The executors of the late star's now $2 billion estate have filed a petition for back pay from 2018Michael Jackson was more than $500 million in debt at the time of his death in 2009, according to court documents filed this month
Michael Jackson's Son Prince Remembers Late Star on 15th Anniversary of His Death: 'World Felt Better with You in It' Jackson used his stake in a song catalog that included the Beatles hits as part of collateral for about $270 million in loans from Bank of America. "He wanted people to see his work and not just talk about his lifestyle," Randy Phillips, the former CEO of AEG Live, toldin 2009."Michael was a very smart marketing person. People say he was feeble and manipulated, but he was powerful and a manipulator. He was ready," Phillips told the publication.
As a result of negotiations with Sony in 2012, the executors also obtained an interest in EMI Music Publishing , according to the petition. In July 2018, Sony Corp. acquired the estate's interest in EMI for an approximate purchase price or $300 million, according to court records, with over a 5,000% return on the estate's initial investment of $50,000.
Inside the Fight over Michael Jackson's $2 Billion Estate — and His Mom's Battle with Her Grandson Bigi In the 2019 documentary, both men described Jackson's death from the propofol overdose as a crucial moment in their lives. Robson said that he cried more than he did for his own father's death, while Safechuck mourned the loss of their lost friendship.