06-27-2024, 7:43 PM

Michael Jackson was $500 million in debt when he died, according to court filing

Michael Jackson - Video Screenshot

When Michael Jackson died on June 25, 2009, he was more than $500 million in debt, according to court filings filed last week in Los Angeles.

A petition from the estate executors asking for back pay from 2018 in relation to the late singer's nearly $2 billion inheritance is included in the filings.

Prior to his death, Jackson was preparing for a concert tour called “This is It,” a massive 50-show engagement at London’s O2 Arena.

According to the lawsuit, he passed away just before the start of the tour, making his estate financially responsible for $40 million to the tour operator, AEG.

The significant financial troubles faced by the “King of Pop” were detailed in a petition filed Friday by the executors of his estate in Los Angeles County Superior Court.

“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.

This new petition follows a March court filing in which estate executors’ attorney John Branca claimed that Jackson's estate was burdened with debt and nearly bankrupt at the time of his death.

The filing also revealed that the Thriller hitmaker had 'more than half a dozen lawsuits pending worldwide' and over '65 creditors' claims were filed against the estate, resulting in several additional lawsuits and subsequent litigation,' according to the petition.

In May, the executors under Jackson's will decreed that his beneficiaries (his three children—Prince Jackson, 27, Paris Jackson, 25, Blanket "Bigi" Jackson, 22—and his mother, Katherine Jackson) would not receive distributions until the estate's dispute with the IRS is resolved.

Until all disputes are settled and the estate tax return litigation concludes, the executors suggested that the estate continue to provide for Katherine and the children through "the family allowance."

Jackson died at his Los Angeles mansion at the age of 50 from acute propofol intoxication. His physician, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for administering the drug to the pop singer.

Jackson’s illustrious career includes 13 Grammy Awards, two inductions into the Rock & Roll Hall of Fame, and sales of over 400 million records.

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