Michael Jackson would be one of the celebrities, people would least expect to be in debt. However, in light of recent reports and court documents, when the pop star passed away at the age of 50 on June 25, 2009, he was over 500 million dollars in debt.
The night before his death, which was caused by an apparent cardiac arrest, the Billie Jean hit-maker went through six-hour dress rehearsal at the Staples Center in Los Angeles. It was in preparation for his This Is It residency at the 02 Arena in London which was a part of his comeback plan.
Michael Jackson had crafted new songs and had practiced their delivery for hours at extremely tedious rehearsals to perform perfect shows that were expected to be held from July 2009 to March 2010.
However, the Los Angeles Times reported that Jackson extravagantly spent money which led him to needing cash to pay off the accruing debt of 30 million dollars a year.
Additionally, back in 2013, certified public accountant, William R. Ackerman, who testified as a defense witness in the wrongful-death trial, provided an in-depth look into Jackson’s finances, revealing that the artist spent money on donations to charity, gifts, travel, art and furniture.
Source: People
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