The King of Pop’s debt has been settled

After Michael Jackson’s death, in addition to a huge legacy—including an artistic treasure and a rich music archive—he also left behind a $475 million debt, largely the result of his efforts to preserve the Sony/ATV publishing company and the Beatles’ catalog. Today, this company is worth more than $2 billion.

The Michael Jackson Foundation has had very high income during the three years after his death, making Michael the highest-earning artist among the living and the dead. Now it has been reported that his foundation has been able to almost completely clear his debt of nearly $500 million, relying on that income.

The Michael Jackson Foundation has recently submitted legal papers related to its expenses and income to the court. According to these documents, the foundation’s net income has surpassed Michael’s total debt by the end of May this year. Based on these papers, Michael Jackson’s entire debt has been settled except for one item related to publishing rights. The foundation expects that this remaining item will also be fully settled by the end of this year.

Source: eMJey.com / TMZ