New York, July 26 - Authorities have found that the assets of Michael Jackson's estate exceed $500 million and say that it will pull the late singer out of the estimated $400 million he died owing.

According to contactmusic.com, administrators John Branca and John MCClain have filed court documents indicating Jackson's estate will be solvent, or sufficient to pay all debts, because his 'assets consist of real and personal property exceeding $500 million'.

The papers, released into public domain Friday, also state that Branca and McClain have recovered over $5.5 million in cash from one of the star's former business advisers.

The executors are also finalising various deals they expect will generate 'tens of millions of dollars of revenues', providing Jackson's three young children with substantial amounts after all debts are paid off.