Whoa.Reading this story is just amazing. Michael Jackson was an industry onto himself and we will never see anything like this in a hundred lifetimes. This article is about any potential will that Michael left but none have been proven legit so the legal wrangling is just beginning.
Unwinding Mr. Jackson’s estate is likely to be a thorny challenge, given the size and complexity of both the assets and the debts involved. In all, Mr. Jackson died with around $500 million debt, but the value of his assets probably outweigh that, possibly by $200 million or more, according to people familiar with the matter.
Mr. Jackson’s most valuable asset is believed to be his 50% stake in Sony/ATV Music Publishing, a joint venture with Sony Corp. That stake is collateral for a $300 million loan held by Barclays PLC. And Mr. Jackson’s level of control over the venture was reduced in a 2006 refinancing. For instance, he no longer has veto power over key executive appointments, according to people familiar with the situation. Sony also has the right to buy half of Mr. Jackson’s 50% stake when it chooses.
Mr. Jackson’s other assets include Mijac, a publishing catalog that comprises his own musical composition that is collateral for a separate $73 million loan. And control of the master recordings of his albums, currently in the hands of Sony, is set to revert to him in five years, according to people familiar with the matter.
But Mr. Jackson last year defaulted on a $24.5 million loan backed by another major component of his portfolio, Neverland Valley Ranch. He then became a partner in a venture — Sycamore Valley Ranch Co., LLC — that now owns the property. It is not clear what will become of the property once the will is executed.