Joe and Katherine Jackson’s finances have been in a shambles for a decade. They were paying rent to their most famous son, Michael, according to papers reported in an online exclusive.
The Jacksons, who filed for Chapter 7 Bankruptcy on March 1, 1999, have only just come out of their complicated financial dealings. Although Michael Jackson’s parents’ debts were legally discharged on June 13, 2000, adversarial motions from creditors followed until as late as May 22, 2008, according to court documents. For the bankruptcy filing in 1999, the Jacksons had listed their assets in range of $100,000 to $500,000, but their massive debt in the range of $10 million to $50 million. As a side note to the list of creditors that include their attorneys, the IRS and the State of California is the mention of a “month-to-month tenancy only” on their Encino house, with Michael listed as owner.
