Michael Jackson Estate Rakin’ In The Dough
via Huff Post
A kingdom that was on the verge of collapse from more than $500 million in debt now looks to be able to support his three children and his mother and donate healthily to children’s charities.
The estate has earned more than $250 million in the year since he died. Executors used some of that to pay off $70 million in debt, including the $5 million mortgage on the Jackson family compound in Encino, part of Los Angeles. The interest payments on the remaining debt are now covered by a steady flow of cash.
“They’re off to a spectacularly good start,” said Lance Grode, a former Jackson lawyer and adjunct professor at the University of Southern California Law School. He added, however, “there’s a long way to go before they pay off all of their debts.”
A rundown of deals suggests that Jackson’s fortune will be even bigger than could have been realized by a planned series of comeback concerts:
_ A posthumous deal to sell unreleased Jackson recordings with Sony Music guaranteed $200 million over seven years. It has already brought $125 million to the estate.
_ The film “This Is It,” based on his final concert rehearsal footage, grossed $252 million worldwide. Sony Pictures paid the estate $60 million in advance, with an undisclosed amount more to come from DVD sales.