Michael Jackson, the American pop legend, had a staggering debt of over 6,000 crore taka (around 500 million dollars) when he died in 2009. Even today, this debt remains unpaid. Jackson had more than 65 creditors, as revealed in court records.
On June 21, new information was disclosed in a petition filed by the executors of Jackson's estate in Los Angeles County Superior Court. The New York Times reported this shocking news. The petition highlights the financial troubles Jackson faced, including a 340 crore taka liability to AG Live, the promoter of his canceled This Is It concert in London.
Court records show Jackson owed money to over 65 creditors at the time of his death. The petition seeks approval to use funds from Jackson's 16,400 crore taka estate to cover legal fees and other expenses starting in 2018. Executors have managed to settle or dismiss most of these cases.
At the time of his death, Jackson had over 6,000 crore taka in debt, with some loans having very high interest rates. These debts were a major source of stress for him.
Jackson's debts were largely due to unaccounted expenses. He spent heavily on jewelry, expensive gifts, travel, paintings, and luxury furniture. His Neverland Ranch also had high maintenance costs, including staff, a zoo, and a train.
Most of Jackson's money went towards paying interest on his loans. Before his death in 2009 at age 50, he was spending 2,040 crore taka a year just on debt payments. The interest on his loans kept increasing, starting at less than 7 percent and rising to 16.8 percent.
Since 1993, Jackson's debt kept growing, reaching 980 crore taka in 1998 and 11,900 crore taka from June 2001 to June 2009.
