According to the New York Times article, at the time of Michael Jackson's death in 2009, his debts and creditors' claims exceeded $500 million.[1] Jackson owed approximately $40 million to the tour promoter A.E.G., and 65 creditors lodged claims against him, leading to legal battles and debts accumulating at high interest rates.[1] Despite amassing vast wealth in the 1980s and 1990s, Jackson faced significant financial turmoil at the end of his life due to his extravagant lifestyle and spending, including debts related to his Neverland Ranch, lavish purchases, and annual interest payments exceeding $30 million.[1] The Jackson estate has since cleared most of the debts and resolved the majority of creditors' claims, but is currently entangled in a tax dispute with the IRS over the valuation of Jackson's assets.[1]

Sources [1] Michael Jackson Died With $500 Million in Debt https://www.nytimes.com/2024/06/28/arts/michael-jackson-debt.html