Michael Jackson in deep financial trouble

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The good ship Michael Jackson is sinking in red as you read this.

Jackson was sued yesterday by one of his old friends, director John Landis, who says he’s owed around a million dollars by the singer in royalties for their classic “Thriller” video. This comes on the heels of settling a $7 million lawsuit with Prince Abdulla of Bahrain.

Landis was one of Jackson’s last friends and supporters, so the suit is a last resort effort on his part.

At the same time, I am told that Jackson borrowed heavily again through Thomas Barrack’s Colony Capital so he could afford his $100,000 a month rental in Beverly Hills. The refi came as Jackson let Barrack become his partner in Neverland, where Colony now holds a $24 million note.

The few people left around Jackson who know his perilous financial situation are wondering why he borrowed more money and question where this is all going to end. One place might be bankruptcy court, as 50 year old Jackson — whose on paper 50% ownership of Sony/ATV Music is leveraged every which way — continues not to take any real responsibility for his own finances.

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