Posted Friday July 13, 2012 4:18 PM GMT
Three years after his death, Michael Jackson's debt is almost paid off thanks to his estate which has reportedly brought in a fortune since the singer passed away on June 25, 2009 from an overdose.
According to legal documents obtained by TMZ, Executors of his Estate indicate that more than $475 million of The King of Pop's $500 million debt has been generated by the estate as of the end of May.
TMZ reports that the documents show, "all of MJ's debts have been paid, with the exception of a BIG debt involving Michael's publishing catalog" but is expected to be entirely paid off by the end of the year.
However, TMZ also states that Jackson's mother, Katherine, is "asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011" which reportedly amount to more than $13.6 million from May, 2010 through November, 2011.
Michael's camp is also working through some creditor claims and lawsuits against the estate but Jackson's former lawyer, John Branca, - who is also co-executor for the estate - has some insight as to where more money can be earned admitting, ?We learned a lot from the Elvis estate, and we see opportunities".
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