Michael Jackson owed $500 million to more than 65 creditors when he died in 2009, according to court documents filed June 21.
The “Thriller” singer had “more than a half-dozen pending lawsuits around the world” and more than “65 creditor claims” filed in the $2 billion estate, it reads . This gave rise to “further suits, several of which resulted in litigation.”
The executors are now seeking reimbursement for “legal, negotiation and various other operating costs” over the past six years.
“The executors were able to renegotiate and restructure the financing arrangements that existed at the time of Michael’s death, at significantly reduced interest rates, which allowed the estate to avoid the loss of assets to the lenders and , ultimately, to satisfy the charges that existed at the time of Michael’s death.”
Earlier this month, Michael Jackson’s estate agreed to sell its share of the music catalog to Sony Corp for $750 million. At the time of the King of Pop’s death, the music catalog was his most lucrative asset.
Michael Jackson died at age 50 of cardiac arrest in 2009, after taking a deadly combination of sedatives and the anesthetic propofol. In 2011, the singer’s personal doctor, Conrad Murray, was convicted of manslaughter.
