LOS ANGELES — The financial legacy left behind by Michael Jackson upon his death in 2009 has come to light through new court documents, revealing that the “King of Pop” was burdened with over $500 million in debt at the time of his passing. The revelations were unveiled in a petition filed by the executors of his estate in Los Angeles County Superior Court.
The petition shed light on the dire financial situation Jackson found himself in, with his most significant assets encumbered by hundreds of millions in debt and creditors’ claims. As he was gearing up for the highly anticipated “This is It” concert tour, scheduled to be a massive 50-show engagement at London’s O2 Arena, the iconic singer faced mounting financial pressures.
Following his sudden death on June 25, 2009, just before the launch of the tour, Jackson’s estate was left with a $40 million financial obligation to the tour promoter, AEG. The court filing called for funds from Jackson’s estate to cover expenses related to legal services and other costs incurred by the executors in 2018.
In addition to the financial woes, Jackson was also entangled in multiple pending lawsuits across various states and countries at the time of his death. The petition disclosed that over 65 creditors’ claims had been filed, triggering a string of lawsuits against the late singer.
Despite the tumultuous financial landscape, the executors managed to resolve the majority of the creditors’ claims and legal disputes, providing a semblance of closure to the tangled financial affairs left behind by Jackson. The legal battles were further complicated by the circumstances surrounding Jackson’s death, which was attributed to acute propofol intoxication, leading to the conviction of his physician, Dr. Conrad Murray, for involuntary manslaughter in 2011.
Jackson’s illustrious career, highlighted by 13 Grammy Awards, two Rock & Roll Hall of Fame inductions, and record sales exceeding 400 million, stands as a testament to his enduring impact on the music industry and his enduring legacy as a cultural icon.