When looking over the course of his career in the spotlight, there are few artists who compare to the legacy of Michael Jackson. Only releasing ten studio albums throughout his career, the singer sold an impressive 500 million albums worldwide. And that is just the start as he held countless awards and showcased his talents with moves like the moonwalk. Gaining the label of “King of Pop”, in 2009, the music world mourned the death of the icon, who was only 50 years old. And now, it appears at the time of his death, the superstar held a massive amount of debt.
According to court records, Jackson owed money to more than 65 creditors which added up to $500 million. Filing paperwork on June 21, the popstar’s estate executors are seeking back pay as they continue to look over the estate that is worth $2 billion.
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When looking at the petition from the executors, who want reimbursement for “legal, negotiating and various other operating expenses”, the document reads, “The Executors were able to renegotiate and restructure financing arrangements that existed at the time of Michael’s death, at substantially reduced interest rates, enabling the Estate to avoid the loss of any assets to the lenders and ultimately to satisfy the encumbrances that existed at the time of Michael’s death.”
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Discography Of Michael Jackson Sold To Sony Corp
Back in 2009, at the time of his death, documents revealed Jackson passed away from a combination of anesthetic propofol and other sedatives. Just two years later, the singer’s personal doctor, Conrad Murray, was found guilty of involuntary manslaughter.
While leaving behind a legacy that continues today, Jackson’s estate decided to sell his rights to his music catalog for a whopping $750 million to Sony Corp.
Although held high in the music world, Jackson faced numerous lawsuits throughout his career. Documents showed Jackson held “more than half of dozen lawsuits pending worldwide.” With more than 65 creditors looking to settle the debt, the estate dealt with “additional lawsuits, of which several resulted in litigation.”
As for his time in the spotlight, the “King of Pop” received the label of the most successful entertainer of all time. He even gained entry into the Songwriters Hall of Fame and the Rock and Roll Hall of Fame.
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