Confirmed: Michael Jackson’s Debt Was Fully Paid Off

A representative of the Michael Jackson Foundation told Forbes magazine that Michael Jackson’s personal debt has been paid in full, down to the last dollar.

Last month, in this page, you read that Michael Jackson’s debts would be fully settled by the end of this year.

This representative, in an interview with Forbes, confirmed that the debt related to a loan Michael took out for his song catalog, Myjack, has been paid in full. The representative also said that all of Michael Jackson’s personal debts have been settled down to the last dollar.

Thanks to the high income the Foundation has had over these three years, it has been able to cover nearly half a billion dollars in debt. This year alone, the Foundation’s income was 145 million dollars.

According to Forbes, the only remaining debt is a commercial debt of 280 million dollars, which relates to the loan Michael received from a bank for Sony/ATV’s music publishing company. As a result of negotiations, the interest rate on this loan was reduced from 5.8% to 2.9%, and at the moment it does not need to be settled.

Source: eMJey.com / Forbes