Money

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.

Flo Rida is learning the hard way -- it's never a good idea to lie in court ... and now a judge is ordering him to cough up $7k for his deceitful ways.

If you recall, Flo is being sued by his former assistant Mahogany Miller -- who claims he worked her to the bone for a measly $3.08 / hour and then fired her when she complained -- which Flo's told us was BS​ ... alleging she was just an unpaid intern.

Problem is, Flo originally didn't respond to the suit in time and later told a judge it was because he was never served papers -- claiming they went to a woman named Stephany Nelson, whom he didn't know -- and the address listed for him was incorrect.

Turns out, his excuses were big, fat LIES ... Flo later copped to the address originally listed and admitted that Nelson was actually an employee of his. In other words, his original statements were total fabrications.

Caught red-handed, the judge said the rapper's deception was "premeditated" and ordered him to pay Mahogany $7k for her attorney fees.

Broke NFL legend Warren Sapp just pulled a Garey Busey and officially graduated from debt school!!!!!!

TMZ broke the story ... the Superbowl champ filed for chapter 7 bankruptcy in April -- claiming he was over $6.7 million in debt to creditors -- but as part of the deal he was ordered by a court to complete a financial management course to learn how to better handle his dough.

Looks like Sapp owned that course ... he just received his "Certificate of Debtor Education" on June 19, 2012 from a company that offered the class online called Credit Card Management Services ... officially putting the former NFL star on the path to financial recovery.

NBA superstar Tony Parker -- who was injured when Drake and Chris Brown's posses squared off -- is suing the NYC nightclub for $20 million, claiming it should never have let Rihanna's exes in at the same time ... and Chris Brown as well as Drake could end up as defendants.

The San Antonio Spurs star filed the lawsuit Thursday in NY State Supreme Court ... against W.i.P. Nightclub -- and in the suit he alleges the club's security was negligent for allowing the brawl to ever happen.

Parker says he was hit by shards of glass and suffered lacerations to his cornea when bottles started flying in the fight last week.

The lawsuit alleges club management, knowing there was "bad blood between Drake and Brown," was driven by the almighty buck and continued selling alcohol to the participants in the brawl, despite the fact that some were "visibly intoxicated."

Parker's injury is a huge deal because it could affect his NBA career, and -- more immediately -- his performance in the Olympics with the French national basketball team.

As for why he would sue for $20 MILLION? Parker is in the middle of a $50 million contract with the Spurs.

As for whether Chris Brown or Drake will be added as defendants, Parker's lawyer, David Jaroslawicz, tells TMZ ... he's waiting for the results of the police investigation. He also wants to review the surveillance tape before making his decision.

File this under: "The Problems of VERY Rich People."

Kevin Costner has been dragged into a nasty legal war with his neighbor in Carpinteria, CA -- an upscale beach community near Santa Barbara.

Long story short -- the neighbor, Rick Grimm, claims he bought a SICK beach property back in 2009 with KILLER views of the ocean and coastline ... and it happens to be located right behind Costner's pad.

Problem is ... the neighbor claims Costner is paranoid about his privacy and planted a bunch of trees and shrubs to make sure nobody from Grimm's property can see into his home ... trees which are now blocking Grimm's once-spectacular view.

Grimm filed a lawsuit, obtained by SBView.com, claiming he TRIED to play nice -- sending multiple requests to Kevin and his wife to trim the hedges -- but the Costners blew him off ... and planted even TALLER trees.

Grimm says Costner is contractually bound to NOT plant trees which obstruct Grimm's view ... but Kevin doesn't care. According to the suit, Kevin made it clear to Rick's people he would not "back down" and would "do everything in his power to secure his privacy."

Grimm is now asking a judge to force Kevin to chop down his trees ... PLUS he wants at least $150,000 in damages for loss of enjoyment and $500k for damage to his property value if the trees don't come down.

Mary J. Blige's charity says the bank that is suing them was STUPID to loan their broke asses any money ... so it's their own fault they can't get it back -- this according to legal docs.

As TMZ previously reported, the Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now was sued by TD Bank ... after taking out a $250,000 loan in June 2011 and only managing to cough up $400 by the agreed upon December deadline to pay back the money.

Now the foundation is firing back at the suit ... claiming if the bank had done their job correctly, they would have realized the group was knee deep in debt already and never should have been loaned the money in the first place.

Furthermore, the foundation claims the woman who actually signed for the loan had no authority to do so ... which is just one more reason they never should have been granted the loan.

Kevin Costner doesn't owe Stephen Baldwin squat after Baldwin sued him for allegedly duping him into prematurely selling shares of a company that scored a $52 million contract after the BP oil spill.

Moments ago, the jury rejected claims that Costner deceived Baldwin into selling shares of his stock in a company that made a financial killing by selling oil cleanup equipment in the wake of the BP spill.

It didn't take long for the jury to decide -- a verdict was reached in less than 2 hours of deliberation.

Baldwin and another plaintiff had collectively sought $17 million in damages.

Former NFL superstar Warren Sapp didn't shed too many tears when he lost his Super Bowl ring, but when it comes to losing his home ... he won't go down without a fight, TMZ has learned.

HSBC bank is on the attack, claiming Sapp -- who recently filed for bankruptcy in Florida -- owes them $781,879.39 from before his filing. They are asking a judge to allow them to foreclose on his beachfront condo to help settle the score.

The football legend filed a response this week, pleading with the judge to let him keep the fancy digs. Sapp claims he's still living in it ... despite not making payments on it since May 2011.

