Forensic accountant William Ackerman said the late singer was paying a staggering $30 million annually just in interest on his debts, which totaled roughly half a billion dollars when he died.
Ackerman was called to testify by attorneys for concert promoter AEG Live in the wrongful death lawsuit filed by Jackson's family.
In this March 5, 2009 file photo, Michael
Jackson announces several concerts at the London O2 Arena. A Forensic
accountant testified Monday that the late singer was paying a staggering
$30 million annually just in interest on his debts when he died
Michael Jackson's mother, Katherine, has brought
a wrongful death lawsuit against concert promoter AEG Live. Here, she
exits Santa Barbara County Superior Court for Michael's child
molestation trial in April 2005
'On an annual basis [he was] spending 15 to 20 million dollars a year more than he brought in,' Ackerman said, according to CBS Los Angeles. 'He was tapped out.'
Jackson appears to have started accruing debt in 1993, when he owed about $30 million. By the time he died, his debt had grown to half a billion dollars.
Records show Jackson spent money on donations to charity, gifts, travel, art and furniture, according to the Los Angeles Times.
'He spent a lot of money on jewelry, 'Ackerman said.
Neverland Ranch, where Jackson lived, was also a huge expense because it required a maintenance staff for the zoo and train that traveled around the property.
His largest expenditure, however, were his annual interest payments on his debt.
Jackson's family claims in their wrongful death
lawsuit against AEG Live that the concert promoter had negligently hired
Dr. Conrad Murray (pictured in 2011) to watch over the singer while he
prepared for his comeback tour. Murray gave the singer a fatal dose of
anesthesia in 2009
This Oct. 27, 2009 file photo shows Columbia
Pictures' Premiere of Michael Jackson's 'This Is It' tour at the Nokia
Theatre L.A. Live, in Los Angeles
Jackson died from a lethal dose of anesthetic while preparing for his comeback concert series titled 'This Is It.' The anesthetic was administered by Dr. Conrad Murray, who was later convicted of involuntary manslaughter in Jackson's death.
Jackson's family claims in their wrongful death lawsuit against AEG Live that the concert promoter had negligently hired Murray to watch over the singer while he prepared for his comeback tour.
The family is seeking income lost by his death, which their lawyers estimate at roughly $1.5 billion for the months of touring he was preparing for.
AEG counters that Jackson had requested Murray as his doctor and that Jackson's earnings potential would have amounted to $132 million.
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