{"id":12922,"date":"2024-06-29T10:03:10","date_gmt":"2024-06-29T10:03:10","guid":{"rendered":"https:\/\/used82.com\/?p=12922"},"modified":"2024-06-29T10:03:10","modified_gmt":"2024-06-29T10:03:10","slug":"michael-jackson-was-more-than-500-million-in-debt-at-the-time-of-his-death","status":"publish","type":"post","link":"https:\/\/used82.com\/?p=12922","title":{"rendered":"Michael Jackson was more than $500 million in debt at the time of his death"},"content":{"rendered":"

The King of Pop’s executors described being left in ‘challenging circumstances’ when he died<\/h2>\n

New court documents filed by the executors of Michael Jackson’s estate have revealed the pop star was more than $500 million in debt when he died.<\/strong><\/p>\n

Jackson<\/a>\u00a0spent decades in the spotlight before his death in 2009, having released more than a dozen number one\u00a0songs<\/a> and multiple albums, as well as appearing on tours for his fans across the globe.<\/p>\n

The singer’s fame meant that he died with an estimated net worth of between\u00a0$482 million<\/a>\u00a0and $500 million, according to varying reports, but it’s now been revealed that he actually owed a similar amount in debt.<\/p>\n

The news comes through a petition filed by Jackson’s executors, John Branca and John McClain, who are seeking authorization to pay various legal firms for services they provided to the estate in 2018.<\/p>\n

The filing,\u00a0obtained<\/a>\u00a0by Entertainment Weekly, provides details about Jackson’s assets before and since his death, and claims his debt has caused issue for the executors.<\/p>\n

\n
\"Jackson's<\/div>\n

Jackson’s debt increased with high interest. (George De Sota (ID 5073478)\/Redferns)<\/cite><\/div>\n

The petition explains: “The Executors have faced extraordinarily challenging circumstances.<\/p>\n

“Among other issues, at the time of Michael Jackson\u2019s death, Michael Jackson\u2019s most significant assets were subject to more than $500 million of debt and creditors\u2019 claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default.”<\/p>\n

Further costs had accrued as Jackson prepared to make a comeback with his\u00a0This Is It\u00a0<\/em>residency, which was set to begin in London just a couple of weeks after the date of his death.<\/p>\n

After Jackson died, the executors claim they have managed to resolve ‘virtually all of the creditors\u2019 claims and litigation’, while also solidifying ‘the MJJ business as a significant entity in the music industry’.<\/p>\n

\n
\"Jackson's<\/div>\n

Jackson’s executors worked to get the estate in a better position. (Steve Granitz\/WireImage)<\/cite><\/div>\n

One of the ways the executors helped to get the estate in a better financial position was by buying a stake in EMI Music Publishing for $50,000 in 2012, and selling it for $300 million in 2018.<\/p>\n

The estate has also made gains with the help of projects like\u00a0MJ the Musical<\/em>\u00a0on Broadway, and the upcoming biopic film,\u00a0Michael<\/em>.<\/p>\n

Now, Branca and McClain are hoping to compensate law firms who provided services that year for more than $3 million.<\/p>\n

Their request comes after Jackson’s three children, Paris, Bigi and Prince, were\u00a0cut off last month from receiving money<\/a> from their dad’s estate amid a dispute with the IRS.<\/p>\n

As the value of Jackson’s estate had to be determined, Branca and McClain rejected a request that a portion of it could be distributed to the Michael Jackson family trust, meaning the kids were cut off pending the resolution of the issue.<\/p>\n","protected":false},"excerpt":{"rendered":"

The King of Pop’s executors described being left in ‘challenging circumstances’ when he died New…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12922","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"views":110,"_links":{"self":[{"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/posts\/12922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12922"}],"version-history":[{"count":0,"href":"https:\/\/used82.com\/index.php?rest_route=\/wp\/v2\/posts\/12922\/revisions"}],"wp:attachment":[{"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/used82.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}