According to recently released court records, Michael Jackson owed more than $500 million when he passed away in 2009, just before a scheduled concert tour.
The executors of the “King of Pop”‘s estate filed a petition in Los Angeles County Superior Court on Friday, detailing the financial predicament the man found himself in.
“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.
Before passing on June 25, 2009, Michael Jackson prepared to start the This Is It concert tour.
The tour was originally scheduled to play 50 massive shows at London’s O2 Arena.
According to the lawsuit, he passed away just before the start of the tour, making his estate financially responsible for $40 million to the tour operator, AEG.
The application asks for reimbursement of the executors’ attorneys’ fees for legal services and other expenses in 2018 from Jackson’s estate.
According to the petition, Jackson was also being sued in several states and foreign jurisdictions at the time of his death. According to the petition, over 65 creditors’ claims had been submitted, which led to more lawsuits.
However, according to the statement, the executors have resolved or settled the majority of the creditors’ lawsuits and claims.
At the age of 50, Jackson passed away from acute propofol intoxication at his Los Angeles house. In 2011, Dr. Conrad Murray, his physician, was convicted guilty of involuntary manslaughter for supplying the medication.
Throughout his remarkable career, Jackson sold over 400 million records, received 13 Grammy Awards, and was inducted into the Rock ‘n’ Roll Hall of Fame twice.
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