Michael Jackson Was Over $500 Million in Debt at Time of Death, New Court Documents Reveal

> When Michael Jackson died on June 25, 2009 of apparent cardiac arrest in Los Angeles at age 50, he was over $500 million in debt, according to court documents filed on Friday, June 21 and obtained by PEOPLE.

> However, given Jackson’s exorbitant spending habits, he desperately needed money to pay off his accruing debt of $30 million a year, according to the Los Angeles Times. The publication reported that certified public accountant William R. Ackerman, testifying as a defense witness on behalf of AEG Live in the wrongful-death trial in August 2013, offered a detailed look at the singer’s finances, **telling jurors that Jackson spent money on donations to charity, gifts, travel, art and furniture.**