Michael Jackson Died $400 MILLION In Debt

[~Souza~]

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6 minutes ago by TMZ Staff  

Michael Jackson owed more than $400 million to creditors when he died in 2009 ... this according to legal documents obtained by TMZ.



TMZ has obtained the first accounting that MJ executors filed ... showing exactly how much money Michael owed when he passed away on June 25, 2009 ... and how much the estate has made since -- and the numbers are astounding.

According to the documents, the estate has already made more than $310 million since MJ's death.

Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."

The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.

Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."

In addition to the $400 million in debt -- MJ's estate had $40 million in liabilities to concert promoter AEG stemming from the "This Is It" tour ... which MJ was rehearsing for when he died.

The documents show the estate received more than 65 creditor's claims -- with some of the debt accruing interest at "extremely high" rates.

The MJ executors admit the estate still faces several lawsuits in multiple countries.

The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

[Andrea]

Is this supposed to be new news?  Isn't that the amount that has been thrown around since he "died"?

I wonder if $400 million is how much the hoax is costing Michael...

TMZ has added this last line to the article:

The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

[~Souza~]

I say BS on the 400 Million and also on the 310 Million. I don't believe he was in dept and I remember it was reported months ago the estate made already 900 Million.

The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.

Like a batcave?

[Guest]

He was in dept, they have been reporting that sense 2006. But not as much as the media claimed

[Andrea]

I think the "Estate" is making sure all the legalities of the hoax are taken care of.  And I'm sure that requires paying off a few people.

I don't think he was ever in debt either, although he may have been in debt "on paper" to look like he was.

[DancingTheDream]

Ok..  this is my take...

If Michael did die...  and he was in debt...  then, who cares??

I dont know why they go on and on about this debt!!!

You cant take it with you when you die...  so, actually, Michael played it the best way.   He made a shed load of money and he spent it ALL (and gave it to charity).

Live your life when you are alive.   Money is there to enjoy and use.  No use when you are cold in a coffin.

[PureLove]

Yeah he was so in debt that he was buying a castle in Ireland. Just one word for the "new" news >>> BS!

[~Souza~]

Article changed:

MJ Estate Made $310 MILLION Since Michael Died
46 minutes ago by TMZ Staff

The Michael Jackson estate has made more than $310 million since MJ died back in 2009 ... this according to legal documents obtained by TMZ.



TMZ has obtained the first accounting that MJ executors filed ... showing exactly how much money Michael owed when he passed away on June 25, 2009 ... and how much the estate has made since -- and the numbers are astounding.

According to the documents, MJ had more than $400 million in various debts when he died ... but the estate has already made more than $310 million since.

Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."

The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.

Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."

In addition to the $400 million in debt -- MJ's estate had $40 million in liabilities to concert promoter AEG stemming from the "This Is It" tour ... which MJ was rehearsing for when he died.

The documents show the estate received more than 65 creditor's claims -- with some of the debt accruing interest at "extremely high" rates.

The MJ executors admit the estate still faces several lawsuits in multiple countries.

The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

[2good2btrue]

He was always "assest rich".  Whether he had money in his pocket to buy candy, is not "Breaking News".!!

"successfully rebuilt and enhanced Michael Jackson's image"  Hmmmmm, is Michael having more plastic surgery or something ??

[fordtocarr]

So, why the headline change?  The article is the same.  Did Michael think it was to derogatory?  Was he trying to draw attention to the money made not the debt, so it was reworded to focus on the other ??
Opinions.... ?

[StrangerInCalifornia]

Didn't Janet pay most of the cost of the funeral?? Or did I make that up in my mind?

[LavdHim]

I wonder how can his father have 2 billion to invest  when michael is in debt  :roll:
this must be BS .  :?

[ForstAMoon]

Having debts does not mean being bankrupt or insolvent. One may still live well and spend money and nothing wrong is to happen to him as long as he service his obligations.

MJ probably had some loans outstanding, maybe some were due maybe not, but looking at the value of his assets, I do not think it was as bad as media use to report it.

[Guest]

Having debts does not mean being bankrupt or insolvent. One may still live well and spend money and nothing wrong is to happen to him as long as he service his obligations.

MJ probably had some loans outstanding, maybe some were due maybe not, but looking at the value of his assets, I do not think it was as bad as media use to report it.

this^ everyone has a debt to pay off , it does not mean "bankrupt"

[Andrea]

It seems like TMZ is starting to recycle their own articles from the early days in the hoax, this one and the one from earlier today "MJ Was On the Hunt For The Perfect Anesthesiologist" being the latest examples. I've noticed in the last few days that some TMZ articles that are posted here have a post within the thread of another TMZ article about the same thing (or very similar anyways) from the first few weeks after June 25, 2009.  Coming full circle, maybe??