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Michael Jackson

Estate Clears MJ's Massive

Debt ... Almost

7/13/2012 12:14 PM PDT BY TMZ STAFF
EXCLUSIVE

0713_michael_jackson
Michael Jackson
's estate has made a fortune since the singer's death -- so much in fact ... it's nearly paid off $500 million in debt the King of Pop left behind when he died.

Executors for the Estate filed legal docs -- obtained by TMZ -- which show the Estate has generated gross earnings exceeding $475 million as of the end of May. 

According to the docs, all of MJ's debts have been paid, with the exception of a BIG debt involving Michael's publishing catalog ... and executors expect that will be fully paid off by the end of the year.

It's not only good news for the Estate ... it's great news for the small army of lawyers who have been handling all the legal and business affairs.  Their fees -- from May, 2010 through November, 2011 -- exceeded $13.6 MILLION!

Two other things ... 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.

Final thing --There are still some unresolved creditors' claims and several lawsuits to clear up.

All in all ... not a bad turnaround.

222 COMMENTS

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1.

carbin    

Too bad he wasn't surrounded by good advisors instead of family leaches when he was alive.

809 days ago
2.

Pudding Tang    

How about his telephone bill to Macaulay Culkin?

809 days ago
3.

Celeb Gossip Addict    

Wow that's pretty impressive. That catalog will provide for his family for decades to come and maybe longer. Hopefully they don't spend as much as Michael used to.

809 days ago
4.

Jac    

Stop giving Katherine money! Save it for his kids.

809 days ago
5.

JJ    

MJ. The definition of being worth more dead than alive.

809 days ago
6.

THE-KILLUMINATED-ONE    

Mj is dead BC he spoke out against the suits in the shadows.

809 days ago
7.

Hannah H.    

WELCOME BACK LOVE!

809 days ago
8.

doc9    

Good for him. RIP.

809 days ago
9.

Cheryl A.    

TMZ says "not a bad turn around" EXCEPT the guy is dead! That's the BAD part.

809 days ago
10.

static    

Nike should replace Jo Pa's name on that children's center with MJ's.

809 days ago
11.

gamepro    

i thought he would have enough money to clear that up at one time and isnt it about time their family be done with all the drama from his death

809 days ago
12.

oink    

OK much was paid to hush all the children he molested ?

809 days ago
13.

ray    

if your career is going down the toilet, DIE. Brings your money maker back to life. DEATH has become a good career move

809 days ago
14.

Cheryl    

You're mad to think that anyone would choose the life of someone they love over money. Sick!

809 days ago
15.

No comment    

Katherine needs more money to pay for Michael's brothers lifestyle, and the lifestyle of all their kids. I can't wait until the kids take control of the estate. Jermajesty isn't ever gonna have a real job, he will get paid for being part of Prince's posse his entire life.

809 days ago
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