Jackson To Sell Off Remaining Beatles Catalogue
Pop superstar Michael Jackson is being forced to sell the remaining rights to the Beatles songs he owns in a bid to pay off outstanding debts.
The THRILLER star purchased the British group's back catalogue in 1985, but sold part ownership of the songs to record company Sony in 1995, using the rest as security for loans in a deal rumoured to have made the star GBP750 million ($1.5 billion).
However, under the deal, Jackson must sell the rest of the rights to Sony by 31 May next year (08) after they helped him repay a GBP140 million loan.
According to US celebrity writer Roger Friedman, "(The deal) is not a lot for a celebrity who likes to travel, stay in expensive hotels and shut down toy stores for private shopping."