Michael Jackson Owed $500M Debt Before Death

The late King of Pop Michael Jackson was over $500 million in debt at the time of his death in 2009.

According to court documents filed on Friday, June 21, the King of Pop owed money to more than 65 creditors when he died at age 50 from cardiac arrest.

The documents include a petition from estate executors seeking back pay from 2018, relating to the late singer's now $2 billion estate.

The reimbursement includes 'legal, negotiating and various other operating expenses' over the last six years, according to the outlet.  

The new petition comes after executors' attorney John Branca asserted that Jackson's estate was burdened with debt and nearly bankrupt at the time of his death in a March court filing.

 The hitmaker had 'more than half a dozen lawsuits pending worldwide' and more than '65 creditors' claims were filed in the Estate spawning additional lawsuits, of which several resulted in litigation,' the petition reads, per the outlet. 

 'The Executors were able to renegotiate and restructure financing arrangements that existed at the time of Michael's death, at substantially reduced interest rates, enabling the Estate to avoid the loss of any assets to the lenders and ultimately to satisfy the encumbrances that existed at the time of Michael's death,' the petition continues.