More than 15 years after his death, Michael Jackson’s estate and assets continue to be assessed by the courts. According to documents consulted recently, the singer was in debt.
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Michael Jackson ‘owed $500 million at the time of his death,’ court documents show. The King of Pop owed money to more than 65 creditors when he died in 2009, according to documents filed in court on June 21.
These include a request from the executors for back pay from 2018, which is tied to the late singer’s $2 billion estate. The Thriller singer had “more than a half-dozen lawsuits pending around the world” and more than “65 creditor claims” filed against the estate, the documents state. This has led to “additional lawsuits, several of which have 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,” it reads.
Catalogue musical
The document also specifies that executors responsible for managing the estate must seek court approval every six months to receive 30% of their remuneration.
Earlier this month, Michael Jackson’s estate agreed to sell its share of the music catalog to Sony Corp for $750 million (€701 million). At the time of his death, the music catalog was his most lucrative asset.
Michael Jackson died at the age of 50 from cardiac arrest after taking a deadly combination of sedatives and the anesthetic propofol. In 2011, the singer’s personal physician, Conrad Murray, was convicted of involuntary manslaughter.
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