LOS ANGELES — Michael Jackson was more than $500 million in debt in 2009 when he died ahead of a planned concert tour, according to new court documents.
The deep financial hole the “King of Pop” found himself in was detailed in a petition filed Friday by the executors of his estate in Los Angeles County Superior Court.
“At the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default,” the filing said.
Before he died on June 25, 2009, Jackson was preparing to launch a concert tour called “This is It.”
The tour had been planned as a colossal 50-show engagement at London’s O2 Arena.
He died close to the eve of the tour, which left his estate financially liable for $40 million to the tour promoter, AEG, the filing said.
The filing requests that funds from Jackson’s estate be used to reimburse the executors’ attorneys for legal services and other expenses in 2018.
Jackson was also facing pending lawsuits in several states and countries when he died, the petition said. More than 65 creditors’ claims had been filed, which prompted more lawsuits, the filing said.
The executors, however, have settled or disposed of most of the creditors’ claims and litigation, the filing said.
Jackson died at his Los Angeles mansion at the age of 50 of acute propofol intoxication. His physician, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for providing the drug to the pop singer.
Jackson’s illustrious career includes 13 Grammy Awards, two inductions into the Rock & Roll Hall of Fame and sales upwards of 400 million records.