Michael Jackson Was Over $500 Million in Debt at Time of Death, New Court Documents Reveal

[Sugar Cookie]

When Michael Jackson died on June 25, 2009 of apparent cardiac arrest in Los Angeles at age 50, he was over $500 million in debt, according to court documents filed on Friday, June 21 and obtained by PEOPLE.

The night before his death, the King of Pop ran through a six-hour dress rehearsal at the Staples Center in Los Angeles for his extended This Is It residency at the 02 Arena in London. As part of his comeback plan, he had written new songs and gone through many hours of grueling rehearsals to perfect the shows, which were scheduled to run from July 2009 to March 2010.

However, given Jackson's exorbitant spending habits, he desperately needed money to pay off his accruing debt of $30 million a year, according to the Los Angeles Times. The publication reported that certified public accountant William R. Ackerman, testifying as a defense witness on behalf of AEG Live in the wrongful-death trial in August 2013, offered a detailed look at the singer's finances, telling jurors that Jackson spent money on donations to charity, gifts, travel, art and furniture.

"He spent a lot of money on jewelry," Ackerman added in the downtown Los Angeles courtroom at the time. "He was tapped out."

As early as 1993, Jackson had accrued mounting debt, and by 1998, he owed $140 million, according to the publication. From June 2001 through June 2009, it was noted that Jackson's debt increased by about $170 million. Ackerman testified that interest on Jackson's loans also grew over the years, ranging from a little less than 7% to 16.8% annually.

According to The New York Times, Jackson used his stake in a song catalog that included the Beatles hits as part of collateral for about $270 million in loans from Bank of America. (The bank sold the loans in 2005 to Fortress Investment Group, a company that buys distressed debt.)

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Michael Jackson Was Over $500 Million in Debt at Time of Death, New Court Documents Reveal

Singer Michael Jackson was nearly $500 million in debt at the time of his death, and the executors of his estate have filed a petition for back pay from 2018, after rebuilding his estate to a value of $2 billion.

people.com

 

[Symmachus]

That is half a BILLION dollars in 2009 money!

According to the calculator linked below, in 2024 terms that money would approximately be $731,969,310.66.

To be that far in debt can only happen due to severe irresponsibility and fiscal unseriousness.

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www.usinflationcalculator.com

 

[Metalfan]

cause you know I'm bad

 

[DaveL]

If you have zero dollars, you're poor. If you're half a billion in the hole, you're a rich person with a cash flow problem.

 

[knockout]

If you have zero dollars, you're poor. If you're half a billion in the hole, you're a rich person with a cash flow problem.

Reminds me of Clinton

Hillary Clinton Stumbles From 'Dead Broke' to 'Not Truly Well Off'​

Hillary Clinton's latest attempt to explain away her comment that she and Bill Clinton were "dead broke" when they left the White House has prompted her to possibly stumble into another verbal thicket, saying that they are not "truly well off."

 

[cubby]

Reminds me of Clinton

Hillary Clinton Stumbles From 'Dead Broke' to 'Not Truly Well Off'​

Hillary Clinton's latest attempt to explain away her comment that she and Bill Clinton were "dead broke" when they left the White House has prompted her to possibly stumble into another verbal thicket, saying that they are not "truly well off."

Well, hell, I can claim that, I am truly not truly well off.

Get out of here with that fucking word salad, HIllary!

 

[Freyja]

So he gave and gave and gave and winded up in half a billion dollars in debt! Even the Bible says that you should not be so generous to the point where you become a burden. You would think he would have been worth billions when he kicked the bucket.

 

[cubby]

Poor guy had been working since he was 5-6 years old and died in enormous debt, even tho he was the King of Pop.

Joe and Katherine, I'm looking at you!

 

[thuumpr]

Poor guy had been working since he was 5-6 years old and died in enormous debt, even tho he was the King of Pop.

Joe and Katherine, I'm looking at you!

You really think he was the least bit worried?

 

[knockout]

Poor guy had been working since he was 5-6 years old and died in enormous debt, even tho he was the King of Pop.

Joe and Katherine, I'm looking at you!

Lived like a king, died a king, now the rest can fight over the debt

 

[Freyja]

Lived like a king, died a king, now the rest can fight over the debt

I think he purposely went into that much debt so his greedy ass sperm and egg donors, along with the rest of their spawn didn't get jack shit. But unfortunately, his kids got screwed...