Michael Jackson's $500 million debt revealed in court filing

In a recent court filing, it has been revealed that the late pop icon Michael Jackson was over $500 million in debt at the time of his death in 2009. The court documents detailed the dire financial situation Jackson was in, with more than 65 creditors' claims against him. Despite his significant debt, Jackson had been preparing for a concert tour called This Is It, which ultimately left his estate financially responsible for $40 million to the tour promoter, AEG. Following Jackson's passing, his estate faced numerous legal and financial challenges, including lawsuits in multiple states and countries. However, the executors of his estate have managed to settle most of the creditors' claims and litigation, turning the MJJ business into a significant entity in the music industry. The estate's financial turnaround included strategic investments such as purchasing a stake in EMI Publishing and selling rights to music catalogs for substantial profits. The court filing also highlighted the ongoing legal efforts by the executors to address remaining business, tax, and legal issues related to Jackson's estate. Despite the financial struggles and legal battles, Jackson's estate has seen significant financial success in recent years, with ventures like the Tony-winning Broadway show "MJ the Musical" and an upcoming biopic contributing to its financial growth. While Jackson's legacy continues to thrive financially, allegations of sexual abuse against him have resurfaced in recent years, with a lawsuit from two men who claim they were abused by Jackson as boys. The estate maintains Jackson's innocence, stating that the allegations are motivated by money and lack credible evidence. Resources for those affected by sexual abuse are available for support and assistance.