News24 | Pop royalty or debt dynasty? Michael Jackson’s shocking $500 million debt at the time of his death
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Singer Michael Jackson arrives at the 2006 World Music Awards at Earls Court on 15 November 2006 in London. (Gareth Cattermole/Getty Images)
King of Pop Michael Jackson was over $500 million in debt at the time of his 2009 death, according to new court documents.
He owed more than 65 creditors and had several lawsuits pending around the world, according to the 21 June filing.
Legal representatives of Michael Jackson’s estate filed a petition this month to be reimbursed for services from 2018, according to People. At the time of Jackson’s death, his estate was on the verge of bankruptcy, and today it is valued at more than $2 billion.
The star died at 50 on 25 June 2009 of a cardiac arrest in Los Angeles, ahead of his This Is It tour.
“At the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default,” the new court filing said.
The singer’s executors have settled or disposed of most of the creditors’ claims and litigation, according to NBC.
Jackson’s off-the-wall spending habits were well reported on during his career and after his death, racking up $30 million in annual debt, according to the Los Angeles Times.
During a 2013 court case, a witness stated that Jackson had spent money on charity, gifts, travel, art, furniture and jewellery.
According to the publication, Jackson owed $30 million in 1993, which grew to $140 million by 1998. His debt continued to rise until his death.
