Before his death in 2009, Jackson spent decades in the spotlight, having released more than a dozen number-one singles and many albums, as well as performing on tours for fans all over the world.

Various accounts place the singer’s net worth between $482 million and $500 million at the time of his death, but it has since come to light that he owed a comparable amount in debt.

Jackson’s executors, John Branca and John McClain, filed a petition seeking permission to pay several law firms for services provided to the estate in 2018.

The lawsuit, acquired by Entertainment Weekly, describes Jackson’s assets before and after his death, and argues that his debt has caused problems for the executors.

The petition states, “The executors have faced exceedingly difficult circumstances.

“Among other issues, at the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default.”
Jackson accumulated additional expenses as he prepared to make a comeback with his This Is It residency, scheduled to begin in London just a few weeks after his death.

Following Jackson’s death, the executors claim to have resolved ‘nearly all of the creditors’ claims and litigation’ while also consolidating ‘the MJJ company as a key entity in the music industry’.

One way the executors worked to improve the estate’s financial situation was by purchasing a share in EMI Music Publishing for $50,000 in 2012 and selling it for $300 million in 2018.

The estate has also benefited from productions such as MJ: The Musical on Broadway and the impending biographical film Michael.
Branca and McClain are now attempting to reimburse legal firms for more than $3 million in services done that year.

Their appeal follows a tax issue that prevented Jackson’s three children, Paris, Bigi, and Prince, from receiving funds from their father’s estate last month.

As the value of Jackson’s estate was calculated, Branca and McClain denied a request to send a portion of it to the Michael Jackson family trust, effectively cutting off the children until the problem was resolved.