Recent court filings reveal that the estate of pop legend Michael Jackson was in debt to the tune of over $500 million at the time of his death in 2009. What Happened: Documents filed in Los Angeles on June 21 and later obtained by People magazine last week showed that Jackson owed this massive sum to more than 65 creditors. The filings also disclosed that the late singer had multiple lawsuits pending worldwide. The executors of Jackson’s estate renegotiated and restructured financing arrangements to manage the debts. This included a $750 million deal with Sony over music publishing rights for…