I read that when Michael Jackson died, he was $500 million in debt. How does someone get into that kind of debt?

Question

I read that when Michael Jackson died, he was $500 million in debt. How does someone get into that kind of debt?

In: Economics

Answer 1

He would have luxury stores in LA and Vegas shut down so he could shop in them. There’s video of him walking down an aisle and literally pointing to random items saying ‘this, that, this…’ to some of the gaudiest crap imaginable. Like $30,000 sculptures of lions. He bought endless amount of useless items. Plus Neverland and all his staff cost outrageous sums