Michael Jackson’s extravagant spending – rivalled only by superstar Elton John’s – seems to have caught up with him: The King of Pop is said to be raising money by selling off his rights to the Beatles’ catalogue.
Jacko bought the rights to 251 Beatles songs back in 1985 for $50 million dollars from the Fab Four’s defunct Apple Records label, a move that infuriated rival bidder Sir Paul McCartney. But McCartney may have the last laugh as the lot is said to be back on sale, for a whopping $700 million.
“Paul has all the money in the world and wants the songs back,” said one insider. “It’s personal with him at this point.”
Despite Michael’s staggering success, including worldwide sales of nearly 50 million for his Thriller album alone, he hasn’t had a hit since the early Nineties and has been steadily borrowing money from Sony Records as costs on his long-awaited comeback album balloon. His Neverland Valley Ranch home, complete with zoo and amusement park, costs upwards of $10 million annually to maintain while his personal needs, including security and make-up, are said to bleed more than $10,000 daily. He also has legal fees to contend with stemming from several cancelled concert dates.
“We don’t know exactly what he has invested in, but Michael needs liquid cash – not something tied up in investments – to carry on with his extravagant lifestyle,” one source said.
Michael’s spokesman denies the star has put the Beatles music up for grabs but insiders insist he has. The star is rumoured to have talked about floating so-called “Bowie bonds” in which he’d sell a share of future profits to investors.
This type of bond was originated by rocker David Bowie who, in 1997, brokered a deal with a bank to issue bonds giving buyers the rights to royalties made from his classic recordings.
Photo: © Alphapress.com
Photo: © Alphapress.com
Photo: © Alphapress.com
