Michael Jackson Reportedly $500 million In Debt When He Died, Documents Say: ‘Spent A Lot’ on ‘Jewelry’
The King of Pop was allegedly swimming in debt during the time of his death, per new court documents.
Michael Jackson owed money to over 65 creditors at the time he passed away, bringing his debt to a whopping total of $500 million, per documents filed June 21 and obtained by 'PEOPLE.'
The 'Thriller' star died on June 25 of 2009 of reported cardiac arrest while he was in Los Angeles at the age of 50.
The media outlet detailed the pop megastar's exorbitant spending habits while he was allegedly stacking a reported $30 million in debt per year, according to 'The Los Angeles Times', who described him as "tapped out."
According to defense witness William R. Ackerman, the late 50-year-old spent his fortune on donations to charity, gifts, travel, art, and furniture. "He spent a lot of money on jewelry," Ackerman chuckled, per the media outlet.
Ackerman cited Jackson's beloved 'Neverland Ranch' — which he labeled a "mini theme-park" — as a major drain to his pockets collecting expenses surrounding its maintenance staff, zoo, and train, which traveled around property grounds.
The pop icon's debt began as early as 1993, growing significantly to $140 million by 1998. From 2001 through 2009, the 'Remember the Time' star's debt skyrocketed by about $170 million, leading him to $500 million in his last days.
"At the time of Michael Jackson's death, Michael Jackson's most significant assets were subject to more than $500 million of debt and creditors' claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default," the filing stated, per 'The New York Post'.
Jackson's death, reportedly caused by a lethal cocktail of substances, was ruled a homicide. Jackson's personal doctor, Conrad Murray, 71, was found guilty of involuntary manslaughter in 2011.
