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Michael Jackson’s Estate Reports USD 500 Million Debt At Time Of Pop Legend's Passing In New Filing: Details
Michael Jackson’s estate revealed in a recent court filing that he was $500 million in debt at the time of his death, shedding new light on his financial state in the years leading up to his passing.
At the time of his death, at age 50, on June 25, 2009, the King of Pop, Michael Jackson, was several million dollars in debt, according to a recent court filing. A June 21 filing by the executors of his estate provided some of the most detailed information yet about the 13-time Grammy-winning artist.
Citing the filed court documents, People reported that the filing in the Los Angeles County Superior Court recounted how Jackson’s most significant assets were subjected to more than $500 million in debt, with some of them accumulating high interest.
Michael Jackson was half a billion dollars in debt at the time of his passing, his estate discloses
The beloved King of Pop died in 2009 shortly before he planned to embark on his This Is It concert tour, which was to include cities like London, Paris, New York, and Mumbai. Jackson died of cardiac arrest after ingesting a lethal dose of the potent surgical anesthetic propofol from his personal physician, Conrad Murray, who was later convicted of involuntary manslaughter and sentenced to spend four years behind bars.
Jackson’s death at his home in Los Angeles left his estate financially liable to AEG, the promoter of the said tour, the recent filing claimed. The judicial record also mentioned Jackson being faced with lawsuits abroad and in several U.S. states, including California, at the time of his demise. Creditors had lodged more than 65 cases against Jackson, which prompted many of the now-settled or resolved litigations, the Smooth Criminal singer’s estate noted.
Michael Jackson’s lavish spending habits were revealed in a previous court filing
Prior to Jackson’s estate executors’ recent court filing, a public accountant testifying on behalf of AEG detailed Jackson’s finances and spending habits.
As documented by the Los Angeles Times, the bookkeeper explained that Jackson spent lavishly on jewelry, though he also bought art, furniture, and gifts, traveled extensively, and donated money to charity.
“He was tapped out,” the accountant, William Ackerman, stated.
The beneficiaries of Jackson’s estate are his mother, Katherine, and his children: Prince, Paris, and Blanket, also known as Bigi. However, per the executors, Jackson’s beneficiaries had not been receiving financial aid from his estate due to an unresolved dispute with the U.S. Internal Revenue Service concerning a 2021 federal tax return. The IRS, according to People, argued that the estate “undervalued its assets” and owed about $700 million more in taxes and penalties.
Michael Jackson was a dual Rock and Roll Hall of Fame inductee. The coveted museum and institution first inducted Jackson as a member of the Jackson 5 in 1997 and then as a solo artist in 2001. June 25 marked the 15th anniversary of the late pop phenomenon’s death.
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