Michael Jackson had accumulated more than $500 million in debt at the time of his death on June 25, 2009, according to a court document seen by the British newspaper The Guardian.
The “King of Pop” died at age 50 of an overdose of propofol, an anesthetic he used as a sleeping pill, while he was planning to embark on a world tour called “This is It”.
The document, filed by the star’s executors with the Los Angeles court on June 21, details the singer’s debts and claims, “some of which carry extremely high interest rates.”
The death of the youngest of the Jackson Five left the star’s estate financially liable for about $40 million owed to “This Is It” promoter AEG, according to a recent court filing. The filing adds that Jackson was facing lawsuits abroad and in several U.S. states, including California, at the time of his death.
More than 65 complaints from creditors targeted the “king of pop”. However, according to the executors, most of these disputes have been settled or otherwise resolved.
The beneficiaries of the singer’s inheritance are his mother Katherine and his children Prince (27), Paris (25) and Blanket (22).
During his career, Michael Jackson sold more than 400 million records.
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