Newly filed court documents reportedly revealed that the King of Pop, Michael Jackson, was over $500 million in debt at the time of his death.
The executors responsible for Jackson’s estate, now worth $2 billion, filed a petition requesting back pay from 2018, according to documents obtained by People. They’re reportedly seeking reimbursement for legal, negotiating and additional operating costs that date 6 years back. The court documents indicated the legendary singer owed money to over 65 creditors when he passed away, the outlet reported.
US popstar Michael Jackson addresses a press conference at the O2 arena in London, on March 5, 2009. Pop megastar Michael Jackson announced Thursday he will play a series of comeback concerts in London in July, his first major shows for over a decade. Four years after his infamous child abuse trial, the 50-year-old eccentric singer confirmed he will play 10 gigs at the giant London O2 arena starting on July 8. AFP PHOTO/Carl de Souza (Photo credit: CARL DE SOUZA/AFP via Getty Images)
Jackson was rumored to have been facing significant debts but the exact debt value was not declared prior to this court filing. The night before Jackson died, he led a six-hour dress rehearsal at Los Angeles’ Staples Center to prepare for his “This Is It” concert residency at London’s 02 Arena, according to People. He was reportedly planning a comeback and had written new songs that were going to be released. He had participated in hours’ worth of exhausting rehearsals in an attempt to perfect the shows that were scheduled to run from July 2009 to March 2010, the outlet reported.
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Jackson needed money to pay off his debt, and was prepared to cash in after the shows. Sadly, he passed away before he was able to recoup the costs and wound up with more substantial losses. Jackson owed roughly $40 million to concert promoter AEG Live at the time of his death, the documents revealed, according to People.
The iconic singer passed away June 25, 2009 of apparent cardiac arrest at 50 years old, the outlet reported.
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In spite of Jackson’s efforts to generate profits, his spending habits were reportedly exorbitant, and were piling up faster than he was able to bring money in. He was accruing $30 million a year in debt at the time, certified public accountant William R. Ackerman said in 2013, according to The Los Angeles Times.
PASADENA, CA – JANUARY 31: Michael Jackson performs at the Super Bowl XXVII Halftime show at the Rose Bowl on January 31, 1993 in Pasadena, California. (Photo by Steve Granitz/WireImage) Getty Images
Ackerman testified in the wrongful-death trial in August 2013 for AEG Live, by offering insight into the singer’s finances, the LA Times reported. He reportedly told jurors that Jackson spent copious amounts of money on charitable donations, gifts, travel, furniture and art. (RELATED: ‘Lost All The Money’: Cher Admits To Losing Her Entire Fortune In The ’80s)
“He spent a lot of money on jewelry,” Ackerman added in the downtown Los Angeles courtroom at the time, according to outlet. “He was tapped out.”
