Michael Jackson Was In Financial Trouble At The Time Of His Death (Photo Credit – Instagram)
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Michael Jackson was the greatest of all time, and no one comes even close to him when it comes to mixing and performing different dance styles, such as locking, popping, jazz, and others. The King of Pop is still remembered across the globe for his contribution as an artist. However, it’s not just his incredible talent and passion that grabbed all the attention all the time; the latest performer was also embroiled in several controversies.
Amid all the controversies over the years, Jackson’s financial troubles have been a topic of discussion. Due to his several interests and lavish lifestyle, Jackson started suffering from financial woes in the 1990s. Reportedly, by 1998, he was in debt of $140 million. Such reports kept arising from time to time, and now the latest update has left everyone shocked.
According to NBC News’ report, Michael Jackson was in massive debt at the time of his death. His executors filed a petition in the Los Angeles County Superior Court stating that the King of Pop was in debt of more than $500 million. In Indian currency, this equals 4168 crores.
Reportedly, the petition reads, “At the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default.”
This information came to light after it was learned that Michael Jackson’s three children, Paris, Prince, and Bigi, and his mother, Katherine, wouldn’t get any financial assistance from the late singer’s trust. Reportedly, until the matter between Jackson’s family and the Internal Revenue Service gets sorted, Jackson‘s family won’t be getting any money.
However, the family made it official through a statement that they were receiving financial aid in the form of an allowance. “In annual reports provided to the probate court, which are publicly available, anyone can see that the Estate provides Michael’s mother and children with very substantial amounts of money to support them,” reads the statement.
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