At the time of Michael’s sudden death in June 2009 he owed more than $500 million dollars to debt collectors and his estate was only worth $310 million.
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The executors of the estate, however, were able to reduce his debt obligations tremendously, knocking off close to $90 million. They also refinanced many of his loans to gain lower interest rates. One of the main reasons Michael signed on to do the worldwide “This Is It” tour was to earn money to pay down his debt and revive his career.
A judge will approve the new payment schedule on Sept. 28th, and rumor had it there will be more money available in the future for his children.