Michael Jackson was in dire financial straits and in significant debt at the time of his death in 2009, according to documents filed by the executors of his estate, which detail his financial situation at the time of his death.
Before he died, Jackson, winner of 13 Grammy awards, was about to embark onThis Is It‘, a 50-date tour at London’s O2 Arena set to debut on July 13.
But on June 25, 2009, Michael Jackson died suddenly in Los Angeles, obviously leading to the cancellation of the tour with a consequent accumulation of debts towards AEG, the promoting agency. Furthermore, the star was faced with several legal actions both in the USA and abroad.
His current beneficiaries are his mother Katherine and his children Prince, Paris and Blanket, however the executors claim that there has been no financial distribution to them due to problems with the US tax authorities.
Over the course of his career, Jackson sold over 400 million records. In 1997 he was inducted into The Rock and Roll Hall of Fame as a member of the Jackson 5 and in 2001 as a single artist.
