Michael Jackson was $500 million in debt when he died, according to court filing
Michael Jackson was $500 million in debt when he died, according to court filing
The "King of Pop" died before he kicked off the This Is It concert tour in London, which also left his estate liable for $40 million owed to the tour promoter, court records said.
LOS ANGELES — Michael Jackson was more than $500 million in debt in 2009 when he died ahead of a planned concert tour, according to new court documents.
The deep financial hole the “King of Pop” found himself in was detailed in a petition the executors of his estate filed Friday in Los Angeles County Superior Court.
“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.
