Michael Jackson: Wacko Jacko Broke-o?

A former financial advisor of Jackson’s has stated he is a "ticking financial bomb." Those are serious words about the King of Pop, a man who was on top of the financial world and was making more money than anyone could have imagined. Now with waning record sales and increasingly odd behavior, it seems as if Jackson is teetering on the edge of financial devastation. Only he doesn’t seem to understand or care.

Myung-Ho Lee, a Korean businessman, was hired by Jackson in 1998 to impart investment advice. Lee has now filed the lawsuit seeking in excess of $12 million in unpaid fees. The court papers reinforce rumors that Jackson’s financial status is getting very ugly. In the past few years, he has taken out loans in the astonishing amount of $200 million. One from Bank of America for $140 million, which was secured by Jackson’s half share of the Beatles catalog, valued at $272 million.

Jackson does not seem to care about his deteriorating financial status. With all of his expenses - including tax payments, Neverland payroll costs of approximately $250,000 a month, attorneys’ fees, limousine companies and missed concerts - and the fact that he shut down his company, Jackson International, the future looks bleak. Couple that with the fact that his recent record sales have been pathetic ($2 million in US sales of his album "Invincible" are a far cry from the $26 million 1982’s Thriller generated domestically) and we just may witness the demise of Wacko Jacko. Who knows, maybe bankruptcy was next on his to-do list – right after becoming a superstar, marrying Elvis’ daughter, molesting children (allegedly) and becoming a white woman! It could be all part of his master plan!