Jackson finances in 'good shape'

Michael Jackson has put long-rumoured financial worries behind him as he prepares to battle child sex abuse allegations in court, it emerged today.

Jackson’s investment adviser, Charles Koppelman, moved to quash persistent claims that the pop star’s finances were in dire straits, saying: “Everything’s in good shape”.

“He’s in no financial straits as far as I’m concerned,” he added.

Earlier this year Jackson’s outstanding loans were estimated to be as great as €211m.

But, according to the USA Today newspaper, Jackson took advantage of falling interest rates to consolidate debt and lower his loan payments.

“We’re basically finished with the refinancing that needed to get done,” Mr Koppelman said.

Jackson, who will appear in court in California on Friday, accused of sexually molesting a teenage cancer patient, is estimated to be worth nearly €600m.

Most of his wealth comes from his 50% stake in Sony/ATV Music Publishing, which holds the publishing rights to around 4,000 songs by artists including The Beatles and Elvis Presley.

Jackson’s lavish spending habits were most clearly demonstrated in the Martin Bashir documentary last year, which showed the Thriller star blowing hundreds of thousands of dollars on ornaments and home furnishings at a shopping mall.

His enormous Neverland Ranch in California employs 100 staff.

Jackson has denied seven counts of sexual abuse and two of administering an intoxicant to his alleged victim, calling the allegations a “big lie”.

His defence team is expected to argue that the claims were made in an attempt to extort cash from the pop star.

Earlier this week, Jackson said he had fired his two lead lawyers Mark Geragos and Benjamin Brafman.

He said in a statement: “It is imperative that I have the full attention of those who are representing me. My life is at stake.”

He replaced them with criminal defence lawyer Thomas Mesereau, just days before his scheduled court appearance in California State Court.

Jackson has said he will plead not guilty when he appears.

MeanwhileJackson has commissioned the tailor of Nation of Islam leader Louis Farrakhan to design him a different costume for each day he appears in court, it was reported today.

Mr Farrakhan’s personal designer Willie Scott told the New York Daily News: “Michael always complimented [Mr Farrakhan] on his clothes and [his son] Josh Farrakhan told him to get in touch with me right away.”