By: Elaine Zhang

Recently, Michael Jackson’s debts and creditors have come up with a total of $500 million dollars’ worth of debt, at the time of his death in 2009.

Michael Jackson
Michael Jackson was a well-known musician during the ‘80s and ‘90s, earning around $100 million yearly. Jackson was also the creator of some of the best-selling albums in the world. He hosted the most dazzling concert tours that would sell out easily. Jackson was renowned for his luxurious lifestyle, and would spend $30 million annually on things like jewelry, and private jets.

His Debt
Throughout Michael Jackson’s career, he bought many expensive things, which he never paid for before his death. He still owes his tour promoter about $40 million, which was first stated in Los Angeles County Superior Court this month, and before that, was reported by People magazine. The magazine also said that 65 creditors made claims against the singer after his passing, which resulted in lawsuits, causing Jackson’s debt to further increase.

Halfway through 2018, it was revealed that Jackson’s estate owes $3.5million to several legal firms. In 1985, he bought the Beatles’ song catalog for $47.5 million, and later sold it to Sony/ATV Music, in exchange for 50 percent share in the company. And in 2016, Sony bought back the estate’s share for $750 million.

Currently, the Jackson estate is in a dispute with the I.R.S. for a tax audit. In a different court filing this year, the federal agency accused him of undervaluing its assets and said it owed an additional $700 million, in taxes and penalties.