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US News

ONE-TIME POP KING FEELING THE $QUEEZE

The latest sex-abuse allegation against Michael Jackson couldn’t have come at a worse time for the Gloved One, who’s rumored to be more the King of Poor than Pop right now.

Jacko is said to be in dire financial straits, thanks to his extravagant spending and nose-diving career.

Music-industry insiders estimate Jackson’s total worth to be around $350 million – but say his finances are not secure.

Four years ago, the big spender took out a $200 million loan from Bank of America and used his portion of the Sony ATV music-publishing catalogue as collateral.

Sony has an option on the loan insuring that if Jackson doesn’t come up with the cash soon, it will pay back the bank and Jackson will forfeit his rights to any of the ATV catalogue, which contains Beatles and Elvis hits – and is Jackson’s best source of revenue.

It’s also been an expensive year for Jacko so far in 2003. In March, he was nailed for $5.3 million by a Santa Barbara court for backing out of two concerts scheduled by promoter Marcel Abram.

Meanwhile, it’s estimated to cost Jackson $3 million a year to maintain his Neverland Ranch, which he bought for $28 million in 1988.

Sources said Jacko tried to sell the ranch this year for $50 million, but it was valued at only $12.3 million, so no deal ever went through.

Not helping matters was the fact that Jackson’s last album, “Invincible,” into which he sunk $30 million of his own money, bombed.

His greatest-hits offering, “Number Ones,” was released by Epic yesterday. And although it may be more of a money-maker, it was the last in a $200 million, seven-album deal with Sony.

Jackson is in the middle of re-negotiating a new contract with the music giant, but for a far smaller amount of money.

“It is a tiny deal worth only $20 million at the most,” said one insider.

And if fresh allegations of abuse are true, even the Sony deal will be “dead in the water,” industry experts said.