Michael Jackson's 'penniless' brother to auction off Elvis Presley jacket to clear debt

London, March 7 : Michael Jackson's older brother Tito has reportedly been forced to place a rare Elvis Presley jacket under the hammer to clear debts worth 17,000 pounds.

The 56-year-old was purportedly forced to let go off the item after former friend Matt Fiddes filed a lawsuit against him over an unpaid 12,000-pound bill.

"After Fiddes won the action, which was a third-party debt ­order, bailiffs were sent in to recover the money from Tito Jackson's London agent Ron Winter, who is contesting the order," the Daily Star quoted a source as saying.

"Goods included a rare Elvis Presley jacket, allegedly a gift from Lisa Marie Presley. A load of gold and silver record discs were also seized, including one for soul star Al Green and another for Andrew Lloyd Webber's Ovation. The bailiffs also seized original film posters for Scarface, Goodfellas and The Godfather," the source added.

The source also said: "The proposed auction should easily settle the debt, which is in excess of 17,000 pounds. But, unfortunately, it won't make a blind bit of difference to Tito's ­ finances. One thing's for sure - Tito's hit the skids in financial terms.

"Watching on as all this stuff is flogged to pay off his debt must be very embarrassing for him."