The Chronic Consumer

Michael Jackson’s body is barely even cold, yet his creditors are already descending on his property. As family members struggled to come to terms with what happened, a moving truck was seen hauling at the King of Pop’s rented home in California. Nobody seems to be sure what the moving truck was doing there or who was behind it, but presumably it was sent by creditors trying to recoup some of what was owed to them. Different reports indicated that Jackson was anywhere from $300 million to $600 million in debt at the time of his sudden death, so it’s somewhat understandable that creditors would swarm in to take everything from platinum records to the copper sinks in the kitchen.

Still, you’d think the attorneys handling the estate would file for some sort of injunction so that nothing could be taken until they have time to go over all of Jacko’s paperwork. It’s odd that something like this could happen so quickly.

The bigger question, at least for me, is how did Jackson manage to blow through all his cash to the point where he was a staggering $300 million in debt? And who are the insane fools that kept lending him money even though he wasn’t making any music or doing much of anything else in recent years?? This is absolutely mind-boggling to me. $300 million is a significant chunk of change… I know Jackson had Neverland Ranch and shopped like there was no tomorrow, but you’d have to buy A LOT in order to rack up that much debt. Wow!

(AP Photo/APTN)