Michael Jackson's $500 Million Debt Almost Cleared

Michael Jackson's $500 Million Debt Almost Cleared

Photo by Mark Luethi via the LAist Featured Photos pool on Flickr

When King of Pop Michael Jackson died in June 2009, the international superstar left behind
not only his children, family members, countless fans, an ongoing, controversial investigation
into his personal physician's role in his death -- but a mountain of debt. And when we say
mountain, we mean $500 million.

TMZ obtained legal documents filed by the Estate of Michael Jackson that show the singer
posthumously generated gross earnings exceeding $475 million as of the end of May via "past
music sales and advances against future ones, music-publishing royalties, a film-rights sale
and various other licensing deals," according to the Wall Street Journal. Remember "This Is It"?

Besides the "BIG" debt attached to *****'s publishing catalog, all of the singer's debts have been
paid. The gossip publication says executors expect the remaining debt to be settled by the year's
end. And of course a few unresolved monetary items remain, like payment requests from
Jackson's 80-year-old mother, Katherine Jackson, who is the permanent guardian of the star's
three children, as well as additional legal and business fees.

How did Jackson acquire so much debt? One contributing factor is the "small army" of lawyers
responsible for his legal and business affairs that were owed an excess of $13.6 million for
services rendered from May 2010 through November 2011. Jackson was also reportedly very
behind on numerous payments, including utility bills for his longtime family home in Encino,
a $5 million IndyMac loan secured by said house and $341,000 due to Thomas Mesereau,
the lawyer who triumphantly defended him against child molestation charges in 2005.

AEG Live, the concert promoter planning to stage his London concerts, had credited Jackson with
a $35 million cash advance, which has since been repaid.
In other MJ news, which surely helped flatten the debt mountain,
Spike Lee is directing an upcoming documentary on the late star, f
ocusing on Jackson's career around the time of 1987's BAD album and tour.

http://laist.com/2012/07/13/mi…on_debt.php?asid=2596e818

Zitat von Fluffisnoterm

War das aber nicht vor allem einfach auch, weil Michael irgendwie nie wirklich flüssig war? Er schien sein Geld nie in Bar rumliegen zu haben.

muss ich das jetzt verstehn?
glaubst du, er hatte über 500 000 000 schulden, weil er kein bargeld rumliegen hatte...?

'einfach' war daran jedenfalls garnichts,
denn wäre es einfach gewesen, hätte mike sich nicht in diese 50-konzerte-tortur drängen lassen,
denn er hatte - wie wir alle hinreichend wissen - andere pläne!

^ ich glaube, da ist wirklich so manches an fakten an dir vorbeigelaufen. mit 'buchhaltung,
die sich selber bereichert haben' hatte sein schuldenberg nun am allerwenigsten zu tun.
und nein, sein vermögen war eben nicht größer, denn das was sein anteil des katalogs ausmachte,
hatte er in gänze verpfändet, um seien riesenkredit zu sichern und umzustrukturieren.

wie auch immer...mike ist jetzt quasi wieder sauber, und das betrifft ja auch alle medizinschen (ärzte, apotheker etc) rechnungen,
als auch anwälte und andere geschäfte, die noch offene rechnungen vorlegten. und das hat der estate einfach mal klasse gemacht, wie ich finde