At the time of his death, Michael Jackson had accumulated over $500 million in debt.
The attorneys for the executors are currently requesting the court to approve compensation for the exceptional services provided by several legal firms on behalf of Jackson’s estate, totaling over $3.5 million.
The court document stated, “At the time of Michael Jackson’s passing, his assets were heavily indebted and some debts were in default. The Executors, along with their legal team, worked diligently to bring all debts up to date, renegotiated and restructured them at more favorable interest rates, enabling the Estate to fully repay all the burdensome debts that Michael Jackson had accumulated during his lifetime.”
E! News has reached out to Jackson’s estate for a comment but has not received a response yet.
To view photos from Jackson’s life, continue reading.