A FORBES report by the journalist working on a book on the business aspects of Michael Jackson’s music career cited reps of the estate which said a loan from Mijac Music, the catalog housing some of the star’s biggest hits, settled the King of Pop’s remaining personal debts.
“The payment means that the estate has eliminated the last of Jackson’s outstanding personal debts. That’s no small feat, considering the pile obligations–roughly half a billion dollars–left behind by the singer when he passed away in 2009,” the report said. It was done by Zack O’Malley Greenburg, the journalist who in 2011 published a well-received business-centered biography on Jay-Z.
Greenburg says Jackson’s estate has been able to meet many of its demands largely because of the popularity of the film This Is It, in addition to a Cirque du Soleil show currently touring Europe.
Read the full report at Forbes.