The Debt Left by the King of Pop... Michael Jackson Had a Negative 700 Billion Won at the Time of Death

Estate Manager Revealed in Documents Submitted to LA Court

Legendary pop star Michael Jackson (1958?2009) was revealed to have been in debt exceeding $500 million (approximately 691 billion KRW) at the time of his death.

On the 29th, Yonhap News reported, citing the US daily The New York Times (NYT) and entertainment media Deadline, about documents recently submitted to the Los Angeles (LA) court by Jackson's estate administrator. According to these documents, at the time of Jackson's death in 2009, the total amount of debt and creditor claims he held exceeded $500 million.

In particular, Jackson owed about $40 million (approximately 55.28 billion KRW) to AEG, which had planned his London concerts. After Jackson's death, more than 65 creditors filed repayment claims with the estate administrator, some of which reportedly led to lawsuits.

Pop art artist Andy Warhol's painting 'Michael Jackson 1984'. It captures the early 1980s image of Michael Jackson, who became the King of Pop with the album 'Thriller'.
[Photo by AP/ Yonhap News]

Ultimately, the estate administrator's legal team handled 15 lawsuits in the United States and supported litigation in Europe and Japan. Most of the lawsuits were reportedly resolved smoothly. This was the result of renegotiations on some of the debts and the sale of certain assets.

The size of Jackson's estate exceeds his debts. According to court documents released last March, the current value of the estate exceeds $2 billion (approximately 2.764 trillion KRW). Jackson earned enormous sums from concert revenues worldwide in the 1980s and 1990s and from owning copyrights to over 200 Beatles songs.

Michael Jackson Exhibition in Paris, France
Photo by Yonhap News

Later, his spending became a subject of controversy. Testimonies in various related trials revealed that he spent a lot of money on toys, antiques, and jewelry, consuming more annually than he earned.

Meanwhile, Michael Jackson gained popularity as part of the group Jackson Five with his brothers before attempting a solo career in 1979 at the age of 21 with the album Off the Wall. The album was highly praised for its musical quality and sold 10 million copies. Subsequently, he suffered from severe drug addiction and was embroiled in child molestation lawsuits. Jackson died while preparing for a concert in 2009.