Michael Jackson Was Cash Broke

Michael Jackson had only $668,215 in the bank in cash when he died. Here’s the breakdown of his assets:

According to the documents, Jackson’s net worth was estimated at $1,360,839,979 on July 31, 2007. Of the total assets $1,150,000,000 is the Sony-ATV Publishing Trust (Beatles Catalog).

The other assets are as follows:

• 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

As for liabilities, the biggest was Neverland Ranch at $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."

Combined assets totaled $1,360,839,979.

Jackson was worth a lot on paper, but he didn’t have much cash to spend, which explains why he was getting sued for unpaid pharmacy bills.