New court records have revealed that American popstar Michael Jackson was in huge debt at the time of his untimely death.
In court filings, attorneys for Jackson's executors stated that the late singer's financial affairs "were in disarray" in 2009, with "more than $500 million of debt" when he died at the age of fifty.
"Michael Jackson had additionally incurred considerable expense in connection with preparations for his concert tour, 'This Is It.'" the filing—which was submitted to Los Angeles County Superior Court June 21—read, explaining that Jackson's untimely death "left his Estate with financial liability approximating $40 million" to the promoter of his tour.
Did you read this?
In addition, the executors' attorneys said Jackson had "changed business managers, lawyers, and personal managers several times in the years immediately prior to his death," forcing them to track down documents that were "scattered around the country" in the wake of the Prince of Pop's passing.
Furthermore, the executors' attorneys stated that Jackson had "changed business managers, lawyers, and personal managers several times in the years immediately prior to his death," requiring them to locate records that were "scattered around the country" following the Prince of Pop's death.
In subsequent years, the executors' attorneys stated that they had 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 included the Grammy winner's children Prince Jackson, 27, Paris Jackson, 26, and Bigi "Blanket" Jackson, 22. (Rolling Stone reports that Sony paid $750 million for the "Thriller" artist's song catalog in 2016.)
"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 Jackson’s death."
The executors' attorneys are now asking the court to "allow, authorize and approve of compensation" for the "extraordinary services rendered" by several legal firms on behalf of Jackson's estate, totaling to more than $3.5 million in payment.
The executors' solicitors are now requesting that the court "allow, authorise, and approve compensation" for the "extraordinary services rendered" by several law companies on behalf of Jackson's estate, amounting to more than $3.5 million in payment.
"At the time of Michael Jackson's death, his assets were highly leveraged and the debt in some cases was in default," according to the lawsuit. "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 favourable 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."
