Michael Jackson Was Millions In Debt When He Died

(Radio.com) At the time of his unexpected death in June of 2009, Michael Jackson's personal debt had ballooned to an estimated figure somewhere between $400 and $500 million. By the time of his death, he was reportedly paying $30 million per year alone in debt payments.

According to CBS L.A. and the L.A. Times, the revelation was made during testimony Monday (Aug. 12) from forensic accountant William R. Ackerman, a witness for AEG Live in the wrongful death case filed against the concert promotions giant by Jackson's mother, Katherine.

Ackerman testified that Jackson routinely spent more money than he made on a lavish lifestyle, charity donations and his infamous "mini-theme park" Neverland Ranch, stating that the singer was three to four months behind on payments for the sprawling estate.

"He spent a lot of money on jewelry," Ackerman said. "Consistently, his largest expenditure was interest expense," he added regarding Jackson's enormous financial debts, which included a series of large bank loans. "He spent a ton of money on interest."

The Jackson family quickly countered these allegations of irresponsible debt as smear tactics on AEG's part. The family is suing AEG Live for negligence in hiring and supervising Dr. Conrad Murray, who administered what would amount to a lethal dosage of the anesthetic Propofol to the pop superstar. more on this story

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Copyright Radio.com/CBS Local - Excerpted here with permission.

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