Michael Jackson was $500 million in debt when he died, court documents say

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 the executors of his estate filed Friday in Los Angeles County Superior Court.

“At the time of Michael Jackson’s death, Michael Jackson’s most substantial assets were subject to more than $500 million in debt and creditor claims, some of which accrued interest at extremely high interest rates and some of which was in default,” the document said.

Before his death on June 25, 2009, Jackson was preparing to launch a concert tour titled 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 money from Jackson’s estate be used to reimburse the executors’ attorneys for legal services and other expenses in 2018.

Jackson was also facing lawsuits in multiple states and countries at the time of his death, the petition states. More than 65 creditor claims were filed, leading to more lawsuits, the filing said.

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

Jackson died in his Los Angeles mansion at age 50 from acute propofol poisoning. Her doctor, Dr. Conrad Murray, was convicted of manslaughter in 2011 for supplying the drug.

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

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News Source : www.nbcnews.com

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