Michael Jackson signed his first music deal when he was aged 11 in 1969, as part of the jackson Five.  Reputedly, says The Times, they got a “measly” 2.7% cut of their royalties.  It wasn’t until his solo album Thriller (which is still the best-selling album in history) in 1982, for which he earned $125m, this his earnings went into orbit.  The Bad world tour in 1987 grossed him a further $125m.  Jackson made some savvy investments, the most notable being the $47.5m purchase of ATV Music Publishing in 1985, which included a 250-song Beatles back catalogue.  He sold half of it to Sony/ATV Music Plublishing for $150m in 1995.  At the time of his death his estimated income was $19m a year.

How did he spend his money ?

Extravagantly and quickly.  Described as the millionaire who spent like a billionaire, Jackson died with an estimated debt of $500m with his annual outgoings thought to be $20-$30m more than his income.  He paid out £16.5m and £1.1m on two separate out of court settlements for charges of child abuse.  He also paid ex-wife Debbie Rowe £5m for custody of their two children plus a £750,000 annual payment.  He was an obessive shopper too; in 2003 he spent $4m in a single shopping spree in Las Vegas.  By 2005, he had racked up $300m in debts.

What does his death mean for his planned gigs?

AEG Live, the promoters of Jackson’s 50 planned concerts at the O2 Arena, face a bill of up to £300m for the cancelled concerts.  The firm had to self-insure at least 30 of the concerts as no one was willing to insure the full run.  The group is rumoured to be considering releasing a DVD of Jackson’s last rehearsal – filmed hours before his death – in order to recoup some of the losses.