Michael Jackson Was More Than $500M In Debt When He Died
deadline.comWhen 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.
Jackson died while preparing for his extended “This Is It” residency at the 02 Arena in London, which was scheduled to run from July 2009 to March 2010. “At the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default,” the filing said.
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 spent a lot of money on jewelry,” said Ackerman. “He was tapped out.” After Jackson’s death, the financial liability for his planned London tour fell on the estate.
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.” Estate executors claimed in a March 2024 filing that the estate was saddled with debt and on the verge of bankruptcy when Jackson died.
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