Michael Jackson was just as famous for his enormous financial debts as he was for his enormous musical talent. It was seemingly normal that he would drop a few hundred thousand dollars in a single shopping spree to high end boutiques and antique shops. After his death, it appeared that his family was going to be saddled with these debts for many years. However, it seems that it may not take as long for the Jackson estate to claw it's way out of debt as many had thought.
According to some new reports, the estate has raked in almost enough cash since 2009 to pay off $500 million in debt. Executors for the Jackson Family Estate have filed documents that show the estate has grossed over $475 million by the end of May 2012. The documents also state that they have paid off almost all outstanding debts and expect all debts to be paid off by the end of the year.
Michael's mother, Katherine, has asked the executors for an increase in funds, $34,700 per month, to help pay lawyer and accountant fees. These fees have run upwards of $13 million a year.
For more information on estate administration please consult with a professional attorney from The Law Offices of David A. Shapiro.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.