Jackson's comeback bid

Patrick Sawer|Matheus Sanchez|Evening Standard

11 April 2012

Michael Jackson today attempted to salvage his damaged career by comparing himself to Nelson Mandela and Martin Luther King.

The singer launched his comeback bid by portraying his acquittal on child molestation charges as the climax of humanity's struggle for freedom.

His website has been emblazoned with the words " Vindication" and "Innocent" and a dateline highlighting the birth of US civil rights leader King, the fall of the Berlin Wall and Mandela's release from prison.

It then stops on June 13, 2005, with the words: "Remember this date, for it is part of HIStory."

Jackson is considering drastic options to pay crippling debts, ranging from opening a theme park in Africa to staging a show in Las Vegas. The singer may have to sell assets including his Neverland ranch and the Beatles' song catalogue to clear his $300 million (£166 million) debt.

Family members and pop analysts say he may also attempt to revive his career with a string of high-profile shows, including a tour of Eastern Europe.

His friend, civil rights campaigner the Reverend Jesse Jackson, said the singer planned to develop a theme park in Africa, while other options include teaming up with his brothers to reform the Jackson Five and producing pop videos for other artists. DJ Paul Gambaccini said: "His greatest hope for money is a greatest-hits tour of locations in which he has not been over-exposed, and by that I would mean eastern Europe and Asia."

However, Gambaccini told Radio 4 that Jackson was unlikely to return to the heights of his commercial success because he was now physically unfit for touring and musically out of date with the "rap era".

Some commentators say Jackson still has enough of a fan base to resurrect his recording career.

HMV spokesman Gennaro Castaldo said: "This trial can be a turning point for Jackson and the making of him once again. He has been given a second chance to reflect on life and the direction he wants to go in as a recording artist and performer."

Others point out that he would have to shift public attention from his lifestyle back to his performing talents.

Island DefJam record label chief Antonio Reid said: "He can have success. He has to just make great music and concentrate on nothing else."

The dire state of Jackson's finances was laid bare when the trial jury heard the scale of his debts.

Even his very substantial income was unable to keep pace with his extravagant lifestyle - with the prosecution describing his spending habits as those of "a billionaire on a millionaire's budget".

He has to spend thousands on its upkeep, thousands more paying his entourage - and even reputedly had a $10,000 dollar (£6,700) monthly charge from a Beverly Hills chemist. Forensic accountant John Duross O'Bryan told the court Jackson had just $38,000 (£21,000) in the bank in February 2003 - with debts of almost $300 million (£166million). He said Jackson was regularly spending $20 to $30 million (£11-17million) a year more than he was earning and his debt rose by $70million (£38 million) between 1999 and February 2003.

Mr O'Bryan said in July 2002 Jackson had $130 million in assets and liabilities of $415 million - resulting in a net worth of minus $285 million (£160 million).

He told jurors that Jackson's financial advisors had warned the star that his song catalogues were at risk unless he cut down his spending.

And he discovered that Jackson will be in debt even if he sells all of his assets. He has an option to sell his share of the Sony/ATV catalogue - including 251 Beatles songs, Bob Dylan classics and other works by artists such as Sade and Destiny's Child - to Sony in December 2005 for $200 million (£110 million).

Mr O'Bryan said Jackson took a $200 million loan against the value of the catalogue - and will have to pay $40 million (£22million) in taxes if it is sold.

The Rev Jesse Jackson revealed the star was a day late making a $3 million dollar (£1.64 million) payment on the loans in April - risking losing it to foreclosure.

Jackson's other catalogue, MyJack, is valued at $70 million - but Jackson took a loan out for that amount and would have to pay $10 million if the catalogue is sold.

Along with outstanding bills of $10 million, that would leave Jackson in $60 million debt, Mr O'Bryan said.

He added that Jackson's only remaining asset is his Neverland ranch - which was valued in 1999 at $50 million.

On top of his current debts Jackson is also facing a huge legal bill from his defence team, headed by star attorney Thomas Mesereau. Legal observers say that Mr Mesereau will charge Jackson at least $1 million.

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