Michael Jackson Debt To Be Cleared By Estate, Projects

While it has been reported for weeks that Michael Jackson died with over $400 million in debts, recent court filings show that uncovered funds and forthcoming projects will make his estate solvent. Court filings uncovered late last week, predict the King of Pop’s estate will be essentially cleared due to $5.5 million being recovered from a former financial adviser. However, details surrounding that adviser and where the funds were being held has not been revealed. In related news, several King of Pop related deals are said to generate millions of dollars in revenue for the Jackson family. While all deals have not been revealed to the public, discussion of a family tour and unseen footage of Jackson in addition to unreleased music that the King of Pop had been working on prior to his death, could be among the deals being lined up. As previously reported, there is also a deal in the works to produce and release a documentary based on the late Michael Jackson’s ‘This Is It’ concert series. Unreleased footage from rehearsals in addition to preparations for the expected concert series would be seen on the documentary. Sources say that could very well hit theaters by years end. Attorney John Branca and music executive John McClain will continue to serve as temporary administrators of the late entertainer’s estate. Additional Reporting: AP

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