No, Michael Jackson is not still in debt; his estate successfully eliminated over $500 million in debt by generating billions in revenue from his music, catalog sales (like the Sony deal), and projects, turning his finances around dramatically since his 2009 death, though some tax disputes with the IRS have lingered, as reported in mid-2024 by etonline.com, The New York Times, Scripps News, The Guardian, and People.
When Michael Jackson died in 2009, he was over $US500 million in debt – now he is roughly $A768 million richer today. The King of Pop died of cardiac arrest caused by acute Propofol intoxication 16 years ago at the age of 50. At the time of his death, the singer owed money to more than 65 creditors, People reports.
At the time of his death in 2009, Michael was worth around $500 million, but he also owed about $400 million. In 2018, his earnings reportedly reached $825 million. In May 2021, a judge ruled that Michael's estate was worth $111 million. In his will, MJ left 40% of his assets to his three children, to be split equally.
The crushing debt-service payments – combined with losses totaling millions, due to bad investments and money spent to finance his lifestyle – wiped out his fortune and he ended up in hot water with private equity creditors (it should be noted that Jackson was an extraordinary philanthropist, donating $300 million to a ...
As the Los Angeles Times documented, the accountant explained that Jackson spent exorbitantly on jewelry – though he also bought art, furniture and gifts as well as traveled and donated money to charity. “He was tapped out,” the accountant, William Ackerman, testified.
Today, each is reportedly worth $150 million and living in luxurious California estates. Michael Jackson died in 2009 with over $500 million in debt, yet his three children, Prince, Paris, and Bigi, are now multimillionaires living in luxury. Today, they each reportedly have a net worth of around $150 million.
The megastar is only the fifth musician to make the Forbes billionaires list, where she reigns with her husband Jay-Z, Taylor Swift, Rihanna and Bruce Springsteen. Forbes reported Beyoncé's Cowboy Carter tour was the highest-grossing of 2025, raking in $400 million in ticket sales, and another $50 million in merch.
Who Owns All that Debt? On October 21, 2025, the nation's gross debt eclipsed $38 trillion. Of that amount, approximately 80 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors.
Jackson is infamous for vetoing the re-charter of the Second Bank of the United States, a federally chartered central bank, and then prematurely removing the government's funds from it, also known as his “Bank War.” He is also known for extinguishing the national debt in 1835, the only US President ever to do so.
Thanks to both loyal fans and a new generation who discovered his music after his death, Jackson has since sold 35 million albums and counting. As a result, Jackson's estimated net worth now stands between $2 and $3.5 billion and is expected to grow further in the years to come.
Yes, Selena Gomez is considered a billionaire, with Bloomberg reporting her net worth at $1.3 billion in September 2024, primarily due to the success of her makeup line, Rare Beauty, though some sources like Forbes offered lower estimates around the same time. Her wealth comes from various ventures, including Rare Beauty, her music, acting, and other business endeavors like her mental health startup, Wondermind, making her one of the youngest self-made female billionaires.
Born 29 May 1956, La Toya is the fifth Jackson child and the second-eldest daughter of the family. She rose to fame in the 1970s when she starred in CBS show The Jacksons alongside her siblings. Today, La Toya is estimated to be worth $1 million (£787k).
The attorneys, John Branca and John McClain, hit back at her on Oct. 9, revealing she “has received roughly $65 million from the Estate in benefits,” per documents obtained by E! News. Their point is that the Jackson estate was in $500 million of debt when the King of Pop passed away in July 2009.
While both were incredibly wealthy, Michael Jackson's estate has earned significantly more money posthumously than Elvis Presley's, with estimates showing MJ's estate generating billions in earnings since his death compared to Elvis's, despite Elvis having a head start. Forbes consistently ranks Michael Jackson as the top-earning deceased celebrity, with Elvis usually second, highlighting MJ's vast posthumous financial success from music, catalog, and business ventures.
The First Step to “Kill” the Bank of the United States
To hasten the institution's end, Jackson ordered no additional federal funds be deposited into the BUS and the remaining government deposits (20 percent of total funds) be withdrawn and deposited in state banks to perform the various duties of the BUS.