Is 'King of Pop' Facing Financial Squeeze?

While Forbes magazine estimates that Michael Jackson has earned a half billion dollars in the last two decades, the magazine and Jackson's own former financial adviser say his superstar lifestyle and recent lackluster album sales are landing the gloved one in trouble.

Stability and common sense aren't virtues usually associated with Jackson, a man who infamously dangled his infant son over a balcony in front of paparazzi and fans below. And a look at the pop star's financial dealings reveal him as a spontaneous spender who hasn't found a way to balance his spending with his current earnings and expenses.

Just a few months ago, Jackson settled a $12 million lawsuit brought by his former financial adviser. The adviser's attorney called Jackson a "ticking financial time bomb," with a big loan soon coming due.

"The fact of the matter is that Michael Jackson, within a year or two, is going to owe $190 million to Bank of America," said attorney Pierce O'Donnel. "And he'll have to sell a significant amount of his assets to do so."

Music as Collateral

Jackson's music publishing collection, including every Lennon/McCartney-written Beatles song, as well as some by his ex-father-in-law Elvis Presley, is valued at $450 million. He also owns extensive property in California and Las Vegas.

But much of his net worth has been mortgaged. He offered the Beatles catalog as collateral for another loan — this one $200 million from Sony Music.

It might not be so bad if he didn't keep on opening his wallet as though his albums were still at the top of the charts. Jackson's spending habits make your average pampered Hollywood multi-millionaire look like Gandhi.

He enjoys regular stays at $10,000-a-night hotel suites such as the Four Seasons and has a penchant for $2 million diamond watches. He spends $250,000 monthly just to operate the Neverland Ranch.

Rising Debt, Falling Career

The world got a rare and intimate look at one of Jackson's fabulous million-dollar shopping sprees during the controversial documentary Living With Michael Jackson, last winter.