Michael Jackson's Personal Debts Paid Off, Just In Time For Bad 25
On the eve of the Thanksgiving debut of Spike Lee’s Bad 25 documentary,
the late Michael Jackson has a lot to be thankful for.
|Bad is Good: Michael Jackson's personal|
debts have been paid off, as of this week.
Yesterday a representative of the singer’s estate confirmed to FORBES that, on Monday, the estate paid off the last dollars on a loan connected to Mijac Music, the catalog that’s home to many songs composed by the King of Pop, including hits like “Beat It” and “Billie Jean.”
The payment means that the estate has eliminated the last of Jackson’s outstanding personal debts (FORBES reported last month that Jackson’s personal debts would be paid off by the end of the year). That’s no small feat, considering the pile obligations–roughly half a billion dollars–left behind by the singer when he passed away in 2009.
Jackson’s estate has been able to pay off that debt earlier than expected thanks to the enduring popularity of the King of Pop and his work, which spurred earnings of $145 million over the past year alone.
Financial highlights since 2009 include a $60 million advance for concert film This Is It, which went on to become the most successful concert film in history with a worldwide gross in excess of a quarter billion dollars, as well as a new $250 million record deal with Sony, the largest ever.
More recently, the Michael Jackson Immortal World Tour–a joint venture with Cirque du Soleil–grossed $160 million during its first leg, making it this year’s top tour in North America. The show now moves abroad, and is currently wending its way through Germany.
There are still some business debts left for Jackson, namely a loan that FORBES estimates at $280 million, connected to the Sony/ATV publishing catalog.
But the loan’s interest rate of 2.9%, negotiated down from 5.8% shortly after the singer’s death, seems innocuous enough–and perhaps necessary for continued expansion of the company, which is half-owned by Jackson’s estate.
Meanwhile, the show goes on. Lee’s BAD 25 documentary, which celebrates the quarter-century anniversary of Jackson’s followup to Thriller, will air on Thanksgiving at 9:30pm Eastern time on ABC.
Source:Zack O'Malley Greenburg,