Michael Jackson’s estate clears his massive $500 m debt

Michael Jackson’s estate has almost paid off the $500 million  debt that he had left behind when he died, after making a fortune since the pop legend’s death.

The estate has generated gross earnings exceeding $475 million  as of the end of May, TMZ.com reported.

According to the documents, all of the late singer’s debts have been paid, with the exception of a big debt involving the King of Pop’s publishing catalog and executors expect that will be fully paid off by the end of the year.

It’s good news for the lawyers who have been handling all the legal and business affairs. The lawyers fees from May, 2010 through November, 2011 exceeds $13.6 million

Katherine has been asking for an additional $34,700 a month to pay for lawyers and accountants, and another 205,041 dollars to cover lawyer and accountant fees from 2011.

However, there are still some unresolved creditors’ claims and several lawsuits to clear up.