The late iconic pop star, Michael Jackson, was reportedly more than $500 million, £395.3 million, in debt when he passed away in 2009, according to new court documents.
According to Sky News, a court filing on June 21 by the executors of his estate has revealed detailed information about the severe financial struggles the 13-time Grammy winner was facing at the time of his death.
The filing, submitted to Los Angeles County Superior Court, highlighted the financial depths Jackson was in when he died at age 50 due to acute propofol intoxication.
“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 stated.
Jackson was gearing up for a 50-show concert series titled This Is It at London’s O2 Arena before his death on June 25, 2009, just 18 days before the first show was set to begin.
His untimely demise left his estate financially responsible for $40 million, £31.6 million, to the tour promoter, AEG, as indicated by the filing.
The court document requests funds from Jackson’s estate to cover legal fees and other expenses incurred by the executors’ lawyers. It also mentions that Jackson was entangled in multiple lawsuits across various states and countries at the time of his death, with more than 65 creditors’ claims filed, leading to further legal battles.
However, the executors have managed to settle or resolve most of these claims and litigations, as per the filing.
Jackson’s estate faced financial liability of around $40 million to AEG, the promoter of This Is It, due to his death at his Los Angeles home. The filing also noted that Jackson was dealing with lawsuits in several US states, including California, and abroad.
Dr. Conrad Murray, Jackson’s physician, was found guilty of involuntary manslaughter in 2011 for administering the drug that resulted in the singer’s death.
