NEW YORK - THE finances of Michael Jackson, the pop icon who died this week at age 50, remain largely a mystery after a riches-to-rags story of one of the leading figures in the music world.

The music legend may have been a billionaire at the time of his death on Thursday but his finances saw a roller-coaster ride that left him struggling with debt after his 2005 acquittal on charges of child molestation.

Jackson earned millions from his own music but also made a shrewd move in 1985 to buy the music publisher ATV, owner of the Beatles' catalogue, for US$47.5 million (S$71.25 million).

A key to his finances, this unit was merged with Sony a decade later and included rights to music from not only the Beatles but from Bob Dylan, Joni Mitchell, Lady Gaga and the Jonas Brothers.

The finances of Sony/ATV remain secret but sources familiar with the enterprise say its value was some US$2 billion, half of which was in a trust set up by Jackson.

Forbes magazine estimated his net worth in 2003 at US$350 million dollars, but said his spending was unsustainable. Other estimates placed his worth higher, but he never made the magazine's list of billionaires.

The Wall Street Journal reported on Friday that Jackson was earning US$19 million a year at the time of his death, of which US$7 million came from Sony/ATV.

Yet Jackson was notorious for burning through cash, and in 2008 was in danger of losing his Neverland ranch in California for defaulting on a US$24.5 million loan.

Evidence at his trial indicated Jackson spent US$20 to US$30 million a year and had accumulated debts of some US$270 million dollars.

Jackson lived for several years as a recluse but was bailed out by Tom Barrack of the private equity firm Colony Capital.

With backing of Anschutz Entertainment Group led by billionaire Philip Anschutz, Jackson agreed to perform his first concerts since 1997 in London, which could have produced an estimated US$50 million to US$100 million dollars.

Jackson also was involved financially with a Bahrain prince that resulted in litigation until they reached an out-of-court-settlement last year in a US$7 million lawsuit.

Jackson had been due to appear at the High Court in London to defend himself over allegations that he owed the money to Sheikh Abdulla bin Hamad Al Khalifa, the second son of the king of Bahrain.

The sheikh's lawyer said his client had supported Jackson financially after the 2005 trial: he notably accepted a request for US$1 million in April 2005 and paid the US$2.2 million legal bill for the court case.

Jackson signed a contract to record albums, write an autobiography and stage shows. Under the terms of that, document US$7 million were to be deducted from the artist's royalties to pay for expenses, the lawyer had said.

Other reports indicated Fortress Investment Group bailed out Jackson in 2006, but sources familiar with the group said any debts owed by the pop singer had been repaid. -- AFP