Michael Jackson accrued a mountain of debt in his life.
People reports that the legendary singer’s estate has filed a petition to be reimbursed for various costs, including legal and other operational expenses from 2018. Court documents obtained by the outlet show that MJ was over $500 million in debt before he died in 2009.
When he passed on June 25, 2009, reports indicated the 50-year-old was deeply in debt, with outlets such as Billboard and The Guardian reporting amounts as high as $400 million to $500 million.
In March 2024, two Michael Jackson estate executives, attorney John Branca and A&R executive John McClain—plus legal counsel Jonathan Steinsapir and Saul Ewing—claimed the estate was mired in debt and approaching bankruptcy at the time of Jackson’s death.
MJ already owed $140 million by 1998. From June 2001 to June 2009, his debt grew to $170 million.
In 2009, the King of Pop owed money to over 65 creditors and had “more than half a dozen lawsuits pending worldwide,” per the filing. The lawsuits stretched across the U.S., Europe, and Japan, and were handled by attorneys for the executors; most were resolved. The estate is now worth over $2 billion.
With the petition, multiple firms are seeking reimbursement for services rendered from July 1 to Dec. 31, 2018, with Steinsapir asking for the most at $838,059. Altogether, the firms are requesting over $3.5 million in legal fees from that time.
According to the filing, in six-month increments, the attorneys involved in the estate affairs must request the court authorize 30 percent of Jackson's three children compensation while allowing them to keep 70 percent. This has been an ongoing issue with Paris, Prince, and Bigi, who haven’t been able to receive any money from the estate due to a dispute with the IRS.
This Tuesday, June 25 marked the 15th anniversary of the King of Pop's passing. His son, Michael "Prince" Jackson Jr. memorialized his father on his Instagram Story, sharing MJ's halftime show performance at Super Bowl XXVII in 1993.
“Miss you pops,” Prince wrote. "The world felt better with you in it."
