Press Esc to close
Tuesday 28 April 2015
News updated at 8:12 AM IST
Weather
Max: 33.4°C
Min : 21.6°C
In Bengaluru
Sunny day

MJ's estate mints $600 million since his death

Los Angeles, May 21, 2013 (IANS)
Micheal Jackson Reuters File Image

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".


Go to Top

Photo Gallery
Indians evacuated from earthquake hit Nepal arrive at Air Force Station Palam, New Delhi

Indians evacuated from earthquake hit Nepal arrive at Air Force Station Palam, New Delhi

Indians evacuated from earthquake hit Nepal arrive at Air Force Station Palam, New Delhi

Indians evacuated from earthquake hit Nepal arrive at Air Force Station Palam, New Delhi

People who went for vacation, after being rescued from eathquake-hit Nepal, in Ahmedabad on Monday

People who went for vacation, after being rescued from eathquake-hit Nepal, in Ahmedabad on Monday

Bollywood actor Huma Qureshi performs during Sri Krishna Mahostav in Mathura on Sunday night...

Bollywood actor Huma Qureshi performs during Sri Krishna Mahostav in Mathura on Sunday night...

A boat sails through Dal Lake as heavy rains lashes in Srinagar on Monday. PTI Photo

A boat sails through Dal Lake as heavy rains lashes in Srinagar on Monday. PTI Photo

Locals remove debris and try to clear the road after a portion of an old building collapsed, in...

Locals remove debris and try to clear the road after a portion of an old building collapsed, in...

INS Tharangini, the first Sail Training Ship of Indian Navy is undertaking Lokayan-15 from...

INS Tharangini, the first Sail Training Ship of Indian Navy is undertaking Lokayan-15 from...

A tourist enjoys snowfall in Tezpur on Monday. PTI Photo

A tourist enjoys snowfall in Tezpur on Monday. PTI Photo

Smoke blew up when fire brigade personnel spray water to douse fire of a cloth store...

Smoke blew up when fire brigade personnel spray water to douse fire of a cloth store...

India's National Disaster Response Force personnel look for survivors in a building, in Kathmandu...

India's National Disaster Response Force personnel look for survivors in a building, in Kathmandu...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523