I read that when Michael Jackson died, he was $500 million in debt. How does someone get into that kind of debt?
In: Economics
Op take what the people in the other comments to be true, how the rich spend their money is different,
But I think to understand the dept we also have to look into his personal and financial life a bit. Now stick with me I’m not Michael Jackson (MJ) expert.
MJ was a victim of abuse pretty much since he was born all the way up to his death, from family, the paparazzi, there was one Coca Cola commercial where they accidentally burned his hair off, then it became a national sensation that was repeated and mocked by media everywhere.
That does things to people psyche and what they prioritize in their life. When they have opportunities to express their wants they may make … interesting financial choices.
For example [MJ had a private amusement park he owned from 1988 until his death in 2009](https://en.wikipedia.org/wiki/Neverland_Ranch).
There’s also other stuff, scummy music producers, shitty contracts, overcharged venues, lawsuits.
Micheal Jackson had a complicated life to say the least. I hope he’s resting easy.
Edited: for better flow
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