Jackson, who has owned the rights to the songs for more than twenty years, will be forced to sell the catalog due to his debts. According to Fox News, the singer’s extravagant lifestyle has lead to the need to sell the catalog back to Sony.
In 1995, Jackson began using the record collection for collateral on loans. The catalog is currently estimated to be worth $1.5 million, and will now be called upon for repayment of the debts.