MJ's estate mints $600 million since his death
IANS [ Tue, May 21, 2013 ]
- Los Angeles, May 21 (IANS) Late King of Pop Michael Jackson's estate has made $600 million since his death in 2009. It is more money than the "Thriller" star ever minted while he was alive.
The money primarily came from ticket sales. His posthumous sales are believed to amount to more than any single living artist during the same period, reports independent.co.uk.
Contributing factors include ticket sales for Cirque du Soleil's "Michael Jackson's One" and profits from the film of Jackson's concert performances "This Is It", according to US documentary "Michael Jackson 60 Minutes".
"Worldwide box office now is over $300 million. And Michael has almost 60 million Facebook friends. He's the biggest selling artist on iTunes and he's sold approximately 50 million albums since he passed away," John Branca, a co-executor on Jackson's will, told US TV channel CBS.
Jackson had debts of approximately $500 million before he died in June 2009 after an overdose of prescription drugs, termed "acute propofol intoxication".
A Forbes reporter, who has covered Jackson's estate in depth, said: "He never stopped spending like it was the 1980s... he was making 50, 60, 80, over 100 million dollars into the 1990s."
"But after the first charge of assault in 1993, he became radioactive. He didn't tour again in the US, brands dropped him from their commercials... and the upkeep of Neverland really added up. Since Michael Jackson, died the estate has taken over $600 million in four years, and that's more than any single living artist made over that period of time."
As stated in Jackson's will, he intended 20 percent of his estate to go to charity, 40 percent to his children and 40 percent to go to his mother as long as she was alive.
"The whole objective of Michael's estate plan is to take care of his mother during her lifetime and to accumulate the principle and assets for the benefit of Michael's children," said Branca.
Prince Michael, Paris and Michael Jr are also entitled to sell Jackson's possessions, which currently sit in five warehouses, when they come of age.
The possessions include Jackson's 30-year car collection, antiques and videogames from the Neverland Ranch and the black sequined jacket he wore in the video for "Billie Jean".