Singer Michael Jackson ‘$500m in debt’ when he died

New court documents show the dire financial situation the King of Pop was in when he died aged 50 of acute propofol intoxication

U.S. pop star Michael Jackson gestures during a news conference at the O2 Arena in London March 5, 2009. Jackson said he will hold a series of final concerts in Britain later in the year. REUTERS/Stefan Wermuth (BRITAIN)
Image: Michael Jackson at a news conference for This Is It in London in 2009. Pic: Reuters

Michael Jackson was more than $500m (£395.3m) in debt when he died in 2009, new court documents allege.

The King of Pop was in a deep financial hole when he died aged 50 of acute propofol intoxication, according to a petition the executors of his estate filed in Los Angeles County Superior Court and seen by Sky’s US partner network NBC News.

“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,” the filing said.

Michael Jackson performs during the halftime show at the NFL's Super Bowl XXVII in Pasadena, California, in this January 31, 1993 file photo. The body of Michael Jackson has been released to his family, a Los Angeles County coroner's spokesman said on June 27, 2009 after an autopsy failed to immediately determine what killed the troubled pop star. Members of Jackson's family were said to be gathering at his parent's home in suburban Los Angeles to make final arrangements for the "King of Pop," w
Image: Michael Jackson performing at the Super Bowl in 1993. Pic: Reuters

The pop superstar had been preparing for a 50-show concert residency called This Is It at London’s O2 Arena before he died on 25 June 2009 – 18 days before the first performance had been scheduled.

His death left his estate financially liable for $40m (£31.6m) to the tour promoter, AEG, the filing said.

The filing requests that money from Jackson’s estate be used to reimburse the executors’ lawyers for legal services and other expenses.

Pic: AP Former US singer and popstar Michael Jackson who died on 25 June 2009 in the age of 50. | usage worldwide Photo by: Frank Leonhardt/picture-alliance/dpa/AP Images Photo Details ID: 17333399267436 Submission Date: Nov 29, 2017 11:05 (GMT) Creation Date: May 2, 1997 11:05 (GMT)
Image: The singer died aged 50 in 2009. Pictured here in 1997. Pic: AP

Jackson was also facing lawsuits in several states and countries when he died, the petition said. More than 65 creditors’ claims had been filed, which prompted more lawsuits.

The executors, however, have settled or disposed of most of the creditors’ claims and litigation, the filing said.

Jackson’s physician Dr Conrad Murray, was found guilty of involuntary manslaughter in 2011 for providing the drug that killed the singer.