Michael Jackson's estate is working its way out of debt

Although singer Michael Jackson was more than $400 million in debt when he died, his executors report that his estate has generated more than $310 million since his death and that they have used $159 million to pay down the debt, according to a story in The Christian Science Monitor.

The information comes from an accounting filed by executors John Branca and John McClain reporting transactions through December 31, 2010. The Monitor quotes from the accounting: "Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt."

To see the docket sheet for this complex probate proceeding, go to the probate court's web site, click on the "Case Summary" link in the left column, and then enter "BP117321" in the Case Number field. To see Michael Jackson's 5-page will, click here.