Singer Michael Jackson owed nearly $500 million in debt before he
died after his wild spending and failed tours put a strain on his pocket, a
forensic accountant told the court.
The Thriller hit-maker was forced to fork out $30 million-a-year in interest charges after his wild spending on lavish furniture and bizarre artwork spiralled out of control, and his previous tours failed to bring in any profit to cover it, William R. Ackerman said.
Ackerman was called to testify on behalf of concert promoters AEG Live in the wrongful death lawsuit filed by the Jackson family, where he told jurors how the late singer would regularly splash out on travel, donations to charity, gifts and "a lot of money of jewellery".
He explained: "He spent more than he brought in. Consistently, his largest expenditure was interest expense. He spent a ton of money on interest.
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