Michael Jackson - Michael Jackson Estate Almost Debt-free
The Michael Jackson Estate has nearly paid off the singer's $500 million debt, three years after his death.
The Michael Jackson Estate has nearly paid off the singer's $500 million debt.
The late singer's estate has allegedly made a fortune since his death in June 2009 and the earnings have neared the total sum of what he owed when he perished.
Executors for the Estate filed legal documents which show the Estate has generated gross earnings exceeding $475 million as of the end of May, according to website TMZ.com.
The paperwork states that all of Michael's debts have been paid, with the exception of a huge debt involving his publishing catalog.
However executors expect that will be fully paid off by the end of the year.
Lawyers' fees from May, 2010 until November 2011 apparently exceeded $13.6 million.
His mother Katherine is asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011.
Michael was found dead in his Los Angeles, California home three years ago when he overdosed on prescription drug Propofol.
Doctor Conrad Murray was found guilty of involuntary manslaughter and sentenced to four years in prison.