johnnymk

http://www.app.com/article/20090630/...r-breakingnews


NEW YORK — Michael Jackson claimed to have a net worth of $236 million as of March 31, 2007, according to financial documents obtained by The Associated Press that shed light on the late pop star's murky finances and prodigious borrowing.

The documents offer the clearest account yet on the state of Jackson's financial empire, which is expected to become the focus of a legal battle between the singer's family and creditors.

Jackson had $567.6 million in assets, including his Neverland Ranch, his share of the Sony/ATV Music Publishing catalog that includes the rights to songs by the Beatles, and an assortment of cars, antiques and collectibles, according to a
statement of financial condition prepared by Washington-based accounting firm Thompson, Cobb, Bazilio & Associates.

The five-page report says Jackson had debts of $331 million, leaving him with a net worth of $236.6 million. Highlighting his shaky financial health, the singer known for his lavish shopping sprees had just $668,215 in cash, according to the report, which is dated June 12, 2007.

The report says the accounting of Jackson's finances is "based on information produced by his advisers." It paints a pictures of Jackson's tangled finances and the mountain of debt he left behind.

The report values Jackson's 50 percent stake in the Sony/ATV Music Publishing catalog — his most prized assets — at $390.6 million.

Another of Jackson's prized possessions, his Neverland Ranch, is valued at $33 million, according to the report. It says Jackson took out a $23 million loan against the 2,500-acre property in the rolling hills of Santa Barbara County.

He also had $20 million worth of cars, antiques, collectibles and other property.