The World woke up on Friday morning to be greeted with the sudden demise of the King of Pop, Michael Wako Jacko Jackson. He undoubtedly left a mark in the music Industry he served. I can still hear some of his hits songs playing in my memory. I posed a question to a few friends on Facebook on the day of his death and the answers were somewhat pathetic. I asked if anyone knew of his financial legacy or how much he was worth at the time of his last breathe. The responses showed that Michael was in some kind of debt or should I say debts!
Most black skins in the US who are lucky to be counted among the rich at one point in their lifetime, got their wealth by either throwing a ball, entertaining people with the microphone or simply because they could strength their muscles more than anyone else could. Think of Iron Mike Tyson, Tiger Woods, Oprah Winfrey, Michael Jordan, Busta Rhymes, Whitney Houston, Master P, Sean P. Diddy Combs and the list goes on and on. I am a bit fascinated by how these persons who once were millionaires could be reduced into a stack of debts.
The one-time World Heavyweight champ of the world was even forced to file for lawsuit. This is a sportsman who won millions of dollars from punching the jaws of giants- a job he really enjoyed doing. Tyson spent so much money on lawsuits he was left with almost nothing. Prior to that misfortune, he engaged in gambling and led a lifestyle that brought him more debt.
Whitney Houston had such a sensational voice. I watched her movie, the bodyguard and thought she was a great actress too. She also spent most of her earnings on drugs till she had nothing left in her purse. She is currently in rehabilitation, and everyone is waiting to see if she can make a comeback to the music arena.
Now we have Jackson departing with huge debt to be settled. Some reports say he owed over USD 270million. Michael had planned a '50-cities' concert that could have helped him reduce his debt if not eliminate all debt completely. Many doubt his condition would have allowed him to execute that over-ambitious plan. Michael also had his fair share of lawsuits. Rumors had it that he was a pedophile and spent a great part of his fortune to fight that part of his life.