Michael Jackson's gigantic debts 'wiped out just five months after his death'

London, November 29 : The money needed to pay off Michael Jackson's huge debts has been raised within five months after his death.

The King of Pop's estate has apparently grossed almost half-a-billion dollars through the music CD royalties and box-office collection of the film 'This Is It.'

Also, there has been an additional income from the sale of Jackson souvenirs and memorabilia, reports the Daily Star.

However, administrators of Jackson's estate, John Branca and John McClain, still face close to six lawsuits.

The cases include a 300-million-dollar action filed by New Jersey based company AllGood Entertainment. The company claims that the singer had backed out of a TV reunion concert with his brothers in Texas.

Administrators said solutions may be reached 'by early in the New Year'.

--ANI