Michael Jackson owed nine figure sum in debt before his death, court doc claims
Michael Jackson allegedly owed an eyewatering amount to various creditors at the time of his death in 2009.
Michael Jackson performs at Wembley stadium in 1997
Michael Jackson was in debt of more than $500m (£395m) to various creditors at the time of his death, new court documents filed this week have claimed.
Attorney John Branca and A&R executive John McClain, the executives of the late King Of Pop's estate, filed a petition to the Los Angeles Superior Court seeking legal approval to pay a handful of law firms for their services.
These services have been rendered to the estate from July through December 2018.
The legal files, which were obtained by Entertainment Weekly, detail the extent of Michael's finances before and after his death in 2009.
“The Executors have faced extraordinarily challenging circumstances,” the filing states.
“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,” it goes on.
Prior to his death from acute propofol intoxication aged just 50, the Thriller singer had been gearing up for his This Is It residency, which notably added further financial strain on his resources.
However, since his death in 2009, Michael's executors have achieved quite a turnaround for his holdings.
In the new filing, it's alleged 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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Some of this wealth comes from the estate buying a stake in EMI Music Publishing.
This included buying the rights to Motown classics and songs by Carole King and Norah Jones, which were sold for $50,000 (£39,526.50) in 2012, and then selling it to Sony for $300 million in 2018.
Due to this financial turnaround, Branca and McClain are seeking court authorisation to compensate various law firms for more than $3 million in total for services they provided that year.
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