By Diana Dasrath and Antonio Planas – NBC News
Michael Jackson was more than $500 million in debt in 2009 when he died before a planned concert tour, according to new court documents.
The deep financial hole in which the King of Pop It was detailed in a petition that the executors of his estate filed last Friday before the 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 creditor claims, with some of the debts bearing interest at extremely high interest rates, and some debts in moratorium,” it was indicated in the documents.
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 commitment of 50 concerts at the O2 Arena in London.
Jackson died on the eve of the tour, causing his estate to pay $40 million to the tour promoter, AEG, according to the lawsuit.
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The petition asks that money from Jackson’s estate be used to reimburse the executors’ attorneys, legal services and other expenses in 2018.
Jackson was also facing lawsuits in several states and countries when he died, according to the petition. More than 65 creditor claims had been filed, prompting more lawsuits, according to the petition.
The executors, however, have settled or disposed of most of the creditors’ claims and litigation, court documents said.
Jackson died at his Los Angeles mansion at age 50 from acute propofol poisoning. His physician, Dr. Conrad Murray, was convicted of involuntary manslaughter in 2011 for supplying him with the drug.
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Jackson’s illustrious career included 13 Grammy Awards, two inductions into the Rock and Role Hall of Fameand sales of more than 400 million records.
