Michael Jackson was more than $500m (£395.3m) in debt when he died in 2009, new court documents allege.
The King of Pop was in a deep financial hole when he died at age 50 from acute propofol poisoning, according to a petition that the executors of his estate filed in Los Angeles County Superior Court and to which he had access. Sky’s. US partner network NBC News.
“In the moment of michael jackson“After Michael Jackson’s death, Michael Jackson’s most significant assets became subject to more than $500 million in debt and creditor claims, with some of the debt accruing interest at extremely high interest rates and some of the debt was in default,” the document says.
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The pop superstar had been preparing for a 50-show residential concert called This Is It at London’s O2 Arena before he died on June 25, 2009, 18 days before the first performance was scheduled.
His death left his estate financially responsible for $40 million (£31.6 million) to the tour promoter, AEG, according to the document.
The filing requests that money from Jackson’s estate be used to reimburse the executors’ attorneys for legal services and other expenses.
The singer died at age 50 in 2009. Photographed here in 1997. Photo: AP
Jackson was also facing lawsuits in several states and countries when he died, according to the petition. More than 65 creditor claims were filed, leading to more lawsuits.
The executors, however, have settled or resolved most of the creditors’ claims and litigation, according to the document.
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Jackson’s doctor, Dr. Conrad Murray, was convicted of involuntary manslaughter in 2011 for providing the drug that killed the singer.
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