Michael Jackson Back On A Budget

4/14/2006
Ellen Wernecke
Former Jackson 5 singer is improving his financial health, sources say.

Maybe things aren't looking so "Bad" for Michael Jackson.

The pop star is still living practically incognito in Bahrain, is working on a plan to get himself out of debt, and recently refinanced with the help of Sony Corp., who co-owns his near-priceless Beatles catalog.

Jackson has been out of the news since his 2005 acquittal on charges of child molestation, but the star is reportedly sinking under a $325 million debt and looking into bankruptcy, while still hanging onto a 50 percent share of 200 Beatles hits. Jackson picked the catalog up for a "mere" $47.5 million in 1985, but sold half of it to Sony later on.

Jackson has already closed his expensive Neverland Ranch, but this new deal just may be the bail-out to get him back on his feet. Hopefully he won't have a change of heart and tell potential buyers to "Beat It."

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