The Jackson comeback plan

The death of Michael Jackson puts a halt to what might have been one of the greatest comebacks of entertainment history. Just over a year ago, in March 2008, Jackson was reduced to virtual penury in his terms. He was living with his three children in Las Vegas, on the wrong side of the tracks, nearly $400 million in debt. He had just defaulted on a $24.5 million loan which meant his beloved Californian ranch, Neverland, was about to be sold at auction. He was so weak that he was often seen in a wheelchair.

The man who decided to help was Tom Barrack, a Los Angeles billionaire who runs the Colony Capital private equity firm. He was a neighbour of Jackson's, owning a ranch five miles from Neverland. His sons were among local children the pop star would invite over for field days at Neverland.

What Barrack saw was not a broken genius, or even a just-off-the-hook child molester, but a serious investment opportunity. "You are talking about a guy who could make $500 million a year if he puts his mind to it," Barrack said recently. "There are very few individual artists who are multibillion-dollar businesses. And he is one."

Barrack and Jackson made a deal. The financier wrote a cheque for $22.5m to save Neverland and called Philip Anschutz, a reclusive Kansan billionaire who owns, along with some railways, telecommunications firms and property, the world’s second-largest concert production company, AEG Live.

AEG own the O2, and John Prescott was criticised for not declaring that he’d been a guest at Anschutz’s Colorado ranch in July 2005, when he went over to discuss building a supercasino at the venue.

According to a report in the Los Angeles Times, Anschutz, who has plans to bring the NBA to Europe, and was instrumental in promoting the US soccer team at the 2002 World Cup, took some convincing that he should be involved with a man of Jackson's reputation, but was eventually persuaded by Barrack to put Jackson in touch with Randy Phillips, chief executive of AEG Live.

Phillips had long had Jackson in his sights and this was his opportunity. The pop legend was desperate for money and he wanted his children to see him perform live.

Phillips did not just organise the 50 London concerts, each of which would net Jackson $1m. He had plans for a comeback so strong that Jackson would be able to wipe out his entire $400m debt. After London, Jackson would embark on a three-year tour of Europe and Asia before finishing in the US.

Barrack and Phillip had other more grandiose plans too: a Michael Jackson museum in the style of Elvis Presley's Graceland, even 'Thriller' casinos. Jackson could be rich again.

It would all depend on whether the singer still had the magic; whether the first London concert would have the 02 crowd crying out for more. We will never know.