Celebrities
Michael Jackson died with more than $500 million in debt
The artist owed money to more than 60 lenders and individuals, in addition to $40 million in preparation for his comeback tour, which was never completed before his death.
"Michael Jackson" by American artist Andy Warhol on display.
When Michael Jackson, "The King of Pop," died at age 50 in 2009, he owed more than $500 million to over 60 lenders. This information was uncovered by People magazine, which accessed court documents.
According to the report, Jackson's debt was one of the reasons why, months before his death, he prepared his return to the stage with new music and a world tour. Those milestones never came to pass, as the music star died of cardiac arrest on June 25, 2009.
According to People, by 1993, Michael Jackson had accumulated a growing debt that in 1998 reached $140 million. From June 2001 to June 2009, Jackson's debt increased by about $170 million. William Ackerman, a public accountant, testified at the star's death trial that interest on Jackson's loans also grew over the years, ranging from just under 7% to 16.8% annually.
It got worse after the entertainer's death, as expenses related to tour preparation and new music productions fell upon the singer's estate. He owed about $40 million to concert promoter AEG, according to a recent probate petition.
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