Michael Jackson’s Estate Almost Clears King Of Pop’s Debt
Michael Jackson’s estate has made quite a bit of money since the legendary singer’s death in 2009. So much in fact they have almost paid off the $500 million in debt Jackson left behind.
TMZ is reporting that the executors for the Estate filed legal documents which show the Estate has generated gross earnings exceeding $475 million as of the end of May of this year.
All of The King of Pop’s debts have been paid, except a large debt involving Jackson’s publishing catalog. The documents also state that the executors expect to have the remaining debt paid off by the end of this year.
Good news for the army of lawyers ho have been handling all of the Estate’s legal and business affairs. TMZ reported that they were paid $13.6 million for outstanding fees from May, 2012 to November, 2011.
There are still some unresolved creditors’ claims and lawsuits to clear up, but the Estate is in much better shape than it was in 2009.