Michael Jackson’s financial struggles grow – independence shrinks with new lawsuit
Posted on November 17th, 2008 by Hot Momma
Former pop superstar Michael Jackson is facing another financial struggle as he is reportedly being sued for $4.3 million by a super-wealthy Arab sheik for backing out of a planned record deal. The fallen hitmaker allegedly signed an exclusive deal with Prince Abdulla Al-Khalif to pen an autobiography, release two albums and help produce a musical of his life.
Al-Khalif alleges he gave the singer a $200,000 Rolls-Royce and paid for Jackson to maintain control of his Neverland Ranch in 2005 following his acquittal on child-molesting charges, according to Britain’s The Sun newspaper. The case is reportedly set to be heard at London’s High Court.
Jackson’s beloved Neverland Rance was sold earlier this month (Nov08) in another joint venture with Thomas Barrack’s Colony Capital, which plans to rename the property and revamp its image. Jackson has not been back to the ranch — which once had its own zoo and fairground — since being cleared of molesting children in 2005. In return for the latest ‘deal’ with Colony Capital, The Gloved One may have to bring his new anticipated concerts to Las Vegas as a result. There’s buzz in Vegas that Michael, as part of the deal, would have to perform at the Hilton while living at another Colony investment, the Red Rock Country Club. Whether it’s true or not the deals Jackson reportedly keeps making are going to leave him indebted to the point that his future decisions are going to end up being controlled by someone else.
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