Michael Jackson passed away leaving behind a staggering debt exceeding $500 million, as detailed in a recent court submission from his estate. Jackson’s financial troubles were no secret, stemming from lavish spending that led to substantial loans, missed property payments, and imminent bankruptcy.
His financial strain was exacerbated by preparations for his This Is It tour in London, slated for July 2009, marking his return to the stage after his 1997 HIStory World Tour. Tragically, Jackson died on June 25, less than three weeks before the tour’s debut, leaving unpaid debts, including approximately $40 million owed to tour promoter A.E.G. and claims from 65 creditors.
Despite Jackson’s death, his estate remained liable for these debts, which accumulated interest and triggered legal disputes. However, Jackson’s estate managers, John Branca and John McClain, successfully renegotiated and settled most claims over the years, preserving the estate’s assets.
Nevertheless, financial and legal challenges persisted, notably a dispute with the IRS over taxes, initially claiming $700 million, which was later contested and partially resolved. Further legal expenses were detailed in a court filing seeking reimbursement of over $3.5 million for legal services rendered in 2018, a year that saw the estate sell its stake in EMI Music Publishing to Sony for $300 million.
In summary, Michael Jackson’s estate, despite its ongoing financial and legal hurdles, managed to navigate and resolve significant debts and claims while preserving valuable assets, including his music catalog.
In other news – Madam Boss attends Miguel shoe launch event in Hollywood
Madam Boss, the renowned influencer and entrepreneur, has recently graced the vibrant streets of Hollywood, Los Angeles, California, for a truly prestigious occasion—the Miguel Shoe Launch Event. This glamorous affair not only celebrates fashion and style but also showcases the pinnacle of creativity in the footwear industry.
Madam Boss, known for her captivating presence and keen fashion sense, embarked on her journey to Los Angeles just days before to attend another illustrious event—the BET Awards. Her visit to Hollywood not only marks a personal milestone but also serves as a representation of her country on an international platform. Read More
