Musical icon Michael Jackson was in $500m debt when he died in 2009—-Court Reports

Michael Jackson was more than $500 million in debt in 2009 when he died ahead of a planned concert tour, according to new court documents.

The deep financial hole the “King of Pop” found himself in was detailed in a petition the executors of his estate filed Friday in Los Angeles County Superior Court.

“At the time of Michael Jackson’s death, Michael 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,” the filing said.

Before he died on June 25, 2009, Jackson was preparing to launch a concert tour called This Is It.

The tour had been planned as a colossal 50-show engagement at London’s O2 Arena.

He died close to the eve of the tour, which left his estate financially liable for $40 million to the tour promoter, AEG, the filing said.

The filing requests that money from Jackson’s estate be used to reimburse the executors’ attorneys for legal services and other expenses in 2018.