Michael Jackson has been dead for a year and a half, but has been raking in the cash since. We’re talking hundreds of millions of dollars since June 2009. According to legal documents, MJ had over $400 million in various debts when he passed, but his executors have been working furiously to retire them. The singer’s estate has made $310 million in the last 18 months, $159 million of which has already been used to pay debts, taxes and other expenses. Running the King of Pop’s life, even in death, is a formidable task. In addition to creditors, the estate provides “uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson’s children as Michael intended.” In addition to $400 million in debt,MJ’s estate had $40 million in liabilities to AEG stemming from the “This Is It” tour, which he was readying for. Obviously, he never made it on tour after his scared, sedated final days . It’s unclear where Jackson stands with AEG now financially, but MJ’s executors admit that the estate still faces several lawsuits in multiple countries. The documents show the estate received more than 65 creditor’s claims against him, with some of debt accruing interest at “extremely high” rates. John Branca and John McClain, Michael’s former attorney and manager, have done a remarkable job given the task they were assigned, however. The executors also claim they have “successfully rebuilt and enhanced Michael Jackson’s image” since they’ve been empowered to run the estate. With the singer more popular than ever and raking in money at a crazy clip, that statement is undeniably true. Hopefully it continues, as well.
Excerpt from:
Michael Jackson Estate: Raking in the Cash!
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