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When Michael Jackson died, he had a ton of assets but also an almost ludicrous amount of debt. The final tally reportedly wound up topping five hundred million dollars in unpaid expenses. An overwhelming majority of us could never work off that total in life, let alone in death, but luckily for the departed singer’s estate, people are still obsessed with MJ’s music.
According to TMZ, Jackson’s estate has earned an astounding $475 million in the few years since he passed. After lawyers fees and expenses, the executors have reportedly paid off most of the debt, save the part associated with Jackson’s publishing catalog. During his life, MJ bought up the rights to scores of songs and albums released by well-known artists including The Beatles, but since he paid for some of those purchases in credit, they still need to be taken care of.
Sources close to the estate reportedly think the rest of the singer’s debts should be paid off by the end of the year, leaving just straight profits from that point forward. It’s unclear what might be done with all the money MJ’s legacy is sure to create over the next few decades, but one would think he’d want the funds to be given to a good cause.
Since all the information related to the estate came out in legal documents, it’s unlikely we’ll get any sort of update until the estate is forced by the government to file records again, but when that happens, expect the ledger to be in all black.