Michael Jackson's Financial Struggles Revealed: The Shocking Debt at the Time of His Death
Unveiling the Debt
Michael Jackson, the legendary King of Pop, was reportedly in debt by over $500 million when he passed away in 2009. This astonishing amount was revealed in a petition filed by the executors of Jackson's estate in the Los Angeles County Superior Court on July 21.
Financial Turmoil
According to Radar Online, the petition highlighted the severe financial distress Jackson was experiencing, including a $40 million liability to AEG Live, the promoter of his canceled "This Is It" tour in London.
Multiple Creditors
Court documents disclosed that Jackson had outstanding debts to over 65 creditors at the time of his death. The petition sought funds from Jackson's estate, now valued at $2 billion, to cover legal fees and other expenses as of 2018. The executors successfully settled or dismissed most of these claims and lawsuits.
The Extent of the Debt
"At the time of Michael Jackson's death, his primary assets were burdened with over $500 million in debt and creditor claims, with some debts accruing interest at extremely high rates and some in default," the documents noted, as reported by Radar Online.
Debt Resolution Efforts
"The executors, with the help of their legal team, worked diligently to repay all outstanding debts, negotiating and restructuring them at more favorable interest rates for the estate so that all debts could be fully settled. This financial burden weighed heavily on Michael Jackson during his lifetime."
Tragic Demise
Jackson tragically passed away on June 25, 2009, at the age of 50, in his Los Angeles mansion due to acute propofol intoxication. His personal physician, Dr. Conrad Murray, was convicted of involuntary manslaughter in 2011 for administering the drug. Dr. Murray served about two years in the Los Angeles County Jail and was released in October 2013.
Finally
The revelations of Michael Jackson's financial struggles shed light on the immense pressures he faced despite his global fame and success. The executors' efforts to manage and resolve his debts highlight the complexities and challenges of handling such a vast estate.
