In a plot twist that even Hollywood couldn’t script, it turns out Michael Jackson was reportedly over $500 million in debt at the time of his death.
The King of Pop moonwalked his way into our hearts but also into a financial labyrinth. When Jackson died in June 2009 at 50, documents seen by People revealed he owed an astronomical sum in unpaid debts — hundreds of millions, to be exact.
Despite being one of the best-selling music artists of all time, Jackson was equally famous for his lavish spending habits. His shopping sprees were legendary, with millions spent on jewelry and artwork.
Court documents show that the pop legend owed an eye-watering sum of money when he passed away. However, in true Michael Jackson fashion, he was not about to let his financial troubles take center stage. He was writing new songs and gearing up for a residency at The O2 in London, working tirelessly to get out of debt.
Randy Phillips, the former CEO of AEG Live — the company promoting Jackson’s London residency — previously revealed that the pop icon was determined to tackle his money problems head-on. Phillips noted that Jackson, who first found fame as a child with The Jackson 5, was “ready to stop living like a vagabond and settle down.”
“He wanted people to see his work and not just talk about his lifestyle,” Phillips told Rolling Stone in 2009. In other words, Jackson was more than just his spending habits.
Phillips dismissed the notion that Jackson was “feeble and manipulated,” asserting that the singer was very much aware of his precarious financial situation and was willing to set things right.
“Michael was a very smart marketing person. People say he was feeble and manipulated, but he was powerful and a manipulator. He was ready. He wanted to clean up his finances. He was ready to stop living like a vagabond and settle down and earn money again,” Phillips said.
So, while Michael Jackson may have gotten into some serious debt, he was fully prepared to get back to financial stability.
