Michael Jackson Estate Rakin’ In The Dough

The numbers made in the last year off of the ‘King of Pop’ are just staggering to say the least. Read the detailed report below:

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.


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