Michael Jackson, paying big bucks to defend himself against child molestation charges in California, is selling his half stake in the Beatles' catalog.

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"In the next few days" his agents will close on a deal to sell his interest in the Sony/ATV back catalog, which includes half of the rights to more than 150 songs written by John Lennon and Paul McCartney, the Scotsman said Friday.

Court documents have put his debts at some $275 million.

Jackson is expected to be left with $10 million in cash once his outstanding debts have been paid, and would receive yearly income of between $7 and $8 million, including payments from Sony/ATV.

Loans secured on Jackson's own back catalog and his Neverland ranch would also be paid off. Jackson would then be forced to scale down operations at the 2,700-acre Neverland ranch, which include a carnival and zoo.

Jackson bought the rights to the entire Beatles song collection for $47 million in 1985. He sold half of the rights to Sony/ATV in 1991 for $130 million. The catalog is now worth more than $500 million.