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Michael Jackson Pays Off Millions in Debts

It appears that Michael Jackson has began to put his financial house in order. He has reportedly began paying off millions of dollars in debts, thanks to settlements and lost legal cases.

Fox News is reporting that on Thursday, Jackson began paying off millions of dollars in debts which could amount to at least $20 million.

In this latest refinancing of a $300 million loan secured by his interest in Sony/ATV Music Publishing, Jackson may only have received about $25 million in fresh cash. He was otherwise so cash poor that he and his kids were living in Las Vegas with his mother, waiting for the deal to be finalized.

Jackson’s Neverland Ranch in Los Olivos, Calif. is still in danger of being foreclosed on. A default notice for $23 million, has been in effect since Oct. 19. Its 90-day grace period runs out in two weeks.

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