Michael Jackson 'Debt' Story is Dead Wrong

King of Pop L.A. Rag Mag Michael Jackson

12:00 pm, June 27th, 2009

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How accurate can something be in a blog that has the word “rag” in its name? In a post on LARagMag.com titled, “Was Foul Play Involved in Michael Jackson’s Death?” the blog casually notes that “All of Michael’s 500 Million dollars of debt has been forgiven with the passing.” Really?! That’s news to Gossip Cop, and even more so to Jackson’s possible creditors.

Newsflash: Dying doesn’t erase debt. (Although it does get you out of jury duty.) Estates have to settle with those who are owed money. And in Michael Jackson’s case, though he died with approximately $400-500 million in debt, he still had a major asset — the Sony-ATV catalog, which is estimated to be worth $1 billion.

Nice try, though, LARagMag. Dying, however, does still get you out of jury duty.

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