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Court documents reveal Michael Jackson was in £395m debt at the time of his death

Legal Troubles: Michael Jackson’s Estate Near-Bankrupt at the Time of His Death

Michael Jackson, the legendary King of Pop, may have been at the peak of his career when he tragically passed away, but legal papers now reveal that his estate was near-bankrupt at the time of his death in June 2009. The iconic singer reportedly owed more than a staggering $500 million (£395m) and had over 65 creditors seeking payment.

The dire financial situation of Jackson’s estate was unveiled in recent legal filings in Los Angeles. Despite his massive success in the music industry, it seems that the Thriller star was struggling with mounting debt and numerous lawsuits at the time of his passing.

However, there seems to be a silver lining in this otherwise bleak scenario. Estate executor attorney John Branca, along with A&R executive John McClain, were able to turn around the financial fortunes of Jackson’s estate. They claimed multi-million dollar fees for their role in saving the estate, which is now valued at more than £1.5 billion.

The legal documents indicate that the estate was burdened with debt, but through negotiation and restructuring of financing arrangements at reduced interest rates, they were able to avoid the loss of any assets to the lenders. This included renegotiations on debts secured by Jackson’s catalogue Mijac Music, his interests in Sony/ATV and EMI Music Publishing, as well as the mortgages on his properties.

Despite the challenges faced by Jackson’s estate following his death, it seems that his legacy and music continue to thrive. The legal battles and financial woes may have been a part of his complicated life story, but his impact on the music industry and pop culture remains unparalleled.

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