By: Austin Chau

During the ‘70s and ‘90s, Michael Jackson became the “King of Pop,” with hit songs like “Smooth Like a Criminal” and “Billie Jean.” Fans enjoy his music to this day, and his legacy will never be forgotten. However, just two weeks ago, the court discovered that Michael Jackson had accumulated more than $500 billion in debt.

During his popular “This is It” musical tour, Jackson earned a large amount of cash. He purchased an excessive amount of jewelry and art in every state his shows visited. The popstar also donated to charities and bought gifts for his hard-working team. After Jackson passed away, his purchases left his estate financially liable for over $500 million.

The executor of Jackson’s estate said his beneficiaries never received financial payments for his insane purchases. With none of the funds paid off, the estate faces problems with the I.R.S. and is unable to remain in business. In addition, a separate court case accused the Jackson estate of undervaluing their assets, owing an additional $700 million in taxes.

The beneficiaries needed the money to pay off the funds Jackson used to buy items for the tour and himself. This led to several U.S. states and creditors filing lawsuits, but the executors wrote that most of the lawsuits are now resolved. The court can confirm with the court files stating, “Executors say that they have eliminated the estate’s debt and that almost all of the creditors’ claims and litigation have been resolved.”

It’s rare to see celebrities act like humble citizens. When some musicians become famous, money can slowly manipulate them, blinding celebrities from reality. Like many, Michael Jackson, the “King of Pop,” became a victim of the corruption of money.

Source:
https://www.nytimes.com/2024/06/28/arts/michael-jackson-debt.html