Michael Jackson is earning more in death than he did in life -estate netted $74million in a year
The late King of Pop, Michael Jackson estate is currently earning more money than the late artist did when he was alive, according to newly-released court documents.
Jackson, who died in 2009, reportedly faced debts of up to $500 million (£388 million) at the time of his death. The aforementioned documents claim, however, that the executors of his estate have “disposed of most of the creditors’ claims” – but some debts still remain.
The 73-page document filed at a Los Angeles court by executors, including close friends John Branca and John McClain, showed publishing rights from hits like Thriller delivered $2,448,584.99. But his merchandising arm Triumph International brought in the most – $18.8million in the same period.
Spending included $10.8million on a house for the children and $85,297.65 for a top-of-the-range Cadillac Escalade for their security team. Budding film director Prince was given a $70,000 truck and a Chevron fuel card on which he spent $9,000.
The superstar died in 2009 at the age of 50, following an overdose of the anaesthetic propofol.
Today, August 29, 2018, would have been the King of Pop’s 60th birthday, but court papers have revealed his estate netted $74million in a year and his gross earnings since his death are thought to exceed $900 million, according to The Mirror.
The children enjoyed five holidays, including to Hawaii, for which they got $28,500 in spending money alone.
However, as reported by The Mirror, Jackson’s estate earned $74 million (£57.4 million) in 2015. The details have come to light in a 73-page court document which was filed at a Los Angeles court by his executors.
Those earnings include publishing rights, which brought in $2,448,584.99 (£1.9 million) in that year. Jackson’s merchandising arm, Triumph International, was the biggest-earner for the estate during that time period, bringing in $18.8 million (£14.5 million).
The documents also shed light on some of the estate’s expenditures, which include a $10.8 million (£8.3 million) bill on a house for Jackson’s children and $1 million (£776,000) in medical bills for his mother, Katherine.
The estate is trying to negotiate a deal on his bills for the last decade and “true value” of his estate as it’s understood the gross earnings since Michael’s death have exceeded $900million.
This means his children Paris, 20, Prince, 21, and Blanket, 16, are living their lives in luxury which they were denied in the last three years of his life.
The house Jackson lived in before buying the Neverland ranch – Hayvenhurst – cost $157,000.
The accounts were mentioned in court papers as Jackson’s estate faces claims that the singer owes $500 million in back taxes, according to the Mirror.
His executors are aiming to assess the true value of his estate and trying to negotiate a deal on his bills.