MICHAEL JACKSON'S ESTATE HAD OVER $500 MILLION IN DEBT AT THE TIME OF HIS DEATH
A June 21 filing by the executors of his estate provided detailed insights into the financial challenges the 13-time Grammy winner faced at the time of his death. The Los Angeles County Superior Court filing disclosed that Jackson's most valuable assets were hampered by more than $500 million in debt and creditors' claims, some of which were accruing interest at extremely high rates or were in default.
The King of Pop died on June 25, 2009, at age 50, just before his planned 'This Is It' concert tour, which included cities such as London, Paris, New York, and Mumbai. Jackson's death was caused by a lethal dose of the anesthetic propofol, administered by his personal physician, Conrad Murray, who was later convicted of involuntary manslaughter.
Jackson's death left his estate financially responsible for about $40 million owed to the 'This Is It' promoter, AEG, according to the court filing. Jackson was also facing lawsuits both abroad and in several U.S. states, including California, at the time of his death. Creditors had lodged more than 65 claims against Jackson, resulting in additional litigation. However, the executors noted that they had resolved most of the creditors' claims and other legal actions.
The executors requested reimbursement from Jackson's estate for legal services in 2018, among other expenses. Prior to this filing, a public accountant testifying for AEG in 2013 had detailed Jackson's finances, noting his extravagant spending on jewelry, art, furniture, gifts, travel, and charity donations.
The intended beneficiaries of Jackson's estate are his mother, Katherine, and his children: Prince, 27; Paris, 25; and Blanket (Bigi), 22. However, the executors reported that these beneficiaries had not been receiving financial distributions due to an unresolved dispute with the IRS over a 2021 federal tax return. The IRS claimed the estate owed approximately $700 million more in taxes and penalties.
Throughout his career, Jackson sold over 400 million records. He was inducted into the Rock and Roll Hall of Fame twice, in 1997 as a member of the Jackson 5 and in 2001 as a solo artist.
2024-06-29T13:15:34Z dg43tfdfdgfd