15 years since the King of Pop left us. Michael Jackson died on June 25, 2009 in Los Angeles following a cardiac arrest at the age of 50.
When he died, Michael Jackson owed $500 million of debts according to legal documents filed on June 21. Information revealed by the American media People which was able to obtain the documents.
Michael Jackson: lawsuits all over the world
The singer apparently had a habit of spending exorbitant amounts of money on donations to charity, gifts, travel, art and furniture, etc. According to Los Angeles Times, Michael Jackson “ desperately needed money to pay off his accumulated debt of $30 million a year. »
Still according to the American media Los Angeles Times, this debt only increased over the years. By 1993, Michael Jackson had already accumulated a significant debt. In 1998, he owed $140 million.
Then from June 2001 to June 2009, it was noted that the artist’s debt increased by approximately $170 million.
Michael Jackson intended to recoup this money with his extended residency at the London Arena that he was planning at the time of his death. The day before, he had spent the day in rehearsals at the Staple Center in Los Angeles.
In the various documents, it is stipulated that the planetary star had “ lawsuits pending around the world » and more “65 creditor claims were filed in the estate, prompting additional lawsuits, several of which resulted in litigation. »
A colossal succession
The other staggering amount is that of the estate of the King of Pop, as he was and still is nicknamed.
According to the various attorneys and legal advisors, namely: the attorney for the executor of the estate, John Branca, and the A&R executive, John McClain, as well as their legal advisor, Jonathan Steinsapir and Saul Ewing, the estate is heavy with debt and on the verge of bankruptcy at the time of Michael Jackson’s death.
The estate is now valued at more than $2 billion.
