Michael Jackson's estate have shown that the late King of Pop managed to accumulate tens of millions of debt before his death in June last year according to legal documents.

But the executors of Jackson's estate have managed to successfully turn around his finances by generating revenue from merchandise and restructuring his debt, according to papers obtained by TMZ.

The documentary made from the footage recorded during rehearsals for Jackson's O2 shows formed 'This Is It' which the documents show made $260 million last year.

Further revenue was made from the renegotiation of his royalty agreements and also releasing his 'This Is It' album which sold five million copies last year. This makes it the third biggest selling album of the year.