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20-03-2007 12:30
The 'Billie Jean' singer - who infuriated Sir Paul McCartney when he outbid him for the rights to the group's music 22 years ago - is being forced to sell the catalogue after running up huge debts, believed to total £180 million.
In 1995, he was forced to sell part ownership of the catalogue, valued at £750 million, to his former record company Sony. He then used his remaining share as security for further loans.
The deal with Sony stipulated that if he was unable to pay the loans back he would have be required to sell the remainder of the catalogue by May 31 2008.
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