Michael Jackson Continues to Make Millions

Michael Jackson’s estate has brought in $310 Million in revenues since the pop star legend’s sudden death on June 25, 2009.

Since Jackson’s death, circulating information put his debt at approximately $400 Million. According to legal documents made public after probate proceedings and obtained by TMZ, Michael Jackson’s account executors have already paid back $159 Million of his various debts, including $72.2 Million in income taxes and other expenses such as providing “uninterrupted support for Mrs. Katherine Jackson and Michael Jackson’s children, as Jackson requested. The administrators also gave Mrs. Jackson some funds to make”substantial improvements” to their famous estate in Encino, CA. They also paid $40 Million in liabilities to concert promoter AEG for his last tour “This is It” which Jackson was rehearsing for before he died.

“Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate’s debt,” the court documents state as relayed by Reuters.

Administrators have also paid some of the funeral and memorial costs, including $900,000 to Forest Lawn Memorial cemetery where Jackson is buried and $35,000 in expenses for a “costume for memorial,” according to Reuters. $5.3 Million were also allocated to Jackson’s family members and properties he owned. There were also mortgage payments estimated at $ 4 Million.

Michael Jackson is expected to continue to make millions from his estate like other music legends such as Elvis, Jimi Hendrix and John Lennon. Some of his post-humous moneymakers include his concert film “This is It”, which raked in $261 Million worldwide, and “Michael”, the album released last year that featured never released before songs, according to NBC.

Besides paying off Michael Jackson’s many debts that amount to 65 according to TMZ, the executors are are satisfied that they have “successfully rebuilt and enhanced Michael Jackson’s image.”

Be sure to check out the Michael Jackson Store for his biggest hits.

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