According to a petition filed by his executors in Los Angeles County Superior Court and seen by News, the King of Pop was heavily indebted when he died at the age of 50 from acute propofol intoxication.
The petition claims that at the time of Michael Jackson’s death, his most valuable assets were burdened by nearly $500 million in debt and claims from creditors. A portion of the debt was in default, and some of it was accruing interest at exceptionally high rates.
The musical sensation has been getting ready for This Is It, a 50-show concert engagement at London’s O2 Arena.
According to the lawsuit, his estate owed the tour promoter, AEG, $40 million (£31.6 million) as a result of his passing.
In the document, it is requested that the executors’ legal fees and other costs be covered by funds from Jackson’s estate.
