Reply #84: Prosecutors: Michael Jackson on the brink of bankruptcy

[Ghost in the Machine]

Prosecutors: Michael Jackson on the brink of bankruptcy
By Harriet Ryan
Court TV
Monday, March 14, 2005 Posted: 1:10 PM EST (1810 GMT)


SANTA MARIA, California (Court TV) -- Michael Jackson owes $450 million to creditors and the government and "is on the precipice of bankruptcy," a prosecutor told a judge in the pop icon's child molestation trial Friday.

The prosecutor called Jackson a "spendaholic" who racked up $35 million in annual bills while earning just $12 million a year.

"He has a billionaire's spending habit, but a millionaire's budget," senior deputy district attorney Gordon Auchincloss said during a hearing to determine whether prosecutors can review certain records from Jackson's bank and accountants.

http://www.cnn.com/2005/LAW/03/14/jackson/index.html


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