At his death in 2009, Michael Jackson owed 500 million dollars to more than 65 creditors, reveals a court document from June 21. The performer of Thriller had numerous ongoing lawsuits and an estate valued at 2 billion dollars, leading to several disputes.
The executors of the will are seeking to recover the legal and operational costs accumulated over six years. They renegotiated financing agreements to reduce interest rates and avoid the loss of assets, which allowed the existing debts at the singer’s death to be satisfied.
At the beginning of June, Michael Jackson’s estate sold his share of the music catalog to Sony Corp for 750 million dollars, representing the artist’s most lucrative asset. Michael Jackson died at 50 years old from cardiac arrest in 2009, caused by a lethal combination of sedatives and propofol. In 2011, his personal physician, Conrad Murray, was found guilty of involuntary manslaughter.
However, some hypotheses suggest a possible suicide by Michael Jackson, overwhelmed by his monumental debts. The singer was known for his extravagant spending, including donations, gifts, travels, and artworks. As early as 1993, he was already accumulating significant debts, reaching 140 million dollars in 1998 and increasing by 170 million between 2001 and 2009. The artist planned to repay his debts through a series of concerts in London, prepared at the time of his death.
Court documents indicate that the star had pending lawsuits worldwide and more than 65 creditor claims, leading to numerous and costly disputes. The enormous financial pressure and incessant lawsuits could have driven Michael Jackson to self-destructive behaviors, or even a desperate act. However, despite these debts, Michael Jackson’s estate is now valued at more than 2 billion dollars.
