Michael Jackson may have been one of the biggest pop icons of his time, but despite his enormous net worth, he was reportedly millions of dollars in debt at the time of his death.
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According to court documents filed on June 21, according to People magazine, the singer of the hit “Thriller” was $500 million in debt at the time of his death from an apparent heart attack in 2009.
You are watching: Michael Jackson Was $500 Million in Debt at the Time of His Death — Here’s Why
The night before his death, the legendary singer attended a dress rehearsal at the Staples Center, now the Crypto.com Arena, in Los Angeles, CA, as part of his plans. This is it prolonged residence. Since this was his major comeback, Jackson wrote new songs and went through many rehearsals for the concert series.
Michael Jackson was over $500 million in debt at the time of his death, new court documents reveal pic.twitter.com/8e5LyLbclI
— People (@people) June 27, 2024
He is scheduled to tour from July 2009 to March 2010.
The Los Angeles Times reported that the singer, who died at the age of 50, had gone on such a spending spree that he was desperate to pay off his $30 million debt.
According to reports, he spent money on gifts, artwork, furniture, travel, charitable donations, and even lavish items like jewelry.
“He spent a lot of money on jewelry… He was out of money,” certified public accountant William R. Ackerman said during his August 2013 wrongful death trial.
READ ALSO: Michael Jackson’s family commemorates 15 years since singer’s death with heartfelt Instagram posts
It appears that Jackson struggled to pay off his debts for years, starting in 1993. By 1998, he owed $140 million, which later increased to $170 million.
Ackerman later testified that lending rates increased in subsequent years from less than 7% to 16.8%.
Randy Phillips, former CEO of AEG Live, previously spoke to Rolling Stone in which he revealed that the pop star is a “very smart marketer” and wants people to focus on work not his lifestyle.
“He wants to solve his financial problems. He is ready to stop living like a vagabond and settle down and make money again,” he added.
After his death, he owed AEG, his alleged concert promoter, about $40 million.
According to Celebrity Net Worth, the musician’s net worth is -$500 million, but his assets are estimated to be worth around $111 million, Afro Tech reports.
READ MORE: Michael Jackson’s real voice described by public relations expert after report revealed his “fake” high pitched voice
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Source: https://anhngunewlight.edu.vn
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