With the exception of Janet Jackson, reportedly worth about $150 million,
practically all members of the Jackson family are seriously broke.

Source: http://www.news.com.au/heraldsun/story/0,21985,23428088-5012974,00.html

THE once mighty Jackson family is just scaping by, with broke family members even resorting to stacking supermarket shelves to earn a crust.

The glory days of sequin-studded seven figure performances are over, with the cash strapped family now paying for decades of poor financial decisions.

Here is a rundown of their current state of affairs.

Joseph Jackson (Father), 79
The Jackson dad hustles various girl groups in Las Vegas. He has previously filed for bankruptcy.

Katherine Jackson (Mother), 77
The Jackson matriarch is still a stay-at-home mum and believed to be the only family member in contact with Michael. She has also previously filed for bankruptcy.

Janet Jackson, 41
The current family breadwinner. She bought her mom a Vegas home in anticipation of losing the family's mansion, Hayvenhurst, to foreclosure. Like their Neverland colleagues, workers at Hayvenhurst have not been paid for months.

La Toya Jackson, 52
Has little contact with the family after she declared Michael guilty during the 1993 molestation case. She lives with her rich boyfriend in Beverly Hills and earns extra cash judging beauty and singing contests.

Rebbie Jackson, 57 The oldest, she's married to successful businessman Nathaniel Brown.

Tito Jackson, 55
Formed a blues band several years ago and plays at small venues for $500 to $1,500 a gig.

Michael Jackson, 49
On the verge of losing Neverland ranch as well as the family's Encino, Calif., home. He's hiding out in Las Vegas and repeatedly makes promises to his brothers while sabotaging any attempts by them to ply their musical trade.

Randy Jackson, 46
Does odd jobs like changing tires to support himself. He was Michael's business manager during the 2005 molestation trial but ran into serious problems with friends after he persuaded three people to take out lines of credits against their homes to help Michael pay his attorney fees and Michael stiffed them.

Marlon Jackson, 51
Lives in San Diego, where he works stocking groceries at a Vons supermarket. He fell on hard times three years ago when he was forced to leave his foreclosed home and move into an Extended Stay America hotel with his wife, Carol.

Jackie Jackson, 56
The oldest son started an Internet clothing business and is trying to produce records by his sons. Nothing has panned out.

Jermaine Jackson, 54
Splits time between the parents' Hayvenhurst mansion and his girlfriend's home in the San Fernando Valley. With more than $5 million in federal, state and other liens against him and a 1995 bankruptcy filing, he doesn't work or have a regular income.

This is very sad indeed !

The flip side of the story for Michael Jackson is that, he actually has assets -  things he can sell for cash. So,
technically, he isn't broke-broke.

But Michael does not want to sell any of his assets (e.g. Neverland ranch, art collection, multi-million dollar condo at
the Trump Towers, and the beetles collection) because it would confirm to the world that he is indeed broke.

Time will tell sha.

What is your take on this ?

It's really sad.

Boy George of the 1980's is still rich, Paul McCartney of the Beetles is still rich.

If Janet Jackson is still worth $150 million, then she can still serve as the Jackson family lifeline- but for how long ?

This news is hard to swallow.

too bad if this is true.

They are used to extravagant lifestyles, it must be very hard to adjust. Such a shame.

spikedcylinder:

They are used to extravagant lifestyles, it must be very hard to adjust. Such a shame.

come easy, go easy

ask evander holyfield and mc hammer

thats why some call musicians and athletes the stupid//dumb/idle rich - cause they don't have to use their brains to earn their money, which is why they often have issues with fiscal responsibility etal

oyb:

come easy, go easy

ask evander holyfield and mc hammer

thats why some call musicians and athletes the stupid//dumb/idle rich - cause they don't have to use their brains to earn their money, which is why they often have issues with fiscal responsibility etal

I agree. The few wise artistes invest their money, not the Jacksons I presume.

money flowing thru fingers

TLC

CrazySexyCool eventually sold over 11 million copies in the US, becoming one of only seven R&B albums to ever receive a diamond certification from the RIAA, and won a 1996 Grammy Award for Best R&B Album and a 1996 Grammy Award for Best R&B Performance by a Duo or Group for "Creep". However, in the midst of their apparent success, the members of TLC filed for Chapter 11 bankruptcy on July 3, 1995.[9]

They declared debts totaling 3.5 million dollars, much of it because of Lopes's insurance payments arising from the arson incident and Watkins's medical bills, but the primary reason being that each member of the group was taking home less than $35,000 a year after paying managers, producers, expenses, and taxes. They sought to renegotiate their 1991 contract with LaFace, under which they only received seven percent of the revenues from their album sales, and to dissolve their association with Pebbitone. Both Pebbitone and LaFace countered that TLC simply wanted more money and were in no real financial danger, resulting in two years of legal debates before the cases were finally settled in late 1996. TLC's contract was renegotiated, their production deal with Pebbitone and Perri Reid (who had separated from her husband by this time) was rescinded, and the group appeared on the Waiting to Exhale Soundtrack with "This Is How It Works" and was set to re-enter the recording studio in 1997 after signing a new contract with LaFace.

charles barkley

Gambling

Barkley is known for his compulsive gambling. In an interview with ESPN's Trey Wingo, Barkley revealed that he lost approximately $10 million through gambling.[55] In addition, he also admitted to losing $2.5 million, "in a six-hour period," while playing blackjack.[55] Although Barkley openly admits to his problem, he claims it is not serious since he can afford to support the habit.[55] When approached by fellow TNT broadcaster Ernie Johnson about the issue, Barkley replied, "It's not a problem. If you're a drug addict or an alcoholic, those are problems. I gamble for too much money. As long as I can continue to do it I don't think it's a problem. Do I think it's a bad habit? Yes, I think it's a bad habit. Am I going to continue to do it? Yes, I'm going to continue to do it."[56]

Despite suffering big losses, Barkley also claims to have won on several occasions. During a trip to Las Vegas, he claims to have won $700,000 from playing blackjack and betting on the Indianapolis Colts to defeat the Chicago Bears in Super Bowl XLI.[55] He went on to state, however, "No matter how much I win it ain't a lot. It's only a lot when I lose. And you always lose. I think it's fun, I think it's exciting. I'm gonna continue to do it but I have to get to a point where I don't try to break the casino 'cause you never can."[56] In May 2008, the Wynn Las Vegas casino filed a civil complaint against Barkley, alleging that he had failed to pay a $400,000 debt stemming from October 2007. Barkley responded by taking blame for letting time lapse on the repayment of the debt and paid it back right away.[57]

In May 2008, after repaying his debt to the Wynn Las Vegas, Barkley stated during a pregame show on TNT that "I've got to stop gambling. ,  I am not going to gamble anymore. For right now, the next year or two, I'm not going to gamble. ,  Just because I can afford to lose money doesn't mean I should do it."[58]

mc hammer

After his rapid fall from fame and subsequent bankruptcy, MC Hammer spent most of the latter half of the 1990s as a punch line in the music business. In 2000, Nelly, in his breakthrough hit "Country Grammar (Hot Shit)", announced his intention to "blow 30 mill[ion] like I'm Hammer".[11]

mike tyson

Late career, bankruptcy and retirement

In August 2003, after years of financial struggles, Tyson finally filed for bankruptcy.[83] Tyson is said to have squandered nearly $300 million in ring earnings through lavish spending and bad advice. In 2003, amid all his economic troubles, he was named by Ring Magazine at number 16, right behind Sonny Liston, among the 100 greatest punchers of all time.

Looks like TLC got swindled though.