Michael Jackson: King of Debt

Michael Jackson will leave behind more than his legendary music after his unexpected death on Thursday. The King of Pop will also be remembered by his mountains of debt -- which reportedly totals some $400 million.

Despite selling more than 61 million albums in the United States, filling concert-halls for much of his life, and serving as the theme for a decade-long attraction at Walt Disney theme parks, Jackson ended his life so riddled with debt that he had to be bailed out by friends and colleagues more than a failing bank. Most recently, Jackson received help from Thomas Barrack, chairman and CEO of the real estate investment firm Colony Capital. Barrack purchased Jackson's Neverland Ranch for $22 million, just before the fairyland destination would have been sold at an auction to cover Jackson's debt.

Jackson purchased Neverland in Santa Barbara County's wine country in 1998 for $14.6 million.

At one point, Jackson owed Bank of America(BAC Quote) more than $270 million. In 2005 the bank sold that debt at a discount to private equity firm Fortress Investment(FIG Quote).

Jackson was on the cusp of making a comeback before his untimely death, preparing to go on tour in July. This tour was designed, in great part, to help to pay off that debt.

Now instead of the tour, which was set to kick off in London on July 8, serving as a cash cow, it's another expense in Jackson's name. Tickets for the tour sold out on Tickmaster, of which Liberty Media(LINTA Quote) is a major stakeholder. It's unclear if fans will want their money back and how they will be paid if they do.