Before the fateful June 25, 2009, the singer Michael Jackson I was already carrying a debt of more than $500 million he amassed after years of “charitable donations, gifts, travel, art and furniture.”
This was revealed by recent court documents that were filed last Friday, June 21, to which the magazine had access. People.
“Jackson had more than half a dozen lawsuits pending around the world and more than 65 claims of creditors were filed with the Estate, generating additional claims of which several resulted in litigation,” was stated in the filing by MJ’s estate attorney.
After 15 years of his death, the singer’s assets are valued at more than $2 billion and, according to the same report, the defenders were able to eliminate debts and resolve “substantially all creditor claims and litigation.”
One of the most important debts was 40 million dollars to the concert promoter AEG, with which he launched his last massive tour, This Is Itwhich he did not manage to pay. And that is because, Until the last day of his life, Michael Jackson was on the verge of bankruptcy.
The day before his death, and for six hours straight, the King of Pop held a dress rehearsal at the Staples Center in Los Angeles for his long-awaited tour This Is It. The tour was Michael Jackson’s plan to get back on track: he wrote new songs and practiced until he was tired for the shows he would give from July 2009 to March 2010.
And, as revealed Los Angeles Times, The singer had an accumulated debt of 30 million dollars a year.
According to the certified public accountant, who testified at the civil liability trial that began in August 2013, Jackson spent large sums of money on “charitable donations, gifts, trips, art and furniture” and also on jewelry.
In 1998, the singer of Thriller He already owed 140 million dollars. Between 2001 and 2009, the debt reached 170 million. The interest it generated ranged from 7% to 16.8% annually.
For this, This Is It It was his master plan to escape from that economic prison: “I wanted people to see his work and not just talk about his lifestyle,” Randy Phillips, former CEO of AEG Live, told the magazine Rolling Stonein 2009.
“Michael was a very smart marketing person. People say he was weak and manipulated, but he was powerful and manipulative. He was ready. He wanted to clean up his finances. He was ready to stop living like a bum and settle down and make money again.”
But, After his death, his lawyers were challenged to completely eliminate the debts he left behind.: “The Executors were able to renegotiate and restructure the financial arrangements that existed at the time of Michael’s death, at substantially reduced interest rates (…)”, although would still be dealing with “challenging commercial, tax and legal issues.”
Among the cases still facing Jackson’s defenders is the accusation of Wade Robson and James Safechuck, two alleged victims who were sexually abused by Michael Jackson when they were minors. The court granted them a trial.
“We are disappointed with the Court’s decision. “Two distinguished trial judges repeatedly dismissed these cases on numerous occasions over the past decade because the law required it,” Jonathan Steinsapir, attorney for Michael Jackson’s estate, said at the time.
He concluded: “I remain fully confident that Michael is innocent of these allegations, which are contrary to all credible evidence and independent corroboration, and which were first made years after Michael’s death.”
