Jackson sells interest in Beatles songs
Michael Jackson is about to sell his half stake in the Beatles catalogue, to help cover the costs of his molestation trial defence and other debts that have been piling up, around $275 million worth. Other loans over his own catalogue and the Neverland ranch will also be paid off.
This will still leave Jackson with an income of between $7 and $8 million per year.
In 1985 Jackson paid $47 million for the rights to the entire Beatles collection. Half was sold in 1991 to Sony/ATV for $130 million. The collection is now valued at more than $500 million.