Michael Jackson: He was heavily in debt when he died

MichaelJackson
He was heavily in debt when he died

This week marks the 15th anniversary of Michael Jackson’s (1958-2009) death. The King of Pop died on June 25, 2009 at the age of 50 from respiratory arrest following 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, among othersMichael Jackson was more than $500 million in debt when he died, according to new court documents filed by his estate in Los Angeles County Superior Court and obtained by NBC News.

“At the time of Michael Jackson’s death, his principal assets were burdened with debts and creditor claims in excess of $500 million, some of the debts bearing extremely high interest rates and some debts in default,” the motion states, calling for funds from Jackson’s estate to be used to reimburse the executors’ legal fees and other expenses in 2018. According to the New York Times The amount involved is around 3.5 million dollars.

Cancelled tour caused high debts

Before he died, Michael Jackson was busy preparing for his concert series entitled “This Is It,” which was to take place on 50 nights at London’s O2 Arena from July 13, 2009 to March 6, 2010. The musician died 18 days before the concert was due to begin. According to NBC News, this led to his estate being charged $40 million to tour organizer AEG.

Before his death, Jackson also faced lawsuits in several states and countries, with more than 65 claims filed by creditors, resulting in further lawsuits. However, Jackson’s executors settled most of the claims and legal disputes, NBC News quoted the filing as saying.

Jackson, who sold more than 400 million records during his career, died in his Los Angeles home in 2009 from acute propofol poisoning. His doctor at the time, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for administering the drug.

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