Michael Jackson was $500 million in debt when he died, according to a court filing.

LOS ANGELES — Michael Jackson was more than $500 million in debt in 2009 when he died before a planned concert tour, according to new court documents.

The deep financial hole the “King of Pop” found himself in was detailed in a petition filed Friday by the executors of his estate in Los Angeles County Superior Court.

“At the time of Michael Jackson’s death, Michael Jackson’s largest assets were subject to more than $500 million in debts and creditor claims, with some of these debts accruing interest at extremely high interest rates, and other defaulted debts,” the filing states.

Before his death on June 25, 2009, Jackson was preparing to launch a concert tour called “This is It.”

The tour had been planned as a colossal 50-show engagement at London’s O2 Arena.

He died shortly before the tour began, leaving his estate financially liable for $40 million to the tour’s promoter, AEG, according to the filing.

The filing requests that funds from Jackson’s estate be used to reimburse the executors’ attorneys for legal services and other expenses in 2018.

Jackson was also facing pending lawsuits in several states and countries at the time of his death, according to the motion. More than 65 creditor claims have been filed, resulting in new lawsuits, according to the motion.

The executors, however, have settled or eliminated most of the creditors’ claims and disputes, the filing says.

Jackson died at his Los Angeles mansion at the age of 50 from acute propofol poisoning. His physician, Dr. Conrad Murray, was convicted of involuntary manslaughter in 2011 for supplying the pop singer with drugs.

Jackson’s illustrious career includes 13 Grammy Awards, two Rock & Roll Hall of Fame inductions and sales of more than 400 million records.

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News Source : www.nbcnews.com

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