Michael Jackson, ‘King of Pop’ owed $500 million in debt when he died-Court filing
…passed before he kicked off ‘This Is It concert Tour’ in London
*Wacko-Jacko’s estate liable for $40 million funds yet to be paid to tour promoter
*Tour had been planned as a colossal 50-show engagement at London’s O2 Arena
*13th time Grammy Awards winner faced lawsuits in several states, countries when he died
*Over 65 creditors’ claims filed against Rock ’n’ Roll Hall of Fame inductee
*GEORGE ELIJAH OTUMU/AMERICA Senior Investigative Editor, NAIJA STANDARD NEWSPAPER
THE WORLD regard him as ‘The king of Pop’, having won 13 Grammy Awards, two inductions into the Rock ’n’ Roll Hall of Fame and made sales upward of 400 million records during his lifetime. Even in the grave, Michael Jackson still in the quagmire of $500 million debt which he accrued before he died.
The “King of Pop” died before he kicked off the ‘This Is It concert tour in London’, which also left his estate liable for $40 million owed to the tour promoter, court records said.
Jackson, whom some music experts call ‘Wacko-Jacko’ owed 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 the executors of his estate filed Friday 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 money from Jackson’s estate be used to reimburse the executors’ attorneys for legal services and other expenses in 2018.
Jackson was also facing 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 age 50 of acute Propofol intoxication. His physician, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for providing the drug.
Jackson’s illustrious career included 13 Grammy Awards, two inductions into the Rock ’n’ Roll Hall of Fame and sales upward of 400 million records.
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