London, (ANI): When michael jackson died he owed at least 300million dollars - and was begging banks to lend him more moolah, it has emerged. In late 2007, the King of Pop was seeking to borrow 43million dollars, according to The Sun who saw his financial papers. On paper, Jacko had assets worth 1.3billion dollars- almost all tied up in his 50 per cent ownership of The Beatles' back catalogue with Sony Records. But he was unable - or unwilling - to sell his share.
According to the British tabloid, the Thriller hitmaker signed his deal with O2 concert promoter AEG at that time in a bid to persuade the bankers he was good for the cash. He was facing a hard time getting a loan because a series of defaults on previous lending had left him with a disastrous credit rating.
A source said: "He signed up for the live comeback about 18 months ago and told lenders he could make 300million dollars. "But the pressure of knowing what it would take to fulfill his promise could have helped kill him." The deal with AEG was supposed to mark his comeback.