Michael Jackson 'was more than $500m in debt'

Michael Jackson was reportedly over $500 million in debt at the time of his death.

The pop icon died in June 2009, aged 50, after suffering a cardiac arrest, and documents seen by PEOPLE have now revealed that he owed hundreds of millions of dollars in unpaid debts.

Jackson was one of the best-selling music artists of all time - but he was also well-known for his extravagant spending habits, which included spending millions on jewellery and artwork.

Court documents show that the pop legend owed an eye-watering sum of money when he passed away. However, Jackson was writing new songs and preparing for a residency at The 02 in London, as he worked towards bringing his financial troubles back under control.

Randy Phillips - the former CEO of AEG Live, which was promoting Jackson's London residency - previously revealed that the pop icon was determined to address his money problems.

He also suggested that Jackson - who first found fame as a child in The Jackson 5 - was "ready to stop living like a vagabond and settle down".

Randy told Rolling Stone magazine in 2009: "He wanted people to see his work and not just talk about his lifestyle."

Randy rubbished the idea that Jackson was "feeble and manipulated", and he insisted that the singer was fully aware of his precarious financial situation.

He said: "Michael was a very smart marketing person.

"People say he was feeble and manipulated, but he was powerful and a manipulator. He was ready. He wanted to clean up his finances. He was ready to stop living like a vagabond and settle down and earn money again."