Michael Jackson’s Estate Owes $702 Million In Backed Taxes

As the old saying goes, there are two things guaranteed in life: death and taxes.

And, that even means if you are the late Michael Jackson. According to TMZ, the estate of the late superstar owes the IRS $702 million in backed taxes.

The allegations are stunning.  According to legal docs — obtained by the L.A. Times — when Michael died the executors told the IRS his net worth was around $7 million.  The IRS now says MJ’s net worth was actually $1.125 BILLION!

And in a HIGHLY unusual move, the IRS claimed executors so grossly misled the agency, it doubled the tax penalty — from 20 – 40%.  So the IRS claims the Estate didn’t pay $505 million worth of taxes, and when you add the 40% it comes to more than $702 Million.