mortagesandforeclosures

by James Ziebarth

According to Fox News.com the late Mr.Michael Jackson's monthly expenses, while residing at the famous Neverland Ranch, cost almost $2.5 million a month. Who would have thought that an Amusement Park and a kiddy Zoo would be so "cost effective."

The featured article from FoxNews.com reported "Michael Jackson left behind $400 million worth of debt". Many are asking how Michael Jackson could run up such debt? He owned a long list of valuable items. He owned the Beatles music collection. He was still receiving royalties from "Thriller". Yet, he still managed to run up $400 million in debt.

Aside from losing tens of millions of dollars during his child molestation trial, Jackson didn't put out any significant new material since 1997. But more detrimental to his finances was his notorious big-spending. Last week we revealed his automobile fixation (he had 75 cars registered under his name) and according to financial statements at the time of his divorce to Debbie Rowe in 1999, his cost of living at the time averaged a whooping $2,339,300 per month.

"Documents filed in the Los Angeles Superior Court in September of 1999 show that Jackson spent $95, 700 on the gardening alone to maintain the sprawling Neverland Ranch. Security costs totaled another $51,900. Upkeep on his famous zoo/amusement park was another $66,200 and housekeeping/PR expenses stood at around $60,200 bringing the grand total monthly household expense to an astonishing $358,600" FoxNews.com.

Michael's personal expenses were just as astonishing. Property/personal insurance cost him $120,000. Gifts alone cost him $42,600. Medical needs also took a large chunk of money ($25,600). He did skimp when it came to entertainment, spending only $100 a month. Michael Jackson reportedly spent $475,200 on MJJ Productions and Optimum Productions. Curious, since he had not released a major piece of work since 1997. Monetary figures were used from FoxNews.com.

Looking at Michael Jackson's monthly expenses it is easy to see a problem. His monthly expenses totaled $2,339,300. A staggering amount, even for a Double Diamond superstar.

Do I have an Accounting Degree? Not officially, I'm working on it. But any high school graduate can add and subtract. Breaking this all down to an annual amount, it appears that MJ was spending almost $30 million a year to keep the "creepy" Neverland Ranch up and running. Now if you were to add in his other "dirty habits" such as multiple plastic surgeries, prescription pain pills, multiple underage sleepovers and slumber parties, and the lawyer fees for fighting off allegations of child molestation, then it would go beyond the estimated 30 million. Either way you look at it, the fact is, when you start spending more then you make, you end up going broke. If you don't believe me then ask Suze Orman.

Goodbye to not only a musical icon but also the King of Pop. R.I.P. MJ. Make sure you don' catch any new criminal charges up there. We know you love them "Barely Legal" Angels.

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