Documents surfaced - Michael Jackson died with huge debts
In the past week, Michael Jackson's (1958-2009) death anniversary was celebrated for the 15th time. 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 heavily in debt.
As reported by "NBC News," Michael Jackson had over 500 million US Dollars in debts when he passed away. This information comes from new court documents that his estate executors filed at the Los Angeles County Superior Court and which NBC News has obtained.
According to the filing, at the time of Michael Jackson's death, his most valuable asset was encumbered with debts and creditor claims exceeding 500 million Dollars. Some of the debts were accruing extremely high interest rates, and some were in default.
The filing requests using funds from Jackson's estate to pay the attorneys' fees and other expenses for the executors in the amount of approximately 3.5 million Dollars in 2018. According to the "New York Times," this is the case.
Michael Jackson's cancelled tour caused significant 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. The musician died 18 days before the beginning of the tour. According to "NBC News," this led to his estate being burdened with 40 million Dollars in debts owed to the tour promoter A.E.G.
Jackson was facing lawsuits in several states and countries before his death, with over 65 creditor claims having been filed. Many of the claims and legal disputes were settled by Jackson's estate executors, as reported by "NBC News" from the filing.
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 not guilty of involuntary manslaughter in 2011 for administering the medication.
Michael Jackson's cancelled "This Is It" tour significantly contributed to his debts, with NBC News reporting that his estate owed $40 million to the tour promoter A.E.G. due to the tour's delay.
At the time of his death, Michael Jackson was embroiled in numerous lawsuits and creditor claims, with over 65 claims being filed against him in various states and countries.
Despite his financial struggles, Michael Jackson left behind an impressive legacy, having sold over 400 million record albums throughout his career.
