19. 2. 2011

Michael's Legacy Still Worth Millions

Michael Jackson's estate has already made more than $310 million since his passing in 2009, according to accounting documents obtained by TMZ.com.

The documents show MJ had more than $400 million in various debts when he died.
Executors of the estate have already spent roughly $159 million paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."
The "uninterrupted support" includes substantial improvements to the family's home in Encino, CA.
Besides the $400M, the estate also owes an additional $40M to concert promoter AEG from MJ's planned "This Is It" concert tour. Executors have admitted that the estate still faces several lawsuits in multiple countries.
Noteworthy costs included a $900,000 payment to Forest Lawn Memorial cemetery where Michael's body is interred, and $35,000 in expenses listed as "costume for memorial."
Administrators paid $27.2 million in taxes, as well as $5.3 million for Jackson family members and properties he owned. They made $4 million in mortgage payments on his properties.

The estate has also fended off 65 different lawsuits, including one by a man who said Michael stole his formula for healing herpes. Most of the suits were frivolous, but all had to be dealt with.

The executors came in and revised the agreements Michael had signed with AEG Live. Of course, those agreements were not made with Michael’s current lawyers, but through his former manager Tohme Tohme. When Michael died, he was already in debt to AEG for $40 million. That number came from expenses Jackson had incurred before even starting to perform in London.

They have, however, been working on successfully rebuilding MJ's image since they've been empowered to run the estate.

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