New court documents reveal that Michael Jackson was $500 million in debt at the time of his death.
The “King of Pop” died 15 years ago, at the age of 50, from cardiac arrest due to “acute propofol intoxication.”
According to court documents, the “Thriller” hitmaker owed money to more than 65 creditors at the time of his death. People got show.
“At the time of Michael Jackson’s death, his most valuable assets were subject to over $500 million in liabilities and creditor claims, some of which accrued interest at prohibitively high rates and some of which were in default,” the filing states.
Prior to his death, Jackson was in the midst of preparing for the “This Is It” shows, which put him under some financial strain.
He died on June 25, 2009, shortly after the tour began, leaving his estate owed $40 million to tour promoter AEG.
The petition seeks to collect damages for 2018 from the “Smooth Criminal” hitmaker’s estate.
The reimbursement would include “legal fees, negotiation costs and various other operational expenses,” according to the filing.
At the time of his death, Jackson had “at least six lawsuits pending around the world,” the petition states.
“The Executors were able to renegotiate and restructure the loan agreements that existed at the time of Michael’s death at significantly reduced interest rates, enabling the Estate to avoid loss of assets to lenders and ultimately satisfy the debts that existed at the time of Michael’s death,” court documents state.
Between July and December 2018, multiple law firms are seeking more than $3.5 million in legal fees for services provided during that period.
“While the Executors have successfully discharged the Estate’s liabilities, resolved substantially all of the creditor claims and litigation, and established the MJJ business as a significant player in the music industry, there remain challenging business, tax and legal matters that the Executors and their advisors must continue to address,” the filing states.
“The executors were faced with a very difficult situation.”
The Washington Post has reached out to Jackson’s estate’s legal team for comment.
Jackson’s death sent shock waves around the world, and his memorial service at Staples Center was broadcast live on television and watched by an estimated 2.5 billion people.
The singer’s personal physician, Dr. Conrad Murray, was convicted of involuntary manslaughter in 2011 for administering dangerous concentrations of the anesthetic propofol and other sedatives to the singer.
