Michael Jackson, known as the “King of Pop,” was more than $500 million in debt when he tragically passed away in 2009, court documents have revealed.
This startling nine-figure debt was disclosed in a petition filed on June 21 by the executors of Jackson’s estate in Los Angeles County Superior Court.
The filing revealed that Jackson died before he could begin his highly anticipated This Is It concert tour in London, which left his estate financially liable for $40 million to the tour promoter, AEG Live.
According to court documents, Jackson owed money to over 65 creditors at the time of his death. The executors requested that funds from the music icon’s estate, now valued at $2 billion, be used to reimburse the executors’ attorneys for legal services and other expenses incurred in 2018, according to NBC News. It was noted that the executors had managed to settle or dispose of most of the creditors’ claims and litigation.
The attorneys for the executors pointed out that Jackson’s frequent changes in business managers, lawyers, and personal managers in the years immediately preceding his death had complicated matters. This led to documents being scattered across the country, making it challenging to track them down.
“At the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default,” the documents stated.
The executors, with the help of their legal team, worked diligently to bring all the debts current and renegotiated the terms to secure more favorable interest rates. “The Executors, with the assistance of their legal team, worked to bring all debt current, and negotiated and restructured the debt at interest rates far more favorable to the Estate so that the Estate was able to and has paid in full all of the debt that so heavily burdened Michael Jackson during his life,” the documents noted.
Michael Jackson tragically died at the age of 50 on June 25, 2009, at his mansion in Los Angeles. The cause of death was acute propofol intoxication, and his physician, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for providing the drug to Jackson. Murray served about two years in a Los Angeles County jail before being released in October 2013.
Jackson, who won an astounding 13 Grammys during his lengthy career, is survived by his three children: Prince, 27, Paris, 26, and Bigi, 21.
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