According to court papers filed yesterday, since Michael Jackson’s death in 2009 his estate has amassed an incredible $310 million through sales of albums, a movie, merchandising and various other ventures.
Administrators have spent just over half of that ($159 million) to reduce the “Dangerous” singer’s debts which were estimated to have been around $400 million at the time of his death.
The documents state: “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 records have been made public as part of the Jackson estate’s probate proceedings and cover the financial dealings in great detail, covering the time between his death and December 31st, 2010.
His children, mother and a clutch of charities head the beneficiary list.
John McClain, Jackson’s music executive and his attorney John Branca were given charge of administration as requested in the “Bad” star’s will, written before his death from an overdose of prescription drugs, particularly propofol which was given to him by his personal doctor, Conrad Murray, to help him sleep.
Murray has since been brought up on the charge of involuntary manslaughter to which he has pleaded not guilty.
“Thriller” is Michael Jackson’s all time biggest seller and was arguably the pinnacle of his career, despite the success of subsequent albums which never captured the essence of his quality in quite the same way.
[adsense]Thanks to his catalogue the music industry feel his estate will continue to rake the millions in, just as other deceased stars like John Lennon, Jimi Hendrix and Elvis Presley do.
Other new money spinners include a new album of previously unreleased songs called, “Michael” and a film called “This Is It” which follows his progress on a number of comeback tour dates in London, behind the scenes footage and rehearsals.
There is also additional merchandising to accompany the new album and movie, both of which are being released by Epic, a subsidiary of Sony Corp.
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images: gearlog.com, sofeminine.co.uk