Sapp vows to cough up the cash as soon as he sorts out the bankruptcy.

A judge has yet to rule.

Michael Jackson owes a convicted criminal $1 BILLION for exploiting personal details about her life in his music -- this according to a bizarre and, dare we say, bogus lawsuit.

Kimberly Griggs filed the case in San Diego -- claiming she and Jackson had an intimate relationship beginning in 1979, which she says he chronicled in his albums "Off the Wall," "Thriller," "Bad," "Dangerous," and his greatest hits album ... "Number Ones."

Griggs -- who spent years in prison for burglary and robbery -- claims she was pissed that Michael exposed her personal secrets in his tunes, so to make things nice he promised to give her the rights to the songs.

She says she was stunned when MJ died and she was completely left out of his estate.

According to the handwritten lawsuit, Griggs wants $1 billion in damages.

It's day two in Stephen Baldwin's epic trial against Kevin Costner -- and Baldwin just showed up at the courthouse guns drawn ... ready to bring his A-game.

Baldwin arrived at New Orleans court moments ago with a big smile on his face -- claiming he feels great. Costner appeared slightly more stoic on his way inside.

TMZ broke the story ... Baldwin sued Costner back in 2010, claiming the actor tricked Baldwin into prematurely selling off profitable shares in a company that builds machines designed to clean up oil spills. The company later scored a $52 million deal with BP.

Kevin Costner is ready to prove to a jury he's not a fraud ... despite what Stephen Baldwin says -- because the courtroom showdown starts today in New Orleans.

TMZ broke the story ... Baldwin sued Costner back in 2010, claiming the actor duped Baldwin into selling shares in a company that builds machines designed to clean up oil spills.

Baldwin claims Costner and his business partner knew that the company was about to score a bonanza by selling the machines to help clean up the BP disaster, but withheld the info from Baldwin, who then sold his shares back to the company, not knowing about the looming windfall.

Costner claims there was no firm deal to sell the machines to BP when Baldwin dumped his shares ... adding he had no idea that Baldwin was even interested in selling.

Costner's company scored a $52 million deal with BP, and Baldwin now wants $21 mil for his troubles.

Mary J. Blige's charity isn't doing much for higher education, because some of the "beneficiaries" may have to drop out of college because MJB's foundation reportedly flaked out on paying tuition.

25 seniors who graduated from the all-girls Women’s Academy of Excellence in 2010 were promised four-year scholarships to the college of their choice, says the NY Post, but several of the girls say their tuition bills have gone unpaid.

Gennevive Sarfoah, for example, is attending SUNY Canton and made dean's list. She tells the paper the charity barely paid her bill in time the first year and she's received nothing since. She's had to take out a loan and if the charity doesn't help out soon, she says she'll probably have to drop out.

The mother of another girl told the paper her daughter has gone through the same ordeal and has tried calling and emailing the charity, but gotten no response back.

Ozzy and Sharon Osbourne are one giant step closer to TAX FREEDOM -- because TMZ has learned, the couple just paid off nearly 3/4 of a million dollars of a massive tax bill.

According to government documents, obtained by TMZ, the Ozzies just forked over $718,948.25 to cover their unpaid taxes for 2008.

But it's just the tip of the IRS-berg -- as we reported, Ozzy and Sharon allegedly still owe $1,381,245.65 in unpaid taxes for 2007 and 2009.

Rapper Gucci Mane just lost a $270,000 battle in court -- after a New York jewelry company sued the rapper for stealing a buttload of diamonds ... and won.

Rafaello & Co. retained attorney Vivian Uchitel (no relation) to file the lawsuit earlier this year in Henry County, claiming it loaned the rapper a $130,000 diamond pinky ring ... in addition to a diamond necklace and bracelet worth $110,000.

According to the lawsuit, Gucci had 15 days to pay for the goods or return them -- and he did neither ... coughing up only $40,000.

Rafaello sued for a total of $274,523.34 -- the $200,000 jewelry balance plus interest and attorneys' fees.

Gucci never showed up in court, so a default judgment was entered against the rapper in April. A lien was then placed on the rapper's property.

Mary J. Blige has learned a valuable lesson about running a charity since her foundation was slapped with a $250,000 lawsuit -- telling TMZ, she let dumbasses handle her finances ... and now she's paying the price.

TMZ broke the story ... Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now is being sued by TD Bank over a $250k loan it took out back in June 2011.

TD Bank claims it loaned FFAWN the money in June 2011 -- and FFAWN agreed to repay it by December 2011 ... but so far, TD Bank has only received $368.33.

Now, Mary tells us, "As Founder and CEO of FFAWN, I am ultimately responsible for anything that goes wrong. The problem is that I didn't have the right people in the right places doing the right things. This should have never been allowed to happen, but it did and now we are fixing it."

Lil Wayne and Drake say there is NO WAY IN HELL they're gonna fork over $400,000 to a company that sued them for allegedly bailing on a club appearance ... because they claim they were never told about the gig.

The rappers have joined together to fight a default judgment entered against them. The judge ordered the duo to pay $432,337.50 to Cahuenga, Inc. The company sued, alleging L.W. and Drake promised to perform at a 2011 event but were no shows.

The rappers now claim in legal docs ... they were never told about the appearance, never signed ANY contracts and were never even served with papers to show up in court.

Drake and Lil Wayne allege that IEG used a third party to book them -- Melanzh Enterprises -- which they claim had no authority to book them.