Michael Jackson Over $500 Million In Debt At Death
It’s been 15 years since the King of Pop died and there is still plenty of drama circulating Michael Jackson’s death. While many would think that the music superstar was likely one of the wealthiest people on the planet, this couldn’t be further from the truth as, at the time of his passing, Jackson was more than $500 million in debt. A new court filing sheds some light on the shocking truth behind the performer’s financials and where the pressure fell after Jackson’s death.
Michael Jackson Died While Touring
In the days leading up to Michael Jackson’s death, he was preparing to move into the next stage of his This Is It residency at the 02 Arena in London. In fact, the night before he passed away, Jackson had been burning the midnight oil, running through a six-hour dress rehearsal at the Staples Center in Los Angeles.
In a push to make some extra cash while still doing what he loved the most – performing – Jackson was ready to wow audiences with a handful of new songs, new choreography, and a fresh experience for the set of shows that were running from July 2009 to March 2010.
Financial Burden Transferred To The Estate
Sadly, Michael Jackson would never get to head into the next chapter of the This Is It residency across the pond, as he succumbed to cardiac problems on June 25, 2009. With the entertainer already in boatloads of financial trouble, Michael Jackson’s death only passed the buck to his estate. Not only did they pick up the millions he already owed, but when the tour came to a screeching halt, it was these members of the estate who would need to find another $40 million to pay concert promoter AEG.
Jackson Wasn’t Good With Money
According to those who knew him well, Michael Jackson was never one to handle his bank accounts properly, which led to his gargantuan amassing of debt by the time of his death. Even when his career was reaching a fever pitch in the ‘80s and early ‘90s, it was reported that the financial snowball was already out of control in 1993 and that, by 1998, Jackson owed a whopping $140 million. From here, things only got worse, raking up $170 million extra from June 2001 to June 2009.
Executors Saved The Estate From Bankruptcy
Following Michael Jackson’s death, his estate was on the brink of financial ruin, prepared to claim bankruptcy, but was eventually able to pull things back from the ledge after the Executors took matters into their own hands and haggled with those who Jackson owed. Tied into the cash upheaval, Jackson had more than six lawsuits lodged against him with nearly 70 creditors with him in their sights. These days, Jackson’s estate is worth more than $2 billion.
The Late Singer Still Faces Lawsuits
And still, the estate struggles to sit with its money as accusers Wade Robson and James Safechuck, whose stories were featured in HBO’s documentary Leaving Neverland, will now have their day in court. Because of Michael Jackson’s death, the late musician’s companies, MJJ Productions and MJJ Ventures, will meet the two men in the halls of justice where they’ll hope to settle the molestation claims sooner rather than later.
Source: People
