The music business is basically a lone-shark industry.

1. Record label fronts you the money to record album + do tour (note: they own the studio you record in, using their producers and engineers, and its their tour management group).
2. So you start off the first album several million in debt to record company and now need to work like a madman to pay it off.
3. The deal they have is a "360 deal" which means they earn a percentage of every dollar you make as a person. Album sales + concert tickets + merchandise + endorsements + speaking fees + YouTube channel, etc.
4. If you get to the point that you just about paid off all the debt, they suddenly decide its time for another album. Goto 1.

I am always shocked at the debt levels individuals can incur. You see it with sports stars too. “He was 50M in debt”. How? At what point do lenders just say you are cut off go home and sleep it off.

Based on the search results, here's a summary of the net worth and financial situation of Michael Jackson's children:

Prince Michael Jackson (eldest son):

• Net worth estimated at $100-150 million[1][2][3]
• Will receive $33 million from his father's estate[2]
• Keeps a relatively low profile but has worked as a producer and founded King's Son Productions[2][3]

Paris Jackson (daughter):

• Net worth estimated at $100-150 million[1][2]
• Will also receive $33 million from the estate[2]
• Has pursued careers in acting, modeling, and music[1][2]

Prince Michael Jackson II ("Blanket" or "Bigi"):

• Net worth estimated at $150 million[2]
• Will receive $33 million from the estate as well[2]
• Keeps a very low profile[1][2]

Each child receives an $8 million annual allowance[1]. They will gain access to one-third of their trust fund at age 30, with the remainder disbursed at ages 35 and 40[2]. When their grandmother Katherine passes away, her shares from the estate will be split between the three siblings[2].

Michael Jackson's estate was initially valued at $482 million when he died in 2009, but a judge later ruled it was worth $111 million[1]. The estate has since generated over $2 billion in revenue through various deals and music sales[2][3].

Sources
[1] Here's How Michael Jackson's Kids Are Maintaining His Multi-Million ... https://afrotech.com/michael-jackson-kids-net-worth
[2] Here's Who Inherited Most Of Michael Jackson's Estate And Where ... https://www.thethings.com/who-inherited-most-of-michael-jacksons-estate-and-where-they-are-now/
[3] Prince Michael Jackson Net Worth https://www.celebritynetworth.com/richest-celebrities/actors/prince-michael-jackson-net-worth/
[4] Inside the lavish lives of Michael Jackson's kids | lovemoney.com https://www.lovemoney.com/galleries/115264/inside-the-lavish-lives-of-michael-jacksons-kids
[5] How Michael Jackson's kids are building big fortunes today https://consent.yahoo.com/v2/collectConsent

I have always been fans of his music. I truly consider him a music idol and I am very surprised to know that he has left a debt after his death.

Musicians are generally not that great at handling money. I often wonder if this is just negative baggage that comes with having amazing talent.

Probably why he was trying to get back out on tour and play live just before he died. Most musicians make money from live shows now rather than record sales. Interestingly his estate is estimated to be worth around $2bn now.

According to the New York Times article, at the time of Michael Jackson's death in 2009, his debts and creditors' claims exceeded $500 million.[1] Jackson owed approximately $40 million to the tour promoter A.E.G., and 65 creditors lodged claims against him, leading to legal battles and debts accumulating at high interest rates.[1] Despite amassing vast wealth in the 1980s and 1990s, Jackson faced significant financial turmoil at the end of his life due to his extravagant lifestyle and spending, including debts related to his Neverland Ranch, lavish purchases, and annual interest payments exceeding $30 million.[1] The Jackson estate has since cleared most of the debts and resolved the majority of creditors' claims, but is currently entangled in a tax dispute with the IRS over the valuation of Jackson's assets.[1]

Sources
[1] Michael Jackson Died With $500 Million in Debt https://www.nytimes.com/2024/06/28/arts/michael-jackson-debt.html

He was in excess of everything. So what he died with an excess of debt!!

part of the reason is that he face face several law suite during this life time, including child sexual abuse

As long as this debt didn't go to future generations this is how life is. The borrower is slave to the lender, and unfortunately some fall victim to financial loan sharks.

Is this a correct information?

He spent a huge amount buying a bunch of album masters.
He got all the beetles and stuff.