Michael Jackson Estate Clears MJ’s MASSIVE Debt … Almost

Michael Jackson
“s estate has made a fortune since the singer”s death — so much in fact … it”s nearly paid off $500 million in debt the King of Pop left behind when he died.

Executors for the Estate filed legal docs — obtained by our sources — which show the Estate has generated gross earnings exceeding $475 million as of the end of May. 

According to the docs, all of MJ”s debts have been paid, with the exception of a BIG debt involving Michael”s publishing catalog … and executors expect that will be fully paid off by the end of the year.

It”s not only good news for the Estate … it”s great news for the small army of lawyers who have been handling all the legal and business affairs.  Their fees — from May, 2010 through November, 2011 — exceeded $13.6 MILLION!

Two other things … Katherine is asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011.

Final thing –There are still some unresolved creditors” claims and several lawsuits to clear up.

All in all … not a bad turnaround.