Published on April 11th, 2012 | by James Johnson0
Thomas Kinkade Died With $9 Million In Debt
Artist Thomas Kinkade passed away this past week at the young age of 54-years-old and now court documents show that the famed artist who painted the “Painter of Light,” portrait owed more than $9 million at the time of his passing.
165 creditors are seeking money from the Kinkade estate which is expected to see huge returns in the coming months as interest in Kinkade’s work has once again reached a fervor.
Among money owed is a rather large $2.4 million for two former gallery owners who had been locked in a decade-old dispute with Kinkade to $40,000 in back taxes payable to the IRS.
Other amounts are much smaller, for example Kinkade owed $125 to a computer and toner supply company.
The strangest debt might be the $2,251 Thomas Kinkae owed to Arrowhead Mountain spring water.
Before his death the artists’ distribution arm was once worth $145 million but only $1.4 million in cash and $6.5 million in assets remained at the time of Kinkade’s passing.
Under a bankruptcy reorganization agreement Kinkade was being forced to release images with proceeds going to creditors and it is now believed that rapidly increasing sales of his work will pay off his debt with money to spare. It’s also believed that some previously unreleased Thomas Kinkade portraits will come to market.