According to CBS L.A. and the L.A. Times, the revelation was made during testimony Monday (Aug. 12) from forensic accountant William R. Ackerman, a witness for AEG Live in the wrongful death case filed against the concert promotions giant by Jackson's mother, Katherine.

Ackerman testified that Jackson routinely spent more money than he made on a lavish lifestyle, charity donations and his infamous "mini-theme park" Neverland Ranch, stating that the singer was three to four months behind on payments for the sprawling estate.

"He spent a lot of money on jewelry," Ackerman said. "Consistently, his largest expenditure was interest expense," he added regarding Jackson's enormous financial debts, which included a series of large bank loans. "He spent a ton of money on interest."