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the arabian nights

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jacksons financial difficulties
March 12, 2010, 11:43:26 AM
Well people have commented about their financial situations in other threads. i have found some previous articles about this issue.

I am concerned for their future.

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Breaking News: The Jackson Family Found Alive, But Broke
Unfortunately the family of Michael Jackson really failed to effectively invest or manage their money very well despite huge success, leaving the family mostly in serious financial straits. There were reports that Michael Jackson might have died with up to $400 million in debt. And reportedly, at least one pharmacy business had a difficult time collecting a prescription drug bill owed by Jackson for over $100,000 for some time. Another story claims that Michael Jackson might have used up to $48,000 in prescription drugs some months. Michael Jackson also lost primary ownership of the Neverland Ranch with all of his money troubles. But the financial problems for the Jackson family don't just stop there.

Janet Jackson is the best at money management and raising income compared to all the other family members, and she bought a home for her parents because the mansion owned by her parents was facing possible foreclosure, and she didn't want her parents to become homeless. And stories exist that claim that workers at the mansion haven't been paid a salary in months by the elder Jacksons. Both of Michael Jackson's parents have declared bankruptcy before, and the father only makes a little money by promoting some girl groups. In fact, the elder Jackson used the death of Michael Jackson as an opportunity to promote his latest smalltime struggling record business to a national audience.

Latoya and Robbie Jackson both have wealthy businessmen in their lives, allowing them to survive financially. However, one brother Marlon merely stocks groceries and lost his home to foreclosure. Tito Jackson has a small time blues band he formed which does shows for as little as just $500 a show, hardly a fortune. Randy Jackson, who is three years younger than Michael makes a few bucks working as a tire changer. However, he unfortunately duped three friends of Michael Jackson to take out home equity loans on their homes to allow Michael Jackson to pay lawyers when he was charged with sexual abuse. Michael Jackson failed to repay these friends, leaving them in a financial mess. Great way to treat good friends, huh?

Jackie, the oldest son of the Jackson family started a largely failed Internet clothing business that went nowhere, and has only struggled financially since. And Jermaine Jackson, is at least $5 million in debt for state and federal tax liens and has declared bankruptcy back in 1995. Reports are that he doesn't work. Unfortunately, his job acting as family spokesman at the passing of his younger brother, Michael, was probably the most work that he's seen in some time.

Despite having so much money at one time, few of the Jackson family members managed or invested it very well. Instead they merely squandered away huge amounts 0f money on Jewelry, mansions, automobiles or other foolishness and are now essentially broke. It is unfortunately a sad portrait of poor money management where no one seemed wise enough to hire an accountant or a financial advisor to preserve their cash assets. Now few of them have much to show for all of the money they once had.

Many Americans believe that the Jackson family story is some sort of Horatio Alger rags to riches success story. That it's another Motown Records success story. However, the real truth is pretty far from that. It's more like rags to riches to rags.

Note: Wizbang Blue is now closed and our authors have moved on. Paul Hooson can now be found at Wizbang Pop!. Please
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 11:49:45 AM
Janet the sole breadwinner

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Michael Jackson and his family all running out of money From: Sunday Herald Sun March 25, 2008 12:00AM
THE once mighty Jackson family is just scaping by, with broke family members even resorting to stacking supermarket shelves to earn a crust.
The glory days of sequin-studded seven figure performances are over, with the cash strapped family now paying for decades of poor financial decisions.

Here is a rundown of their current state of affairs.

Joseph Jackson, 79
The Jackson dad hustles various girl groups in Las Vegas. He has previously filed for bankruptcy.

Katherine Jackson, 77
The Jackson matriarch is still a stay-at-home mum and believed to be the only family member in contact with Michael. She has also previously filed for bankruptcy.

Janet Jackson, 41
The current family breadwinner. She bought her mom a Vegas home in anticipation of losing the family's mansion, Hayvenhurst, to foreclosure. Like their Neverland colleagues, workers at Hayvenhurst have not been paid for months.


Start of sidebar. Skip to end of sidebar.
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La Toya Jackson, 52
Has little contact with the family after she declared Michael guilty during the 1993 molestation case. She lives with her rich boyfriend in Beverly Hills and earns extra cash judging beauty and singing contests.

Rebbie Jackson, 57
The oldest, she's married to successful businessman Nathaniel Brown.

Tito Jackson, 55
Formed a blues band several years ago and plays at small venues for $500 to $1,500 a gig.

Michael Jackson, 49
On the verge of losing Neverland ranch as well as the family's Encino, Calif., home. He's hiding out in Las Vegas and repeatedly makes promises to his brothers while sabotaging any attempts by them to ply their musical trade.

Gallery: Why they call him Wacko Jacko

Randy Jackson, 46
Does odd jobs like changing tires to support himself. He was Michael's business manager during the 2005 molestation trial but ran into serious problems with friends after he persuaded three people to take out lines of credits against their homes to help Michael pay his attorney fees and Michael stiffed them.

