Kaylah Walton
Michael Jackson was facing a debt of over $500 million at the time of his death in 2009, as revealed in a court petition filed by his estate executors.
The petition outlined Jackson’s financial issues, including a $40 million debt to AEG Live, the promoter of his canceled ‘This Is It’ concert tour in London.
Court documents detailed that Jackson had debts with over 65 creditors upon his death. The estate executors sought approval to use funds from Jackson’s now $2 billion estate to settle legal fees and expenses incurred in 2018. Many of these debts and legal disputes have since been resolved or dismissed.
“At the time of Michael Jackson’s death, his significant assets were laden with over $500 million in debt and creditors’ claims, some accumulating high-interest rates and in default,” as per RadarOnline.com.
“The Executors, with legal support, worked to resolve and restructure the debt to more favorable terms, enabling the Estate to clear the debts that had burdened Michael Jackson,” the documents noted.
Tragic Demise
Michael Jackson tragically passed away on June 25, 2009, at 50 years old in his Los Angeles residence due to acute propofol intoxication.
His personal physician, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for administering the drug. Dr. Murray served approximately two years in a Los Angeles County jail, being released in October 2013.
