June 29th 2024.
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Recent court records have revealed that the legendary musician, Michael Jackson, also known as the "King of Pop," had quite a large amount of debt at the time of his death in 2009. According to NBC News, the beloved singer was preparing for a highly anticipated tour when he passed away in his Los Angeles mansion due to acute propofol intoxication. It was a shocking and tragic end for the talented artist, leaving his fans and loved ones devastated.
It was later revealed that the executor of his estate had filed a petition in the Los Angeles County Superior Court on June 21, detailing the financial struggles that Jackson was facing. The paperwork stated that at the time of his death, the singer's assets were worth more than $500 million, but unfortunately, a significant portion of it was tied up in debt and creditors' claims. To make matters worse, some of the debt was accumulating at exorbitant interest rates and some were even in default.
The singer was on the verge of embarking on his highly anticipated "This Is It" tour, which was set to take place at London's O2 Arena. The tour was scheduled for 50 shows, with the first one set to kick off in July 2009, and the last one in March 2010. Sadly, Jackson's sudden death left his estate with a $40 million debt to the tour promoter, AEG. It was a devastating blow for his family and fans, and it was a challenging situation for his estate to handle.
According to a report by People, the executors for the estate, John Branca and A&R executive John McClain, along with their attorneys Jonathan Steinsapir and Saul Ewing, stated in a filing in March 2024 that the estate was in dire financial straits and on the brink of bankruptcy when Jackson passed away. However, through their hard work and dedication, the estate's value has now skyrocketed to over $2 billion.
In their petition, the executors explained that they were able to renegotiate and restructure the estate's financing arrangements, resulting in significantly reduced interest rates. This was a crucial move that prevented the loss of any assets to lenders and allowed the estate to eventually pay off the debts that were accumulated during the singer's lifetime.
Unfortunately, there is currently a dispute between Jackson's estate and the Internal Revenue Service (IRS). The executors have clarified that until the dispute is resolved, Jackson's mother, Katherine Jackson, and his three children, Paris, Prince, and Bigi, will not receive the money from their trust fund. However, this does not impact the amount they will eventually receive once the dispute is settled.
In the meantime, the singer's mother and children still receive a monthly allowance from the estate. Katherine, who is a life beneficiary, has received over $55 million since her son's untimely passing in 2009. It's a small comfort to the family as they continue to navigate through this difficult situation. Despite the challenges, Jackson's legacy continues to live on, and his music continues to inspire and touch the lives of people all over the world.
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