In a shocking revelation, Michael Jackson’s estate revealed that the American pop star was drowning in a debt of 500 million dollars at the time of his death in 2009.
According to the court documents filed by the estate mentioned that Jackson was undergoing financial struggles. The filing unveiled that he owed a staggering sum to creditors including tour promoter AEG.
Reportedly, Jackson’s lavish lifestyle, including his Neverland Ranch and expensive assets were contributed to debt. The estate is currently contesting a 700 million dollar tax bill from IRS.
As per local media, the iconic American pop singer, despite his immense wealth generated from record-breaking albums and tour, reportedly spent carelessly, which resulted in high-interested debts. Financial reports revealed that he was paying over 30 million dollars annually just in interest.
Earlier in 2021, the estate challenged the allegations of debt and won a trial in the tax court. Later, the estate also filed a motion for reconsideration regarding the court’s value of Mijac’s (Michael Jackson’s music catalogue owned by Sony Music), which is still pending.
It is worth mentioning here that Michael Jackson was an American pop singer, songwriter, dancer, and philanthropist. Also known as the “King of Pop”, he was loved globally. However, he passed away on June 25, 2009, ahead of his tour ‘This Is It’.
