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Michael Jackson Estate Facing HUGE Debt

| Filed under: Michael Jackson


Although the executors of Michael Jackson's estate have settled most of his financial woes, they are struggling with a $300 million loan due at the end of the year.

The massive loan from Barclays PLC, which is backed by his 50% stake in SONY/ATV, matures at the end of the year.

In order to secure the loan in 2006, Michael looked to Sony for help even though he was already close to defaulting on a $270 million loan held by hedge fund Fortress Investment Group LLC.

The Jackson estate and Sony have discussed whether the company will guarantee refinancing of the debt backed by Michael's Sony/ATV stake.

And Sony wants them to do so! It could mean them paying hundreds of millions for a catalog that he already controls.

Considering the mess they got the Jackson family out of already, we're sure the executors will figure something out!

[Image via WENN.]

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3 comments to “Michael Jackson Estate Facing HUGE Debt”

  1. 1


  2. 2

    almost a year later and i still have to hear about this fool………….

  3. 3

    Perez reports this same lie every week. Michael Jackson's estate owns the entire Beattles catelog worth a cool billion dollars, and it has never even been considered for sale. why don't people ever report Elvis estate is broke?