Michael Jackson‘s was one of the most shocking and sad news the world received. The ‘King Of Pop’ died of cardiac arrest caused by acute propofol intoxication 15 years ago, on June 25, 2009, at 50. However, his death was not without controversy.
As his biopic, ‘Michael,’ is set to be released soon, a court document recently revealed that Jackson was $500 million in debt. The documents obtained by People reveal that he owed money to more than 65 creditors.
What Put Michael Jackson In $500 Million Debt Before His Death?
Almost 15 years after Michael Jackson’s death, a court document has revealed that the legendary singer was in a huge debt during his death. “At the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default,” the filing said.
The documents also revealed that he died as he was preparing for his ‘This Is It‘ tour, which led to a considerable strain on his finances. His death in 2009 was close to the tour’s inception. This left his estate financially liable for $40 million to the tour promoter, AEG.
The petition has requested money from Jackson’s estate be used for reimbursement stemming from 2018.
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Michael Jackson Had Several Lawsuits Pending
Michael Jackson, considered the most iconic cultural figure, was involved in some very serious financial troubles. According to the documents, the reimbursement includes “legal, negotiating and various other operating expenses.” Reportedly, Jackson had “more than half a dozen lawsuits pending worldwide” at the time of his death.
“The Executors were able to renegotiate and restructure financing arrangements that existed at the time of Michael’s death, at substantially reduced interest rates, enabling the Estate to avoid the loss of any assets to the lenders and ultimately to satisfy the encumbrances that existed at the time of Michael’s death,” the court documents read.
Furthermore, from July to December 2018, several firms are seeking over $3.5 million in legal fees for services rendered during that time.
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