Michael Jackson dies at 50; AEG Live says it's well insured

June 25, 5:58 PMDenver Celebrity ExaminerJennifer Finke

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Pop legend dead at 50; millions mourn

Michael Jackson, the greatest pop legend of our time, passed away today at the age of 50.

AEG Live, which is owned by Denver businessman, Phil Anschutz (who also owns Examiner.com), was sponsoring Jackson's 50 scheduled concerts planned for London's O2 Arena from July 2009 through August 2010.

It is unknown whether the 1 million tickets sold (each ticket sold for about $115 each) will be refunded or not.

In a Reuters article reprinted online on the Montreal Gazette, a spokesperson for AEG Live says that the company was well insured because Jackson passed a physical "with flying colors."

The article goes on to say, "Michael's in incredible physical shape, he's got tremendous stamina, he's been working out aerobically preparing for this, and he is totally engaged," Phillips says. "He sounds like Michael Jackson. He is laser-focused on making this the greatest entertainment event that fans have ever seen."

The concert was being dubbed Jackson's "comeback tour" and tickets were reselling for thousands of dollars, demonstrating the king of pop never lost his popular appeal despite being under many personal attacks for strange behavior and financial woes. It was being reported that the 50 concerts alone would have netted Jackson an unconfirmed $50 million, wiping out part of the pop star's debt.

It is a sad day for the world as we mourn the pop legend.  It is the day that music died.

Click here for more coverage on the death of Michael Jackson.