone has any info on this subject please share!
Side Note: Bank of America stock price up 3.25% today.