Marlon Jackson, 51
Lives in San Diego, where he works stocking groceries at a Vons supermarket. He fell on hard times three years ago when he was forced to leave his foreclosed home and move into an Extended Stay America hotel with his wife, Carol.

Jackie Jackson, 56
The oldest son started an Internet clothing business and is trying to produce records by his sons. Nothing has panned out.

Jermaine Jackson, 54
Splits time between the parents' Hayvenhurst mansion and his girlfriend's home in the San Fernando Valley. With more than $5 million in federal, state and other liens against him and a 1995 bankruptcy filing, he doesn't work or have a regular income.
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 11:52:21 AM
randy says the family has enough money - really?

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Randy Jackson: Money, That's Not What I Want
Posted Oct 13th 2009 1:05AM by TMZ Staff

Everyone expected the Jacksons to wage internal war over who gets what part of Michael's estate ... but Randy Jackson claims they already have enough money.

Randy was reacting to our story yesterday -- revealing that Katherine Jackson's 40% cut of Michael's estate will go directly to MJ's three kids when she dies. That means the kiddies will end up with 80% of the estate -- the remaining 20% goes to charity. So Michael's bros and sisters will inherit nada.

Here's Randy's take:

"The family is fine with it. Who cares about the money? We have enough money. If I cared about the money, I'd be doing a reality show and doing interviews."

