Michael Jackson is still one of the highest-earning celebrities even after his death fifteen years ago.
It has just been learned though that upon his death, the King of Pop was in a mountain of debt.
Entertainment Weekly is reporting that court documents filed this week in Los Angeles show that Jackson was $500 million in debt at the time of his death!
Per EW, the petition was filed by attorney John Branca and A&R executive John McClain, the executors of Jackson's estate, who are seeking legal authorization to pay various legal firms for services they provided to the estate from July through December 2018.
The petition reads, "The Executors have faced extraordinarily challenging circumstances.
"Among other issues, at the time of Michael Jackson's death, Michael Jackson's most significant assets were subject to more than $500 million of debt and creditors' claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default."
Since Jackson's death in 2009, the executors claimed in the filing that they "have resolved virtually all of the creditors' claims and litigation, and have successfully solidified the MJJ business as a significant entity in the music industry."
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