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Michael Jackson, who passed away on June 25, 2009, in Los Angeles at the age of 50, was heavily in debt, with court documents revealing debts exceeding $500 million at the time of his death.
According to a court petition filed on June 21, 2009, by the executors of his estate, the late pop icon, a 13-time Grammy winner, faced significant financial challenges. His major assets were reported to be encumbered by debts and creditors’ claims, some of which carried high interest rates and were in default.
Jackson’s death occurred just before he was scheduled to embark on his This Is It concert tour, which was set to include stops in London, Paris, New York, and Mumbai. The tour’s cancellation left his estate liable for $40 million owed to the tour promoter, AEG, as stated in the court filing.
The petition also highlighted Jackson’s legal troubles, noting multiple lawsuits pending against him in various jurisdictions. Over 65 creditors had filed claims, resulting in additional legal actions.
It is worth mentioning that Jackson’s demise was attributed to a fatal dose of propofol administered by his personal physician, Conrad Murray, who was subsequently convicted of involuntary manslaughter and sentenced to prison.
The executors of Jackson’s estate requested funds from the estate to cover legal fees and other expenses incurred during the administration of his affairs.
