Jackson Estate Rakin’ in the Cash
All the concerns about Michael Jackson’s mountain of debt seem to have vanished in the weeks since his death, as his estate managers continue to roll in the dough with various business deals and memorabilia marketing.
In the 50 days since the King of Pop passed, a $100 million movie deal is already coming down the pipeline. And earlier this week, an LA judge allowed estate managers Branca and McClain to start an explosive memorabilia campaign that will sell Jackson trinkets to adoring fans everywhere.
The New York Times summarizes the great reversal in fortunes:
It has been 48 days since Michael Jackson died, and while family members of the late pop star are still at war with the executors of his estate, the answer to another question — how much the singer is worth in death — is becoming clear. He has already earned $100 million through a film deal and various merchandising contracts, and the executors expect another $100 million to roll in by the end of the year.
“Clearly that’s a new record for estates that likely will not be broken,” said John G. Branca, Mr. Jackson’s longtime lawyer who was named in Mr. Jackson’s will as a co-executor of the estate, along with John McClain, a music executive and Jackson family friend.
While several business deals have been reached — for things like commemorative coins, a line of school supplies and a $150 coffee table book — the matter of untangling Mr. Jackson’s vast estate, assets and debt, goes on, as does wrangling with family members.
The Jacksons estimate that Michael’s estate may end up bigger than any other celebrity, including Elvis Presley. Considering how popular Michael’s music continues to be on the Billboard charts, we think this is a pretty safe thing to bet on!