TMZ, that well-known source of imaginative reporting, has revealed that Michael’s Estate has worked a miracle to bring his finances back from the brink of collapse, to a point where it could be worth nearly as much as Elvis Presley’s Estate!
Citing “new documents,” TMZ reports that the ATV catalogue was worth only just over four hundred and seventy thousand dollars, at the time of Michael’s death, because Michael had borrowed three hundred million dollars, against it. However by October 2010, the net value of the Estate had risen to nearly two hundred and nineteen million dollars, and that figure doesn’t include the one hundred and eight-five million dollars, the Estate paid out for loans, family allowances, interest, and paying off the Hayvenhurst mortgage, etc.
There are no figures for the current value of the Estate, but sources say it’s worth much more than the valuation in October, 2010.
Mr Branca and Mr McClain have done a tremendous job for Michael and his Estate, and long may they reign.
Source: TMZ & MJWN