New court documents reveal that pop star Michael Jackson had a $500 million debt at the time of his death.
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Singer Michael Jackson had a $500 million debt, according to court documents obtained by People magazine.
The document states that “Michael Jackson’s most significant assets were burdened with over $500 million in debts and claims from creditors, with some debts accumulating high interest rates and some in default”.
The petition requests that Michael Jackson’s estate be used to reimburse “legal expenses” from the lawsuit that took place between July and December 2018.
Law firms are seeking over $3 million in attorney fees for lawyers who managed to eliminate the debt from Michael Jackson’s estate.
“There remain challenging business, tax, and legal issues that the executors and their attorneys continue to address”, the document said.
Michael Jackson died at the age of 50 on June 25, 2009. The King of Pop passed away in a rented mansion in Los Angeles, initially diagnosed as cardiac arrest but later confirmed as propofol intoxication.
Michael Jackson. Photos: Instagram @michaeljackson
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