Michael Jackson was more than $500m in debt when he died in 2009
Michael Jackson passed away in 2009, leaving behind a significant amount of debt. Reports indicate that he was more than $500 million in debt at the time, reports NBC News.
The executors of his estate filed a petition in Los Angeles County Superior Court, revealing the financial challenges he faced.
Jackson's assets were heavily burdened by debt and creditors' claims, some of which had high interest rates and were in default.
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Prior to his death, Jackson was gearing up for his "This Is It" concert tour, set to take place at London's O2 Arena with 50 scheduled shows. Unfortunately, his sudden passing on the eve of the tour meant that his estate was responsible for a $40 million liability to the tour promoter, AEG.
The estate's filing sought to allocate funds from Jackson's estate to cover the executors' legal expenses incurred in 2018. At the time of his death, Jackson was also entangled in various lawsuits in multiple jurisdictions, with over 65 creditors' claims filed against him.
Despite these legal challenges, the executors were able to resolve many of the claims and litigations.
Michael Jackson's legacy included his remarkable career achievements, such as 13 Grammy Awards, multiple Rock 'n' Roll Hall of Fame inductions, and record sales exceeding 400 million worldwide.
Jackson passed away at age 50 due to acute propofol intoxication, with his physician, Dr. Conrad Murray, being convicted of involuntary manslaughter in 2011 for his role in providing the drug.
