Michael Jackson Faces Financial Disaster

The King of Pop, who was once noted as the richest entertainer in the world, with a $750 million net worth, is heavily in debt and counting on his latest compilation CD, “Number Ones,” according to a published report.

But his arrest Thursday on allegations of child molestation also has ruined a campaign by Jackson's Sony Music label, Epic Records, to relaunch him as a $1 billion music legend, the Times in London reported Thursday.

“Number Ones,” which was released Tuesday and features top hits from Jackson's 30-year solo career, is expected to sell a little less than 100,000 copies in its first week, according to music trade site HitsDailyDouble.com. That would amount to about half the first-week sales volume industry insiders had been expecting.

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