When the Thriller singer died in 2009, he had debts amounting to more than $400million, but court papers filed in the U.S. on Thursday show that his estate's administrators have used $159 million to pay down some of his debt.
'Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt,' the documents state.
When Michael Jackson died he had debts amounting to more than $400m, but his estate has since earned $310m from sales of albums and other merchandising
The records, which were made public as part of the estate's probate proceedings, are the most detailed accounting yet of the finances of Jackson's estate from his death until December 31, 2010.
Jackson's children, Prince Michael, 14, Paris, 12, and eight-year-old Blanket, are among the beneficiaries of the estate, along with his mother, Katherine, and various charities.
Attorney John Branca and music executive John McClain were named administrators in a Will the Thriller singer signed before he died in June 2009 from an overdose of drugs, including the anaesthetic Propofol.
The singer's doctor at the time, Dr Conrad Murray, has been charged with involuntary manslaughter in the death and has pleaded not guilty.
Jackson's 1982 release Thriller remains the best selling album of all time.
Industry players think his estate can generate cash for years to come, just as dead stars like Jimi Hendrix, John Lennon and Elvis Presley continue to rake in millions.
Among the projects making money for Jackson's estate are the new album Michael, which contains previously unreleased songs.
Jackson's recordings are released by Epic Records, a subsidiary of Sony Corp.
In addition, the concert movie This Is It, which compiled videotaped rehearsals for a series of comeback concerts in London, and various merchandising and licensing deals have also swelled the coffers.
The papers filed with the court showed that administrators paid $27.2 million in taxes, as well as $5.3 million for Jackson family members and properties he owned, and $4 million in mortgage payments on his properties.
Noteworthy costs included a $900,000 payment to Forest Lawn Memorial cemetery where Jackson's body is interred, and $35,000 in expenses listed as "costume for memorial."
The 17,500 people attended the memorial at Staples Center in Los Angeles, which as clips of Jackson's life and music were played on big screens.
Messages were read from absent guests including former South African President Nelson Mandela, poet Maya Angelou and singer Diana Ross.
Lionel Richie, Stevie Wonder and Mariah Carey paid tribute before the family joined a sombre finale on stage.
Jackson's siblings, children and parents took part in a chorus of We Are The World and Heal the World.
The singer's coffin was placed in front of the stage during the arena event after an earlier private funeral.
When Michael Jackson died he had debts amounting to more than $400m, but his estate has since earned $310m from sales of albums and other merchandising
Michael Jackson was laid to rest at Forest Lawn Memorial Park during a private ceremony attended by family
Jackson's daughter, Paris, and his two sons, Prince Michael and Blanket, attended a memorial service for their father
Michael Jackson's physician Conrad Murray was charged with involuntary manslaughter following Jackson's death and has pleaded not guilty
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