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

After the 2005 trial, Michael Jackson left Neverland and never went back. He basically lived in fancy hotels for 4 years. That costs money. Especially since he wasn’t alone, but had people with him (security and a nanny, at the very least).