Entertainment
King of Debt: Unveiling Musician’s Hidden $500M Financial Crisis
Clear Facts
- Michael Jackson, the late ‘King of Pop’, was reportedly in debt by more than $500 million at the time of his passing, as revealed by recent court documents.
- The executors of Jackson’s estate, currently estimated at $2 billion, are seeking reimbursement for legal, negotiation, and operating costs that date back to 2018.
- Jackson had plans for a comeback tour aimed at offsetting his debts, but unfortunately, he passed away before his financial recovery.
Recent revelations indicate that the iconic singer, Michael Jackson, owed a staggering sum of over $500 million in debt when he passed away.
The executors managing Jackson’s estate, now valued at an impressive $2 billion, have filed a petition requesting back pay from as early as 2018. The documents reveal they are seeking to cover legal, negotiation, and other operating costs over the past six years.
The court documents highlight that Jackson owed more than 65 creditors at the time of his passing.
Speculation had been rife regarding Jackson’s financial burden, but the specific value of his debt was not revealed until this recent court filing. Prior to his untimely passing, Jackson was actively preparing for his “This is It” concert residency at London’s O2 Arena with an intense six-hour dress rehearsal at Los Angeles’ Staples Center.
Jackson was reportedly planning a significant comeback with new song releases. His commitment to the comeback was evident in the hours he spent at grueling rehearsals, perfecting what was supposed to be his return to the music scene from July 2009 to March 2010.
The comeback tour was not purely artistic. Jackson was in urgent need of funds to offset his enormous debt and hoped the earnings from the shows would provide some financial relief.
However, his life took a different turn. Jackson passed away, leaving behind not just an extraordinary musical legacy, but also vast financial losses.
At the time of his death, Jackson owed about $40 million to concert promoter AEG Live.
Heartbreakingly, Jackson died of apparent cardiac arrest at age 50 on June 25, 2009. His attempts to gather profits were insufficient. Jackson’s spending habits were, reportedly, extreme, piling up faster than his earnings.
Jackson reportedly spent significant amounts on charitable donations, gifts, travel, furniture, and art, as revealed by certified public accountant William R. Ackerman, in 2013.
In the wrongful-death trial for AEG Live in August 2013, Ackerman provided deep insights into Jackson’s financial situation. Jackson’s spending was so extravagant that he was accruing $30 million a year in debt.
“He spent a lot of money on jewelry,” Ackerman said. “He was tapped out.”
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