Michael’s Estate has generated three hundred and ten million dollars in revenue from album sales, the ‘This Is It’ film, merchandising and other products, since he passed away June 25th 2009, according to Court papers filed on February 17th. His Estate’s administrators have used one hundred and fifty-nine million dollars to pay down Michael’s debt, which when he died, amounted to more than four hundred million dollars, court records show.
“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 documents state.
The records, which were made public as part of the Estate’s probate proceedings, are the most detailed accounting yet of the finances of Michael’s Estate, from his death until December 31st 2010.
Beneficiaries of the estate are his children, his mother and various charities. Attorney John Branca and music executive John McClain, were named administrators in a will Michael signed, before he died in June 2009.
Industry experts think Michael’s Estate can generate cash for years to come, just as deceased stars like Jimi Hendrix, John Lennon and Elvis Presley, continue to rake in millions.
Noteworthy costs included a nine hundred thousand dollar payment to Forest Lawn Memorial Cemetery where Michael’s body is interred, and thirty-five thousand dollars in expenses, listed as, “costume for memorial.” Administrators, paid over twenty-seven million dollars in taxes, as well as five point three million dollars for Jackson family members and properties Michael owned. They paid four million dollars in mortgage payments, on his properties.
Source: Reuters & MJWN