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Last Edit: December 31, 1969, 06:00:00 PM by Guest
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Re: jacksons financial difficulties
March 12, 2010, 12:11:56 PM
SOMETHING ABOUT THIS POST MAKES ME THINK THIS IS JUST MEDIA LIESSSSS!! REMEMBER WHAT MICHAEL HAS TAUGHT US. NEVER EVER BELIEVE THE MEDIA.  8-)  :D  :)  ;)  8-)  :D  :)  ;)  8-)  :D  :)  ;)  8-)  :D  :)  ;)  8-)  :D  :)  ;)  8-)  :D  :)  ;)
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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~~spreading the love~~~lets heal the world~~
~~Oklahomas most dedicated fan....Sheryll~~
~~~~~~~I Love U Michael~~~~~~~

the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 12:19:59 PM
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California state authorities ordered Jackson to close the Neverland Ranch and fined him more than $100,000 for failing to pay the staff there or maintain proper insurance.
(March 2006).


In October 2002 it was revealed by various international banks that Jackson was in financial debt into the tens of millions of dollars due to various unpaid loans.

Originally intended to begin his solo career when he turned eighteen in 1976, but financial problems forced him to remain with the Jackson Five, renaming themselves The Jacksons for legals reasons, until 1979.
Last Edit: March 12, 2010, 12:25:20 PM by the arabian nights
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the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 12:20:30 PM
not everything is a lie - surely - or are well being selective?
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 12:34:22 PM
jermaine asked to have his child support payments lowered

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he was ordered to pay £3000 a month and says that he only received £10,000 for 2008, his lawyers state that he provides a rent free home with maids for his former wife (that's not true) and he is worried about physical discipline

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Michael’s brother Jermaine Jackson - Broke and Unemployed
EmailWritten by lalate on Oct-15-07 6:53am
From:  news.lalate.com

Michael Jackson’s brother Jermaine Jackson claims he is broke, out of work, and with a lot of kids.

“I currently do not have any employment” and “I do not have any income from which to pay support.” That’s what Jermaine Jackson has said in a declaration for his divorce proceedings filed days ago obtained and reported on by E! Online.

The wife of Jackson, Alejandra, she is broke and not getting any spousal support, that she and her kids are still living with Jackson’s mom.

Now get your pens out.

Jermaine and this Alejandra have two sons, Jaffar, 11, and Jermajesty, 6, together. But Jermaine has 8 kids total.

Alejandra also has two teenage children Randy Jackson —Genevieve, 17, and Randy Jr., 14.

“Occasionally and not consistently Mrs. Jackson will give me a couple hundred dollars for food or other expenses I need,” Alejandra stated in court documents, referring to mother-in-law Katherine Jackson.

“I do not object to an appropriate level of child support,” says Jermaine. “However, the reality is that [Alejandra] has knowingly misled this court into believing that I have income which I do not. I currently do not have any employment… Thus I find myself in a Catch-22 situation where while I need money, I also need to be very cognizant of what employment I do undertake so as not to degrade my market value and ability to obtain legitimate work in the future. Unfortunately (and sadly), this troubling situation is very common in the entertainment industry.”
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 12:54:48 PM
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Later this week, a civil case is set to begin against Michael Jackson thanks to a finance company that says he cheated them out of $48 million. And in preparation for that, Michael Jackson gave a sworn deposition in Paris last year, details of which have been obtained by the New York Daily News. And that's where Michael Jackson ranting furiously about people trying to rip him off comes in:

The seven hours of transcripts obtained by the Daily News reveal that the agitated entertainer was convinced his money woes were fuelled by a cadre of disloyal advisers who stole from him while he was busy fighting criminal charges. The Gloved One even fingered a man close to his older brother Randy as a key villain. It was an ordeal that left Jackson bitter about the industry in which he's spent his entire life. "It's full of sharks, charlatans and imposters… Because there's a lot of money involved, there's a bunch of schmucks in there," Jackson said. "It's the entertainment world, full of thieves and crooks. That's not new. Everybody knows that."
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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Re: jacksons financial difficulties
March 12, 2010, 01:00:54 PM
Here's Randy's take:
"The family is fine with it. Who cares about the money? We have enough money. If I cared about the money, I'd be doing a reality show and doing interviews."


That's an ironic statement for him to make. Since June 25th, other family members have been doing just what he's described.
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 01:10:44 PM
good find.

i am worried about this family - for the future

its like the royals and the civil list

i mean what are 3T doing - how do they make money

it must be extremely difficult after such early fame and money, for that security not to be there whilst everyone expects you to be wealthy

thing is where did all the money go
what happened to the money the jackson 5 earnt? was there ever a trust fund set up? why were properties purchased>
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the arabian nights

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Re: jacksons financial difficulties
March 12, 2010, 01:13:45 PM
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Ex-Wife to Jermaine: Yo' Mama Pays My Bills

Posted Oct 17th 2009 9:00AM by TMZ Staff

Jermaine Jackson's baby mama claims the singer has left her so dirt poor ... that she's been forced to accept supermarket gift cards from Jermaine's mom just so she can feed the kids.

Alejandra Jackson filed legal documents in L.A. County Superior Court claiming Jermaine is a deadbeat dad who hasn't paid $35,550 in court-ordered child support payments for their two kids, Jermajesty and Jaffar.

In the docs Alejandra says Jermaine's own mother sees how bad the situation is and often bails her out with "gift cards to Ralphs in varying months so that I can pick up food for our children, usually between $300 and $400."

Alejandra also claims Jermaine was lying to the court when he claimed he only made $35k in 2008 -- pointing out that he lives in the same "estate home" in Calabasas, drives the same "luxury vehicles" and has the same "luxury lifestyle
" he had before.

The two are due back in court to battle it out -- so far, no date has been set.
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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Re: jacksons financial difficulties
March 12, 2010, 01:24:12 PM
Unfortunately there is a long history of celebrities who earn and lose vast fortunes during their careers. Most of these people don't have a business or financial management background. Many come from humble beginnings where they never had to overseer such large sums. They rely on someone else to monitor their career and earnings. They have to pay employees i.e. agents, publicists, managers , lawyers etc.  Let's not forget con artists who encourage them to donate money to fake charities or money-making schemes.

 I read somewhere years ago that record labels advance celebrities huge sums so that they can live the lifestyle expected of them. Sadly, many celebrities get caught up in the material trappings. They are supposed to live in certain neighborhoods, drive certain cars, and wear certain designer clothing and travel in a certain style.  When they do make money, they have to eventually repay the advances. Celebrities on the level of MJ make money that is their own. So many others are wealthy in name only.

Quote from: "the arabian nights"
good find.

i am worried about this family - for the future

its like the royals and the civil list

i mean what are 3T doing - how do they make money

it must be extremely difficult after such early fame and money, for that security not to be there whilst everyone expects you to be wealthy

thing is where did all the money go
what happened to the money the jackson 5 earnt? was there ever a trust fund set up? why were properties purchased>
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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Re: jacksons financial difficulties
March 12, 2010, 01:28:53 PM
I agree that something may be wrong with their finances.   :?

Perhaps they lived "the lifestyle" for so long that they stopped paying attention to who was charging them what(managers, assistants, stylists, promoters, etc.) and got cheated out of millions.

I definitely believe that this is possible - even with Michael's money.

I know he had/has C.R.A.Z.Y. amounts of money due to his shares of SONY, the Beatles catalogue, and other investments.  However, I don't know how much of it **HE** actually had access to or records of?  He probably had $$ go directly into various accounts and other people would have access to his accounts to take care of paying for whatever needed to be paid for.  He also used to have bags of money on him, so they would probably give him an allowance of sorts so he could feel he had whatever he wanted & needed.  But then they could have been taking out whatever they wanted as well...


As for this:

Quote from: "the arabian nights"

Jermaine Jackson's baby mama claims the singer has left her so dirt poor ... that she's been forced to accept supermarket gift cards from Jermaine's mom just so she can feed the kids.

I'm thinking that Mama Jackson didn't trust Alejandra.  Otherwise, why give her gift cards?  She could have just given her the cash and let her spend it on the children however she saw fit...
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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the arabian nights

  • Guest
Re: jacksons financial difficulties
March 12, 2010, 01:32:06 PM
seems strange they live in the same household, why food coupons?
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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Re: jacksons financial difficulties
March 12, 2010, 01:37:09 PM
Plus keep in mind that a person can hve assets i.e. real estate property, stocks etc yet have little liquid cash sitting in an account. A person't may be worth X amount if they liquidate assets yet their checks might bounce if they wrote big ones on the spot.
Last Edit: December 31, 1969, 06:00:00 PM by Guest
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