Michael Jackson, the iconic pop star, had accumulated a debt of approximately $500 million at the time of his death, according to a report by “E! News” on Friday. The portal accessed documents belonging to the singer, who passed away in 2009.
Lawyers for the executors of Jackson’s estate, marking 15 years since his death, stated that the accounts of the “Thriller” singer were in “disarray” at the time of his passing, leading to the significant debt. The debt largely stemmed from expenses related to the ‘This Is It’ concert tour, which was canceled due to his sudden death.
Jackson had incurred substantial expenses in preparation for the ‘This Is It’ tour, as revealed in the document submitted to the Los Angeles County Superior Court after his death, according to the specialized portal.
The document also detailed that Jackson’s estate held significant financial responsibility to the tour promoter. Additionally, the executors’ lawyers highlighted that Jackson had frequently changed his business manager, lawyers, and personal manager in the years leading up to his death, making it necessary to track down scattered documents across the country.
Michael Jackson’s Debt Eliminated
However, in the ensuing years, the lawyers managed to eliminate Jackson’s estate debt and successfully improved his image and legacy for the benefit of the beneficiaries of the “Michael’s Trust,” which includes his children: Prince Jackson, 27, Paris Jackson, 26, and Bigi “Blanket” Jackson, 22.
Though more than a decade has passed since Michael Jackson’s death, the executors continue to address the repercussions of the circumstances existing at the time of his passing, as noted in the document referenced by E! News.
Michael Jackson, the author of groundbreaking hits such as ‘Thriller’ (1982)—the best-selling album in history, and defining songs like ‘Beat It’ (1982), ‘Bad’ (1987), and ‘Smooth Criminal’ (1988), died of an anesthetic overdose on June 25, 2009, in his rented mansion near Bel Air, the exclusive celebrity neighborhood in Los Angeles.
