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Michael Jackson is on the verge of selling his biggest asset in order to rescue him from alleged financial troubles.
The singer, currently on trial for child molestation, has debts apparently totalling $270 million (£143 million) with the Bank of America, as well as significant debts on his Neverland ranch and loans against Mijac Music Publishing.
According to FOX News, however, his debts will be completely written off if he parts with his biggest asset: the Beatles back catalogue. Jackson currently owns 50% of Sony/ATV Music Publishing, the firm which holds the collections of the Beatles and Elvis.
Under the deal, which is set to be agreed in the next few days, Jackson would also get to keep his infamous collectables, including a $2 million diamond watch from David Orgell jewellers.
As a bonus, he would be given a $10 million windfall payment and, in addition to a $7-$8 million annual income, Jackson would also retain some income from Sony/ATV. Once free from debt, Mijac would be his biggest asset at more than $100 million.
