Michael Jackson was reportedly more than $500 million in debt at the time of his death.
The singer died in June 2009 at the age of 50 following a cardiac arrest, and documents viewed by PEOPLE revealed that he had hundreds of millions of dollars in unpaid debts.
Although the artist sold countless records during his lifetime, he was also known for his extravagant spending, including the purchase of jewelry and works of art.
Court documents show that the star owed a huge sum of money at the time of his death. However, the singer was writing new songs and preparing for a London residency at the time, projects he may have hoped would provide what he needed to pay off those debts.
Randy Phillips, the former CEO of AEG Live, who was promoting Michael’s London residency, previously revealed that the pop icon was determined to resolve his money problems.
He also hinted that the artist was “ready to stop living like a vagabond and settle down.”
Randy told Rolling Stone magazine in 2009: “He wanted people to see his work and not just talk about his lifestyle. Michael was a very smart marketing person: “Michael was a very smart marketing person. People say he was weak and manipulated, but he was powerful and manipulative. He was ready. He wanted to get his finances sorted.”
