In the Red

Jackson Estate Has $300 Million Debt

The consequences of Michael Jackson's out-of-control spending habits didn't just disappear when he died almost a year ago. In fact, managers of his estate are still struggling to come up with the money to pay off the massive debt the King of Pop racked up in his final years. Though a resurgence of interest in the singer after his death yielded $200 million in posthumous income—a windfall that helped pay off a host of bills and avoid foreclosure on an Los Angeles home where his mother lives—a $300 million loan payment to Barclays PLC still looms. Jackson's survivors may be forced to sell a stake in the music publishing company Sony/ATV if the bank cannot guarantee a refinancing of the debt.