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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
76.

HumanNature    

Oh DUMB Well


IS A "JOKE"


HA-HA-HA


WHAT A "QUACKING" CLOWN!!!!

774 days ago
77.

HumanNature    

What I Think


I hope your fingers get laryngitis.


BETTER TO SEE ME, MY DEAR!!!!


TAKE 2 ASPIRIN AND CONTACT THE "QUACK" AFTER OCTOBER 2013 FOR YOUR HANGOVER!!!!

774 days ago
78.

black or white    

what the hell is wrong with his hands? is he trying to adjust his shades? why are his hands like that to adjust his shades? wth???

LOL

774 days ago
79.

black or white    

this is humanwastes post

12 JURORS SAID OTHERWISE


"NOT GUILTY" ON ALL 14 CHARGES BROUGHT AGAINST HIM


I'M WITH THE 12 JURORS
14 hours ago

..1 RESPONSE ▼

What I Think post


What mental hospital are the 13 of you in?
14 hours ago


million dollar post, WHAT I THINK!!!!!

good morning, all.

including you humanwaste

774 days ago
80.

Brandon    

TMZ Article From Aug, 2009

TMZ has reviewed financial do***ents according to these do***ents Jackson's net worth was $1,360...,839,979 as of July 31,2007.

His total liabilities $331,000,000. Again a total net worth of well more than $1 billion. Since Aug 2009 every article written by TMZ has raised his debt by more than $150,000,000.

While no article ever mentions his extreme net worth.

MJ made $100 million a year from his 2 music publishing companies. "According to forbes, Michael Jackson was making as much as $75million a year from his music publishing deal with Sony alone."

774 days ago
81.

Kathysprings    

THEIR IS NOTHING ON EARTH

WORST THAN

WHITE HATRED .....

UNWELL

774 days ago
82.

phia    

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.


Could we please see the do***ents? And how much is this debt regarding the publishing catalog?

774 days ago
83.

phia    

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.

Where did katherine find the money to pay for the lawyers? If i'm not mistaken the executors are the ones paying and they paid from their pockets till the judge told them to stop.

774 days ago
84.

Freedom Rose    

Frankly, my dear, I couldn't careless about MJ's financial situation. His debt to the society has been and still is a much bigger issue.

I believe his infamous "not guilty" verdict from his 14 child molestation and related charges has left a serious negative impact and ill effect to the society that encourages pedophiles to roam around and harm little innocent children around the world. Too bed he did not die away a poor forgotten man, oh he did, sorry. In 2009, most people forgot who he was until we heard that he died under the most unusual cir***stances - an addiction to a drug that most people do not know about - talking about naivety!!!

774 days ago
85.

Freedom Rose    

It is most certain that he's worth more dead than alive. TMZ knows that first hand. All you have to do is to look at the hits that his death generated for TMZ and compare that with the no. of hits TMZ got for his stories when he was alive.

Most has been and has not been celebrity are worth more dead than alive, at least to TMZ. Look at the story of Sage Stallone. I can guarantee you if Justine Bieber dies today, he would be headline news for weeks to come and his record sales will go through the roof!

Hey, Justine, have you got a will?

773 days ago
86.

MMW    

And you are a judge of talent.

773 days ago
87.

Anoula    

Now maybe just maybe he can come out and tell us he had to do it so his kids wouldnt have to suffer.. Mike you did well.....I respect your decision for your kid's well being..... please come out and tell us you are ok, and like me those that love you will NOT be upset , they will know you had to do it! Hey , I would of, If I had the power and means to as you did then... anything for my kid's well survival so they wont have to answer to ANY EFFEN ONE!!!! GOOD FOR YOU!!! they manipulated you and drug you to the pit... you were stuck but your kids didnt have to be, and you thought it out the right way....... if you are still alive,, which I believe you are, know I know your pain and suffering for the kids you love so much.... love!

773 days ago
88.

Linda    

And what do the kids get out of this? I hope MJ had trust funds set up for them so their relatives dont suck them dry.

773 days ago
89.

black or white    

as i look at this picture, i wonder, what could have made a black man want to be a white man. in no way am i racist, but this vitaligo or PROCESS has made him into another race, the absolute POLAR OPPOSITE. its weird that the world has been duped by the vitaligo story. an illness that forced him to totally bleach the rest of his un-effected body to match the over POWERING whitening of his blackness. what process can turn a black man into a white man? it bothers me to conceive that this vitaligo has destroyed his pigment by at least 80% and there was no other way to cleanse him or induce his white blood cells to fight off this dreadful disease that has turned this black man white. it has been a process of over maybe 20 years to achieve this porcelain-ish as he called it, "rhinocerous skin" to have him reach the perfect self that he wanted for the later half of his life. but in the real world, he became one of the most disgusting men in the world in the end. sure, he may have his millions....and i mean millions of rabid fans, but to the rest of the world he is a liar, on a slow day!

773 days ago
90.

Lauren    

There are certainly a lot of ugly, venomous people in this world. Some of you are commenting and making judgments on something you know absolutely nothing about other than what you have seen on TV. Why did you bother to read and comment if you have him so bad? Get a life!! RIP MJ!!!

773 days ago
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