Michael Jackson's estate clearing late singer's debts
Los Angeles, July 16, 2012
First Published: 11:57 IST(16/7/2012)
Last Updated: 15:40 IST(16/7/2012)
King of Pop Michael Jackson's estate are on the course to pay off the late singer's $500 million debt by the end of the year.
Pop singer Michael Jackson died at the age of 50 on June 25, 2009.
Jackson's finances were a mess when he died in 2009 and administrators have been working to make amends for his excessive spending by generating funds for his three
children's inheritance by striking various publishing and licensing deals.
Executors for the estate filed legal documents which show the estate has generated gross earnings exceeding $475 million as of the end of May, reported TMZ online. According to the documents, all of Jackson's debts have been paid, with the exception of a debt involving his publishing catalog and executors expect that will be fully paid off by the end of the year.
Jackson's 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. There are still some unresolved creditors' claims and several lawsuits to clear up.