Michael Jackson Was More Than $500M In Debt When He Died

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Michael Jackson reportedly died with over $500million (£395million) worth of debt, court filings have revealed.In a document filed on June 21 by executors of his estate, The King of Pop – who died in June 2009 from a heart attack – was apparently dealing with a staggering $500million in “debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default”.Filed in the Los Angeles County Superior Court, the document showed that Jackson had more than 65 claims made against him by creditors, which sparked further litigation. Executors wrote in the filing that they did settle these claims or had otherwise resolved them.Along with creditors, Jackson’s untimely death also left his estate liable financially – he reportedly owed $40million to promoter AEG for his ‘This Is It’ residency.

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obtained by People show.“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 filing said.Before his death, Jackson had been in the middle of preparing for his “This Is It” residency, which added some strain on his finances.He died on June 25, 2009 — close to the tour’s inception — which left his estate financially liable for $40 million to the tour promoter, AEG.The petition requests that money from the “Smooth Criminal” hitmaker’s estate be used for reimbursement stemming from 2018.The reimbursement includes “legal, negotiating and various other operating expenses,” per the filing.Jackson had “more than half a dozen lawsuits pending worldwide” at the time of his death, the petition reads.“The Executors were able to renegotiate and restructure financing arrangements that existed at the time of Michael’s death, at substantially reduced interest rates, enabling the Estate to avoid the loss of any assets to the lenders and ultimately to satisfy the encumbrances that existed at the time of Michael’s death,” court documents read.From July to December 2018, several firms are seeking over $3.5 million in legal fees for services rendered during that time.“Although the Executors have eliminated the Estate’s debt, have resolved virtually all of the creditors’ claims and litigation, and have successfully solidified the MJJ business as a significant entity in the music industry, there remain challenging business, tax and legal issues that the Executors and their counsel continue to deal with,” the filing reads.“The Executors have

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cleared to descend on the infamous property north of Santa Ynez, Calif., for the shoot in April, according to film permit activity reviewed by SF Gate. “Dialogue, petting zoom, stunt” and the use of helicopters were given the green light.Jackson’s nephew Jaafar Jackson plays the late King of Pop in Antoine Fuqua’s “Michael,” slated for release in April 2025.The property has been associated with lurid claims against Jackson, who died at age 50 in 2009 from an acute drug overdose.Jackson faced 14 charges including seven counts of child molestation and two counts of giving alcohol to a minor in a child sex abuse probe, but was acquitted of all charges in June 2005.