Michael Jackson died, owing 65 creditors an amount estimated at about $500 million

Michael Jackson Instagram profile

ALBAWABA - New information indicates that on June 21, the executors of Jackson's estate petitioned the Los Angeles County Superior Court.

After the "Smooth Criminal" singer passed away in 2009, they came clean about the fact that they were legally responsible for paying for his much-anticipated tour.

Michael Jackson's estate owes AEG Live $40 million for his death, which occurred in London while the singer was preparing for his "This Is It" concert tour. The lawsuit detailed the ongoing debts, revealing that the late artist owed money to over sixty-five creditors.

The executors either resolved or handled the majority of the claims and lawsuits filed by creditors, according to the court records. But they want Jackson's allegedly $2 billion estate to reimburse their lawyers for all the money they spent on legal representation in 2018.

According to the magazine, Jackson's debt started piling up in 1993 and reached $140 million by 1998. There was a $170 million rise in Jackson's debt from June 2001 to June 2009, Jackson's debt rose by $170 million. The interest on Jackson's loans also increased over time, according to Ackerman's testimony. It ranged from 6.8% to 16.8% per year.

Jackson reportedly borrowed almost $270 million from Bank of America using his interest in a music portfolio that includes Beatles classics (as reported by The New York Times). (Fortress Investment Group, an organization that purchases troubled debt, acquired the debts from the bank in 2005.)

“He wanted people to see his work and not just talk about his lifestyle,” Randy Phillips, the former CEO of AEG Live, told Rolling Stone in 2009. "Michael had exceptional marketing acumen. Despite what others claim, he was really powerful and skilled at manipulating others. Phillips told the magazine that he was prepared. He was eager to get his financial house in order. "It was time for me to put my nomadic lifestyle behind me and find a permanent place to call home," he said.

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