- Michael Jackson was reportedly almost bankrupt before his death in 2009
- Banker David Dunn said he was hired in 2007 to help pull Jackson back from the brink of bankruptcy
- Jackson's estate is currently in a tussle with IRS because they claim that the estate of the pop legend was undervalued
Michael Jackson was an American singer, songwriter, and dancer.
He was one of the most popular entertainers in the world, called 'The King of Pop' and was the best-selling music artist at the time of his death.
Jackson won hundreds of awards, making him the most awarded recording artist in the history of popular music.
One would think for such a high ranking, famous and successful artist, money would not be a problem but this was not the case for Michael Jackson.
A long time before his death, Jackson was in huge debts and facing bankruptcy.
His banker, David Dunn said Jackson was desperately on edge trying to figure out what he could do to address his financial crisis.
His financial state worsened in 2005 after his trial for child molestation caused one of his lenders, the Bank of America to stop funding him.
Dunn explained that his attempts to salvage Jackson's estate was sometimes frustrated by the man himself as MJ often signed unfavorable side deals that lured him in with upfront cash.
In 2008, Jackson was reported to be over 300 million dollars in debt because of his uncontrolled spending and his 'Neverland Ranch' was facing foreclosure
The banker, Dunn said he spoke to Jackson over the phone at least once a month and the legend was always sad that he wouldn't be living in Neverland Ranch again:
'He talked about his young career and being at his peak. He was struggling with how to make a living and still be with his children, who were of paramount importance'
Jackson cared greatly about his children even in his financial crises.
David Dunn said he remembered a day when Jackson interrupted a fairly intense call about his depleted finances because his youngest child was sick and then went to get the boy and fussed over him.
The Rev. Jesse Jackson even spoke to Jackson and advised him about his finances.
'This is you, you’ve got a bucket, and this tap here is your cash flow... We’ve got to put a bottom on your bucket, you have to stop spending'
Although Jackson was in huge debts, he really wanted to have his last tour 'This is it' so he started surrounding himself with people who could make that happen.
It was at this point Dunn resigned in 2009 as he hadn't been paid for two years with a total bill of about $330,000 and also because he didn't feel comfortable with the kind of people Jackson was surrounding himself with.
This included Arfak Hussain, a British fraudster who 'made' two bottles of $100,000 perfume and sold them both to Michael.
MJ died June 25, 2009.
And then renewed interest in his music was spiked and the revenue generated assisted his estate to untangle its complex web of debts and generate new income with the 'This Is It' concert movie.
However, Jackson's estate is currently in court with the IRS claiming that the assets of the estate were grossly undervalued.
But Jackson's estate is adamant that before Jackson's death, the value of his estate did come down because of his child molestation trial and media coverage of his eccentric personal life.