Michael Jackson: the dark side of musical talent. He left a $500 million debt

Published 15 years after death Michael Jackson Court documents show huge debts left behind king of pop.

At the time of his death on June 25, 2009, according to court documents cited by NBC News. Michael Jackson had over $500 million in debt. About the financial impasse he found himself in “King of pop music”details a petition filed by the trustees of his estate in Los Angeles County Superior Court.

“At the time of Michael Jackson's death, his major assets were encumbered by debts and claims from creditors totaling more than $500 million, some of which were accruing interest at extremely high rates and some of which were in default,” the petition says.

Before he passed away at age 51, Jackson was planning a tour “This Is It”which was followed by 50 concerts at London's O2 Arena.

Jackson died two weeks before his big comeback, leaving his estate in financial straits and paying out $40 million to the tour promoter. Now the money is out Jackson's fortunes should go to compensation lawyers and those who handled the necessary legal transactions, as well as other expenses.

It is also noted that shortly before his death, the singer was the subject of lawsuits in various states and countries. because of debts. However, his estate administrators settled most of the cases, the documents say.

Michael Jackson died in his Los Angeles mansion from acute poisoning. In 2011, his doctor was found guilty of manslaughter for providing the medication.

During his illustrious career, having released more than 400 million records, the leading musician received 13 Grammy Awards and was inducted into the Rock and Roll Hall of Fame twice during his life: once with the Jackson 5 in 1997, and again as a solo artist in 2001.

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