Michael Jackson was over $500 million in debt when he died, according to court filing

Michael Jackson's business affairs were in such"disarray" that he was $500 million in debt when he died in 2009, according to court docs.In court documents obtained by E! News June 27, attorneys for the executors of Jackson's estate said the late singer's business affairs"were in disarray" in 2009 — so much so he had"more than $500 million of debt" when he, 'This Is It.

And in the following years, the executors' attorneys said they eliminated the estate’s debt and"successfully enhanced Michael Jackson’s image and legacy for the benefit of the beneficiaries of Michael’s Trust," which includes the Grammy winner's kids"Although more than a decade has passed since Michael Jackson’s death," their filing noted,"from time to time, the Executors must deal with the consequences of the circumstances that existed at the time of Michael...

"At the time of Michael Jackson’s death, his assets were highly leveraged and the debt in some cases was in default," the court document read."The Executors, with the assistance of their legal team, worked to bring all debt current, and negotiated and restructured the debt at interest rates far more favorable to the Estate so that the Estate was able to and has paid in full all of the debt that so heavily burdened Michael Jackson during his life.

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Michael Jackson Was Over $500 Million in Debt at Time of Death, New Court Documents RevealSinger Michael Jackson was nearly $500 million in debt at the time of his death, and the executors of his estate have filed a petition for back pay from 2018, after rebuilding his estate to a value of $2 billion.
Source: people - 🏆 712. / 51 Read more »

Michael Jackson was $500 million in debt when he died, according to court filingDiana Dasrath is entertainment producer and senior reporter for NBC News covering all platforms.
Source: NBCNewsHealth - 🏆 707. / 51 Read more »

Michael Jackson Was More Than $500 Million in Debt When He DiedMichael Jackson had amassed more than $500 million in debt at the time of his death at age 50 in June 2009, new court documents reveal
Source: usweekly - 🏆 390. / 55 Read more »