Get the latest gossip
Michael Jackson Was More Than $500M In Debt When He Died
The King of Pop left a financial mess when he died, court documents revealed.
When Michael Jackson died on June 25, 2009, he was more than $500 million in debt, according to court documents filed last week in Los Angeles. The Los Angeles Times reported that certified public accountant William R. Ackerman, testifying as a defense witness on behalf of AEG Live in a wrongful-death trial in August 2013, told jurors that Jackson spent money on donations to charity, gifts, travel, art and furniture. He owed roughly $40 million to concert promoter AEG, according to a recent probate petition, “and [there was] little hope of generating income from [Jackson’s] already highly leveraged assets.”
Or read this on Deadline
