Money Woes of the Rich and Famous: 11 Celebrities Who Filed for Bankruptcy

Though the King of Pop never formally filed for bankruptcy, he still faced severe financial distress before his death in 2009. Despite his immense earnings, Jackson’s extravagant lifestyle, legal battles, and expensive habits led to massive debt — to the tune of $400 million to $500 million. Lavish spending on maintaining Neverland Ranch and ongoing legal issues also further drained his financial resources.

Jackson is known for chart-topping hits like “Thriller,” “Man in the Mirror,” and “Billie Jean.” Today, he is still widely considered one of the greatest entertainers of all time, with a profound influence on music, dance, and popular culture.