Michael JacksonMICHAEL Jackson owed at least $300million when he died... and had been begging banks to lend him more money.
On paper, Jacko had assets worth $1.3billion - almost all tied up in his 50 per cent ownership of The Beatles' back catalogue with Sony Records.
But he was unable - or unwilling - to sell his share.
Financial papers seen by The Sun show Jacko was desperately seeking to borrow $43million in late 2007.
And we can reveal he signed his deal with O2 concert promoter AEG at that time in a bid to persuade the bankers he was good for the cash.
Black and White ... Jacko's assets and debts
On paper, Jacko had assets worth $1.3billion - almost all tied up in his 50 per cent ownership of The Beatles' back catalogue with Sony Records.
But he was unable - or unwilling - to sell his share.
Financial papers seen by The Sun show Jacko was desperately seeking to borrow $43million in late 2007.
And we can reveal he signed his deal with O2 concert promoter AEG at that time in a bid to persuade the bankers he was good for the cash.
Black and White ... Jacko's assets and debts
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Jacko had been having difficulty getting a loan because a series of defaults on previous lending had left him with a disastrous credit rating.
The King of Pop's score was 447 - among the worst two per cent of all Americans.
One expert said: "Below 500 is pretty disastrous."
Royalties
The documents reveal the 50-year-old's moneymen claimed his comeback gigs at London's O2 Arena would generate a "guaranteed" $38.5million.
But they added there was the potential for the star to earn another $300million.
A source said: "He signed up for the live comeback about 18 months ago and told lenders he could make $300million.
"But the pressure of knowing what it would take to fulfil his promise could have helped kill him."
The documents seen by The Sun were produced to support a loan application for his Neverland ranch.
He also had a mortgage on his parents' home in Encino.
The papers also reveal Jacko was pulling in $33million a year in royalties.
In 2006 he pocketed $9million from his own songs and a staggering $24million from the Beatles hits.
As well as the back catalogue - worth around $1.15billion - Jacko valued his personal collection of cars, antiques and other collectibles at $20million.
He also had $668,215 in cash, $10.6million held in reserve to pay interest on his loan on Neverland, other property assets of £73million, including the Neverland ranch and parents' home in Encino, archive material worth $20million, song rights worth $85,000,000 and professional equipment worth $1million.
But he owed almost $300million to a private New York hedge fund, Fortress Investment Group.
There was also an outstanding mortgage on Neverland of $23million, one on the Encino home of $4million and another loan of $4million.
It gave him a net worth - on paper - of just over $1billion.
Jacko's business expertise had been hailed back in 1985 when he picked up the back catalogue - along with thousands of other songs - for $46million.
But just a decade later Michael was forced to sell half to Sony as his lavish lifestyle - and litigation - caught up with him. In 1994 he had been forced to settle a child molestation suit for $20million.
Legendary
Jacko's spending was legendary - he was dubbed "a millionaire who lived like a billionaire".
He became famous for blowing millions on glitzy videos.
For his 1995 album HIStory he shot a video in Hungary that featured real Hungarian soldiers.
A 35-minute film called Ghosts cost a reported $15million. He spent $8million a year on plane charters and hired Hollywood star Marlon Brando for a video for $1million.
His personal expenses were put at an amazing $7million.
The deal with AEG was supposed to mark the comeback and leave Jacko back in the black.
But the promise proved too much - and contributed to the superstar's death.
Jackson's $1billion fortune will now be the subject of a bitter legal tug-of-war.
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