When He Died, Michael Jackson Was $500M in Debt: Court Filing

At the time of his 2009 death, Michael Jackson was more than $500 million in debt, according to new court documents filed by the executors of his estate. In a petition requesting money from the estate be used to reimburse the executors' attorneys, the executors say 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." He died before launching his planned This Is It tour, meaning the estate was financially liable for $40 million to the tour promoter, NBC News reports. The estate was on the verge of bankruptcy when Jackson died, but is now valued at $2 billion, People reports.

The executors cite more than half a dozen lawsuits pending against Jackson at the time of his death, and say that 65 creditors' claims were filed after his death, which prompted more lawsuits. Most of those have now been settled or disposed of, they say. However, they add that there are still "challenging business, tax, and legal issues" to deal with, including the legal battle with Wade Robson and James Safechuck, who claim Jackson molested them as children. (More Michael Jackson stories.)