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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

No Avatar
16.

Ronnie    

And that's why he is the King of Pop!!!!!

810 days ago
17.

mj fan forever    

Michael Jackson was NOT so broke as media want to make people believe, his assets already were worth $1 billion so he was not "broke" even if he had debts (on which media seem not to agree--400-500-more than 300 million dollars), and in any case it's not that enormous sum of money, especially compared to his assets!!! The Estate is doing a great job, not by chance Michael Jackson chose them to administer his Estate instead of his greedy family of parasites who would have aready squandered everything at this time by now!!! And greedy unnatural mother Katherine is permanently asking for money and now even to pay her lawyers and accountants, and surely also for her bogus-messed up-seeking money-shameful lawsuits!!! She already gets more than $26,000 monthly for herself ONLY!!!! Rather she should return the $6 million the Estate lent her!!! She should only be ashamed!!!!

810 days ago
18.

Oh well    

"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."

She should be ashamed of herself, what a leech!!!

810 days ago
19.

margie    

Michael Jackson debt is being paid off with Michael Jackson Money. Who's BAD, MJJ.

810 days ago
20.

Rita    

500m in debt, I thought it was 300m, the press are pathetic, they will never stop with the negative comments and stories. He was not bankrupt and like the rest of America he had debt and was asset rich. His memory will live forever. The tabloids and rubbish press will never win.

810 days ago
21.

Justin    

Encore, Encore for that pedo whore!

He can die again since his last album does not seem to be selling!!!


Too bad he can't enjoy a penny of that in hell. If he can make a wish, he wish he will have some ice water to sooth all his burning in eternity!

810 days ago
22.

Jody    

How does a person get that far in debt? That jackass didn't ever pay for anything, did he?

810 days ago
23.

LindaJay    

I still miss Michael, a lot. I'm glad that his music lives on. I was really influenced by "They don't Really Care about Us". Made on location in South America, somewhere, Brazil?? Very moving, he rocks them in the slums, they're on the rooftops, and the drummers, a whole city of drummers. I love that video, long version, he got all the moves --the scream, the crotchgrab and those fabulous dance moves. We miss you, Michael.

810 days ago
24.

MiMi    

What an ugly man.

810 days ago
25.

Susan62509    

The last accounting they filed was approx. $300M gross, so the Immortal Tour has paid of substantially for the Estate and heading for the overseas tour. The Immortal tour with Cirque was a brilliant decision. MJ's permanent Immortal show will open in Las Vegas at Mandalay Bay on May 13, 2013. It won't be a stage production like the tour was. The permanent will be a a performance show in a smaller venue. MJ's museum at Mandalay Bay will be open also. It will contain the memorabilia from FanFest.

810 days ago
26.

MiMi    


Knock off the cloning UnWell.


Just more testimony to your lack of maturity and intelligence.


Go Team Branca!!!!!!!

810 days ago
27.

MiMi    

I'm so happy that justice was served & the pedo is dead,lets celebrate with a G+++= P++++ party and
some donkey punch!


LoL...

810 days ago
28.

HumanNature    

AHHHHHHHH!!!!!


LOOK AT THAT BEAUTIFUL FACE OF THE "KING"!!!!

810 days ago
29.

HumanNature    

A BIG ROUND OF APPLAUSE GOES TO THE EXECUTORS OF MJ ESTATE!!!!!!


BRAVO!! BRAVO!!! BRAVO!!!!!!!!!!


R.I.P MJ


YOUR HUMANITARIAN SPIRIT AND MUSIC LEGACY WILL LIVE ON 4EVER!!!!

810 days ago
30.

Kathysprings    

I do not believe he was in that amount of debt !
That lying misfit so called administration overseeing
his account and affairs stole that amount of money
from Michael.
dirty dirty dogs !!
They gonna reap what they sow.

810 days ago
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