Reaction From MJ Fans

It was a huge risk, with a potentially huge reward: Michael Jackson's 50 sold-out London comeback shows.

And now it's a huge financial disaster.

Concert promoter AEG Live must return $85 million in ticket sales for the eerily billed "This Is It" dates, the first Jackson live shows in a dozen years.

It's already spent more than $20 million on production costs for the shows, billed as the most expensive arena gigs ever.

AEG is out millions more in lost merchandise sales, and perhaps another $10 million in upfront money paid to Jackson.

AEG won't say if insurance covered its outlay for the mega-deal with the notoriously unpredictable Jackson. The first date was set for July 13.

"We're still dealing with all our financial people," said AEG spokesman Michael Roth. "There are a lot of numbers out there, everybody has it wrong so far. It's too early."

Jerry Kroll, a California insurance lawyer, said the Jackson deal was a perilous proposal from the start.

"You look at Michael Jackson's history of cancellations, his history of unreliability," said Kroll, who was involved after the singer shut down a 1993 world tour over a prescription drug addiction.

"It's a very risky deal. On the other hand, no risk, no reward."

The Jackson estate - already a reported $400 million in debt - could take a hit, too. The singer was likely responsible for pre-tour expenses, including rehearsal costs, Kroll said.

There was no word on how refunds will be distributed to the 750,000 ticketholders for the shows at London's O2 arena. Ticket agencies assured buyers they would get their money back.

Fans from around the world - from as far away as Botswana - snapped up seats for the shows. Tickets sold at a rate of 11 per second, 657 per minute and nearly 40,000 an hour.

For ticketholders like Seth Faber, 27, of Manhattan, the lost shows aren't about refunds. Faber - who planned a family trip to London - was disappointed about missing a once-in-a-lifetime event.

"This was going to be my Beatles at Shea Stadium moment," said Faber, who bought four tickets to the Aug. 17 show. "It's weird, because we had this suspicious feeling that one way or another, this wouldn't come together.

"But not in this way, this tragic ending."

Jonas Twitchen, 27, a London business consultant, said for him, the show will go on - sort of.

He and three friends plan to take their refund money - about $132 apiece - and rent a private karaoke room, where they will sing Jackson songs as a tribute.

"This is the most I ever paid for a gig in my life," he said. "I definitely want to get my money back."