Michael Jackson Was Over $500 Million in Debt When He Died
More details into Michael Jackson's final days have surfaced 15 years after his death.
In court documents obtained by E! News June 27, attorneys for the executors of Jackson's estate said the late singer's business affairs "were in disarray" in 2009—so much so he had "more than $500 million of debt" when he died at age 50.
"Michael Jackson had additionally incurred considerable expense in connection with preparations for his concert tour, 'This Is It.'" the filing—which was submitted to Los Angeles County Superior Court June 21—read, explaining that Jackson's untimely death "left his Estate with financial liability approximating $40 million" to the promoter of his tour.
In addition, the executors' attorneys said Jackson had "changed business managers, lawyers, and personal managers several times in the years immediately prior to his death," forcing them to track down documents that were "scattered around the country" in the wake of the Prince of Pop's passing.
And in the following years, the executors' attorneys said they eliminated the estate’s debt and "successfully enhanced Michael Jackson’s image and legacy for the benefit of the beneficiaries of Michael’s Trust," which includes the Grammy winner's kids Prince Jackson, 27, Paris Jackson, 26, and Bigi "Blanket" Jackson, 22. (The "Thriller" artist’s music catalog was sold to Sony in 2016 for $750 million, according to Rolling Stone.)
"Although more than a decade has passed since Michael Jackson’s death," their filing noted, "from time to time, the Executors must deal with the consequences of the circumstances that existed at the time of Michael Jackson’s death."
The executors' attorneys are now asking the court to "allow, authorize and approve of compensation" for the "extraordinary services rendered" by a number of legal firms on behalf of Jackson's estate, totaling to more than $3.5 million in payment.
"At the time of Michael Jackson’s death, his assets were highly leveraged and the debt in some cases was in default," the court document read. "The Executors, with the assistance of their legal team, worked to bring all debt current, and negotiated and restructured the debt at interest rates far more favorable to the Estate so that the Estate was able to and has paid in full all of the debt that so heavily burdened Michael Jackson during his life."
E! News has reached out to Jackson's estate for comment but hasn't heard back.
To see Jackson's life in photos, keep reading.
Little Michael's huge voice leads the funky family band (Tito, Marlon, Jackie and Jermaine) during a 1969 TV performance. "Want You Back" wasn't just one of their biggest hits, now it's also how we all feel about Michael.
The pop icons brought a jolt of electricity and gallons of glam to the 1991 Oscars afterparty at Spago.
Michael and sister Janet bask in the Grammy glow backstage at awards show in 1993. Over the years, Michael won a total of 13 Grammys, while Janet earned 5.
Giving his all onstage was a given for the charismatic star, seen here rocking the World Music Awards in 2006 at Earls Court in London.
In March 2009, the singer announced he was launching a massive concert undertaking: a two-month residency at London's O2 Arena. But the triumphant announcement led to lawsuits about whether this conflicted with a planned Jackson Family reunion tour. In the end, it was not to be.
Seen here with his brothers in 1978, Michael would step out on his own the following year with his Off the Wall album.
The pop star and the young Blue Lagoon star stepped out on the town in the 1980s.
Seen here at an afterparty for the 1991 Academy Awards, these two powerful pop stars were at the height of their fame.
Two iconic families united when the King of Pop wedded the daughter of the King of Rock 'n' Roll, Lisa Marie Presley—and sealed the union with a very public kiss at the 1994 MTV Video Music awards. Alas, the marriage didn't take.
Two icons, one friendship: This megafamous pair understood the world of celebrity in ways most people could not. Elizabeth Taylor was "devastated" by his death.
Jackson surprised many when he wed Debbie Rowe, a woman who had worked in his dermatologist's office. The couple had two children together before divorcing in 1999.
When the megastar stepped out with his children, he was sure to keep them covered up.
At the height of his fame, Jackson was one of the most dynamic performers the world has ever seen.
Famously friends with Macaulay Culkin when the tyke was starring in the Home Alone films, Jackson and his pal were still in contact in 2001 at Madison Square Garden.
Looking to reassert his position at the top of the pop heap, Jackson promoted his Invincible album in New York City in 2001.
Jackson and Britney Spears met up at the MTV Video Music Awards in 2002.
Jackson teamed with fellow song and dance legend James Brown at the BET Awards in 2003.
Seen here with his dad Joe, Michael appeared at a Santa Barbara courthouse in 2005 during his trial on child-molestation charges.
Two days before his untimely death in 2009, the singer worked on his arena moves at Staples Center in L.A. in preparation for his planned shows in London to kick off his tour.
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