Painter Thomas Kinkade Owed Creditors, The painter of light Thomas Kinkade, one of America's most popular artist, has died at the age of 54.
His family issued a statement saying that he passed away at his California home on Friday from what appeared to be natural causes.
The artist's paintings hang in an estimated one out of every 20 homes in the United States.
Kinkade owed about $9 million to at least 165 creditors when he died. His credits range from a huge amount of $2.4 million from a decade-old dispute with two former gallery owners to a tinny credit of $125 owed to a computer and toner supply company.
His bankrupt distribution arm, once worth $145 million, was down to $1.4 million in cash and $6.5 million in assets last April. A bankruptcy reorganization agreement required Kinkade to continue releasing images, whose proceeds would go to creditors. Now, proceeds from rapidly increasing sales after Kinkade's death will do that instead, and court documents also hint that unreleased work may also exist.
Posts
