There's bound to be massive litigation over Michael Jackson's estate.

For the last years of his life, the pop icon was bogged down in controversy. But more to the point, he was trapped in a quagmire of debt.

As The Wall Street Journal tells us, he left this world with $500 million in debt after defaulting on a $24.5 million loan backed by Neverland. A big chunk of this debt was a $200 million loan secured against his biggest asset - a 50% interest in the publishing rights to his own music and 251 compositions by the world's most famous pop band, The Beatles.

Jackson's profligate lifestyle was well known. Back in 2005, an accountant testifying at his child molestation trial said Jackson was living beyond his means, spending $20 million to $30 million a year more than he earned. Back in 2003, Forbes put his debt at $200 million, more than double his assets.

Get ready for the dogfight as creditors zero in for the kill. Still, Jackson might start making some real money now that he is dead. His record label Sony is likely to re-issue recordings of his best selling albums, and even put out a few rare releases.