Michael Jackson was in $500 million debt at the time of his death, reports entertainment and arts news.
Michael Jackson was more than $500m (£395.3m) in debt when he died in 2009, new court documents allege.
The King of Pop was in a deep financial hole when he died aged 50 of acute propofol intoxication, according to a petition the executors of his estate filed in Los Angeles County Superior Court and seen by Sky’s US partner network NBC News.
“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.
Michael Jackson performing at the Super Bowl in 1993. Pic: Reuters
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The pop superstar had been preparing for a 50-show concert residency called This Is It at London’s O2 Arena before he died on 25 June 2009 – 18 days before the first performance had been scheduled.
His death left his estate financially liable for $40m (£31.6m) to the tour promoter, AEG, the filing said.
The filing requests that money from Jackson’s estate be used to reimburse the executors’ lawyers for legal services and other expenses.
The singer died aged 50 in 2009. Pictured here in 1997. Pic: AP
Jackson was also facing lawsuits in several states and countries when he died, the petition said. More than 65 creditors’ claims had been filed, which prompted more lawsuits.
The executors, however, have settled or disposed of most of the creditors’ claims and litigation, the filing said.
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Jackson’s physician Dr Conrad Murray, was found guilty of involuntary manslaughter in 2011 for providing the drug that killed the singer.
