Thursday, February 17, 2011

Michael Jackson Estate Made $310 MILLION Since His Death

The Michael Jackson Estate
has made more than $310 million since his death in 2009.

MJ had more than $400 million dollars debt but the estate has already replenished more than $310 since 2009, according to documents.

The executors have spent around $159 Million dollars repaying income taxes various debts, and other expenses such as fulfilling “uninterrupted support of Mrs. Katherine Jackson and Michael Jackson's children as Michael intended."

Katherine has also been paid for making "substantial improvements" in Havenhurst estate in CA. according to executors, they are scheduled out to "pay last illness and funeral and memorial service expenses."

MJs estate had $40 million liabilities to concert promoter AEG stemming from the "This Is It" tour during which MJ died during rehearsals.

The estate has received more than 64 creditors claim with some accounting extremely high interest rates. It is admitted that estate still faces several lawsuits in multiple countries.

The executors are happy because they have "successfully rebuilt and enhanced Michael Jackson's image" when authorized the power to run the estate.

More info

(Reuters) - Michael Jackson's estate has generated $310 million in revenue from album sales, a film, merchandising and other products since the "Thriller" singer died in 2009, according to court papers filed on Thursday.

His estate's administrators have used $159 million to pay down the pop star's debt, which when Jackson died amounted to more than $400 million, court records show.

"Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt," the documents state.

The records, which were made public as part of the estate's probate proceedings, are the most detailed accounting yet of the finances of Jackson's estate from his death until December 31, 2010.

Beneficiaries of the estate are Jackson's children, his mother and various charities. Attorney John Branca and music executive John McClain were named administrators in a will the "Thriller" singer signed before he died ...

Noteworthy costs included a $900,000 payment to Forest Lawn Memorial cemetery where Jackson's body is interred, and $35,000 in expenses listed as "costume for memorial."

Administrators paid $27.2 million in taxes, as well as $5.3 million for Jackson family members and properties he owned. They made $4 million in mortgage payments on his properties.


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