While testifying on behalf of AEG Live, forensic accountant William R. Ackerman has revealed that Michael Jackson owed approximately 400-500million dollars, when he died.
Ackerman gave a detailed view of the pop singer's finances, when he appeared as a defence witness in the wrongful death trial, the Mirror reported.
He gave details of how the 'King of Pop' spent money on travel, art, charity, gifts, lavish furniture and jewellery.
He also revealed that the infamous Neverland Ranch and interest expenses were a huge drain on his income.
The LA Times had reported that Jackson's biggest expense was his $30 million in annual payments on debt when he died in 2009.
The Jacksons have sued AEG Live for negligence in hiring and supervising Conrad Murray, the doctor who administered the lethal dose of anesthetic to Jackson in weeks before his 50-date tour.
