You would think someone worth hundreds of millions or more would have a fantastic credit score, right? Well, think again. As we reported last year, even Warren Buffett’s credit score probably isn’t anything all that great. For both similar and different reasons, Michael Jackson’s credit score is allegedly outrageously low.
According to recent reports by TMZ, Jackson’s “average credit score” was supposedly only around 563 in 2007. How low is that? Well nowadays, you need close to 700 and up just to open a credit card. With a credit score in the 500’s it would be nearly impossible to get an unsecured card or a mortgage.
Asset Rich, Cash Poor
MJ was in a a situation that is extremely common with the ultra-wealthy… asset rich but cash poor. The vast majority of his net worth was tied up in the Sony-ATV publishing trust. Which of course owned the rights to not only songs from The Beatles, but also over 125,000 other songs. It includes songs from Elvis Presley, Bob Dylan, Eminem, and many other A-list musicians. According to TMZ, Jackson’s ownership in this trust was worth a whopping $1,150,000,000 back in July of 2007. That’s over a billion dollars he could use as collateral for loans, but it’s not cash you can openly spend. Many of the uber-wealthy have the same predicament when their net worth is tied up in a company’s stock.
The Credit Card Life
Just how out of control was Michael Jackson’s spending? The king of pop’s “credit card life” was alleged to be around $2.3 million per month, according to a Fox News Report figure which was supposedly calculated using court statements filed at the time of his divorce from Debbie Rowe. That’s more than $75,000… per day! Could he afford that? Well, during the child molestation trial, a forensic account testified he was spending 20 to 30 million a year more than he earned. With that type of lavish lifestyle, how much do you think his credit card bills were running?
The Top 5 Most Outrageous Purchases Allegedly Made:
(1) Life-Sized Statues of Peter Pan & Children: Michael reportedly dropped around $6.3 million on bronze statues which portrayed Peter Pan and children playing. These purchases were mentioned in court documents filed by his ex-publicist Raymone Bain.
(2) Irish Castle Extravaganza – almost $320,000 was allegedly spent by Jackson to rent out an Irish castle for a vacation. Set on 1,500 acres, the estate comes complete with personal butlers and private chefs. (Source: Exposay)
(3) “Freudian Fortune Teller” Contraption: in March of 2009, MJ swung by Soap Plant Wacko/La Luz De Jesus – a Los Angeles pop-culture supermarket – to drop $7,500 on a vintage-styled contraption made by a local artist that would spew out Sigmund Freud phrases every time you dropped a coin into the device. Samples “fortunes” it reportedly would say include “You dream about going outside with your pants on” and “You want to kill your father and sleep with your mother.” (Source: LA Weekly blog)
(4) Medications – According to The Sun – a UK publication – MJ was allegedly spending a cool £30,000 per month ($48,000) on “mountains” of medication. They claimed he was buying narcotic pain relievers, muscle relaxants, and numerous others.
(5) Rhinoplasty Operations – The price of a revision rhinoplasty (a “do over” nose job) from plastic surgeons in the Beverly Hills area will probably set you back around $32k. This includes the price of the surgeon’s fee, the operating room, and the anesthesiologist. However, when it’s complicated reconstructive work that requires cartilage grafts from your ears and ribs (as suspected in MJ’s case) it can cost up to $45,000 for the surgery (according to numerous sources from a PlasticSurgerySpot). Some speculate that Michael Jackson may have had up to 20 or more different revision rhinoplasty operations over the years. At $45,000 per surgery, that would equal out to be $900,000!
Last updated December 2010
Disclaimer: The aforementioned information contained within this blogpost should not be misconstrued as being fact. This information is based on unproven gossip stories, rumors, and speculation from various sources. The credit card image contained within this blogpost is a parodical representation only and protected by the fair use doctrine of the U.S. copyright law. If you have questions regarding this you can contact us.