Newly released court documents shed light on the surprising financial state of Michael Jackson at the time of his death in 2009. The “King of Pop,” known for his chart-topping hits and electrifying performances, was reportedly more than $500 million in debt.
A Mountain of Debt and Legal Woes
The details emerged in a petition filed by the executors of Jackson’s estate in Los Angeles County Superior Court. The filing states that “Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims” at the time of his passing. This staggering debt included loans with high interest rates and some accounts already in default.
Tour Preparations and Legal Liabilities
Jackson’s financial woes were further compounded by the preparations for his highly anticipated “This Is It” concert tour. This ambitious 50-show residency at London’s O2 Arena was tragically cut short by his untimely death. The cancellation left the estate facing a $40 million liability to the tour promoter, AEG, according to the court filing.
Lawsuits and Resolutions
The documents also reveal that Jackson was entangled in numerous lawsuits across several states and countries at the time of his death. Over 65 creditors’ claims were filed, triggering further legal battles. Fortunately, the executors have since managed to settle or resolve most of these claims and lawsuits.
A Legacy Overshadowed by Debt
Michael Jackson’s career was undeniably remarkable, with 13 Grammy Awards, two inductions into the Rock and Roll Hall of Fame, and record sales exceeding 400 million. However, the revelation of his significant debt paints a more complex picture of the final years of the music icon’s life.
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