奢侈的生活让杰克逊负债累累

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Michael Jackson certainly lived a lifestyle worthy of the title “King of Pop”. He earned hundreds of millions of dollars throughout his career. His net-worth has always been hard to pin down. In 2002, Forbes estimated he was worth 350 million dollars, a big part of that fortunes was fueled by his most successful album of the “Thriller”, which became the best-selling album in history with more than 100 million copies sold around the world. His rising fortune fueled a growing appetite for a lavish living. In 1988, he built his famous NEVERLAND ranch, the cost of paying his 120 staffers was reportedly 375,000 dollars a month.

But as his career began to wane, Jackson was having trouble funding that lavish lifestyle. In 2006, The NEVERLAND ranch shut its gates and Jackson faced foreclosure. He was eventually bailed out by a private real estate company that he partially controlled. He also faced an increasing number of lawsuits. At least 19 people from financial advisors to concert promoters, to a Bahraini Sheik have sued him. And according to a recent Wall Street Journal report, the pop star was swimming in 500 million dollars in debt.

Even so, it wasn’t all bad. Analysts say one of the smartest business decisions he made was in 1985 when he purchased half of the Beatles catalog for 47.5 million dollars, that catalog is reported to be worth billions today.

Jackson was also expected to earn at least 50 million dollars for his heavily promoted comeback tour this year in London, all 50 shows at the O2 arena were already sold out, the tour was to be Jackson’s final farewell on stage to his fans. At this point, it’s unclear where the financial repercussions will be in. There are contracts connected to that concert tour, unsettled debts and ongoing lawsuits, but what is clear: Jackson’s death brings to an end of what was to be a professional and financial combat for the King of Pop.

Pauline Chiou, cnn, Hong Kong.

glossary

1.        net-worth                      资本净值, 净值

2.        pin down                       v.使受约束, 阻止, 压制

3.        staffer                         n.编辑, 职员

4.        the O2 arena                 The O2 (London), a large entertainment district in London developed within the former Millennium Dome. The O2 arena (London), an arena within The O2.

5.        concert tour           n.演奏旅行

6.        unsettled debts          n.未清债务