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Michael Jackson Was Reportedly $500 Million In Debt When He Died
Michael Jackson boasted a glamorous career that tangled with salacious scandals and dangerous drug habits. But there may have also been severe financial woes as well, as Jackson was reportedly $500 million in debt when he died, with his estate still feeling the brunt of this situation.
The King of Pop, as Jackson was stylized, was just 50 years old when he died in 2009. On June 25 of that year Jackson suffered from cardiac arrest, which in turn was caused by a fatal combination of drugs—including benzodiazepines lorazepam and midazolam— dispensed to him by his doctor, Conrad Murray. Here is what court documents say about Jackson’s financial situation at the time of this tragedy.
Documents allege that Michael Jackson may have been $500 million in debt when he died
Michael Jackson was reportedly $500 million in debt, as suggested by court documents / Andre Rau / TV Guide / Courtesy Everett Collection
NBC has reported that court documents show Jackson was heavily in debt when he died. Executors of his estate filed a petition outlining Jackson’s financial woes at the Los Angeles County Superior Court. Jackson had been in the midst of preparing for a tour right up until his death.
RELATED: Remembering The King Of Pop, Michael Jackson, 15 Years After His Death
Recent reporting also indicates that his estate is in a dispute with the IRS.
The March 2024 revealed in their filing that the estate was both in debt and on the verge of bankruptcy when Jackson died. Now, according to Black Enterprise, the estate is worth $2 billion.
This causes effects across generations
The King of Pop had been in the midst of preparing for a tour before he died / Everett Collection
The extent of his alleged financial strife is broad. Jackson had “more than half a dozen lawsuits pending worldwide,” and over “65 creditors’ claims were filed in the estate spawning additional lawsuits, of which several resulted in litigation,” according to the petition.
The filing also reveals that his executors managed to “renegotiate and restructure financing arrangements,” which in part involved a deal with Sony concerning the rights he had over publishing music by several artists.
However, while those financial troubles were soothed, his estate still reportedly owes a significant amount. The ongoing IRS dispute, according to Black Enterprise, is causing trouble for his family. The outlet notes that Jackson’s mother and children receive an allowance from his estate. His mother, Katherine, is a lifetime beneficiary who has received a total of $55 million since his death 15 years ago. However, his children, Paris, Prince, and Bigi cannot receive their trust fund money until the IRS dispute is resolved. But, the estate filed, while they cannot receive their funds, this will not affect the amount they do receive once the issue is resolved.
His estate has resolved some of the ongoing financial woes / Everett Collection
RELATED: Paris Jackson Reflects On Childhood With Her Dad: ‘Made Me Who I Am Today’
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The post Michael Jackson Was Reportedly $500 Million In Debt When He Died appeared first on DoYouRemember? - The Home of Nostalgia. Author, Dana Daly
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