Michael Jackson “owed $500 million at the time of his death,” according to recent court documents.
He was indebted to over 65 creditors when he passed away in 2009, as shown in paperwork filed on 21st June.
Michael Jackson Owed $500 Million
These documents include a petition from estate executors seeking back pay from 2018, related to Jackson’s now $2 billion (£1.58 billion) estate. The Thriller singer had “more than half a dozen lawsuits pending worldwide” and over “65 creditors’ claims” were filed in the Estate, according to the documents. This situation led to “additional lawsuits, of which several resulted in litigation.”
Estate executors are now asking for reimbursement for “legal, negotiating, and various other operating expenses” over the last six years. The petition states, “The Executors were able to renegotiate and restructure financing arrangements that existed at the time of Michael’s death, at substantially reduced interest rates, enabling the Estate to avoid the loss of any assets to the lenders and ultimately to satisfy the encumbrances that existed at the time of Michael’s death.” The paperwork specifies that the executors managing the estate must seek court approval every six months to receive 30% of their compensation while retaining the remaining 70%.
Earlier this month, Michael Jackson’s estate agreed to sell its remaining stake in a music catalog to Sony Corp for $750 million (£593 million). At the time of his death, this music catalog was his most valuable asset.
Jackson passed away at age 50 from a cardiac arrest caused by a lethal combination of sedatives and the anesthetic propofol.
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