The 50-year old star seems to be spending his money like water dipping his hand into purse every now and then. A source close to Jackson called him “a millionaire who lives like a billionaire”. He has splashed out $1 billion on luxuries such as a Ferrari car and the entire stock from different antiques shops and comic book stores. And now as he has run into debt he is said to be surviving on gravy, painkillers and biscuits.

Recently Jackson has settled a $4.7 million court case against Sheikh Abdulla Al-Khalifa. The star was sued for borrowing the huge sum from the sheikh and failing to return the money (he was supposed to record two new albums and write an autobiography and pen a stage show to pay back).

The $4.7 million included: court costs during his child abuse case in 2005 that is $1.5 million, bank funds of $655,000, a 10-day Paris hotel bill of $105,000, $335,000 living expenses during six months in the Middle East, holidays in Italia and UK totaling $234,000 and also $23,500 in utility bills for his Neverland estate.

Jackson is to pay $750,000 per year maintenance to Debbie Rowe, the mother of two of his children (Prince, 11, and Paris, 10). The star even had to sell his ranch which had cost him $17 million along with running costs of $2 million and Staff bills of $2.5 million per year.

Nevertheless the 50-year-old’s family lawyer Brian Oxman maintains that the star does not have any problems neither health nor financial problems. He says: “Michael is in excellent financial shape. We should all be so fortunate to have his problems. He lives a pretty simple lifestyle these days. The extravagances are in the past. He is very low-key, but he is happy and doing well.”