Michael Jackson - He had high debts when he died
This week marked the 15th anniversary of Michael Jackson's (1958-2009) death. The King of Pop passed away on June 25, 2009, at the age of 50, due to a cardiac arrest caused by an overdose of Propofol. It has now been revealed that at the time of his death, Jackson was deeply in debt.
According to reports from "NBC News," Michael Jackson had over 500 million US dollars in debts when he passed away. This information comes from new court documents filed by his estate executors at the Los Angeles County Superior Court and obtained by NBC News.
The documents state that "at the time of Michael Jackson's death, his most significant assets were encumbered by debts and creditor claims in excess of 500 million dollars, some of which bore extremely high interest rates and some of which were in default." The application demands that funds from Jackson's estate be used to pay the legal fees of the estate executors and other expenses totaling approximately 3.5 million dollars in 2018.
Cancelled Tour Led to High Debts
Before his death, Michael Jackson was preparing for his concert series titled "This Is It," which was scheduled to take place from July 13, 2009, to March 6, 2010, at 50 shows in the London O2 Arena. Eighteen days before the commencement of the tour, the musician passed away. According to "NBC News," this led to his estate being burdened with 40 million dollars in debts owed to the concert promoter, A.E.G.
Jackson was facing lawsuits in several states and countries prior to his death, with over 65 creditor claims having been filed, resulting in further lawsuits. Most of the claims and legal disputes were settled by Jackson's estate executors, as reported by "NBC News" from the application.
Jackson, who had sold over 400 million record albums during his career, died in 2009 at his home in Los Angeles due to acute Propofol poisoning. His former doctor, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for administering the medication.
The canceled "This Is It" tour in London contributed to Michael Jackson's debt, with NBC News reporting $40 million owed to concert promoter A.E.G. due to its cancellation.
In addition to the tour debts, Michael Jackson had numerous lawsuits and creditor claims across various states and countries before his death, resulting in over 65 claims and subsequent lawsuits.
Despite being the King of Pop and selling over 400 million record albums throughout his career, Michael Jackson's estate faced significant financial challenges, including debts exceeding 500 million US dollars at the time of his death in Los Angeles in 2009.
