Michael Jackson's estate generates $310 million revenue
Jackson’s estate administrators reported the singer’s generated income from his albums, film and other products covering from the time of his death until December 2010
Superstar and music icon, Michael Jackson has collected an estimated $310 million in revenue from his film, album sales and other entertainment products lawfully recognized by the estate that he owned.
According to the detailed report by Alex Dobuzinskis of Reuters, the staggering earnings were accounted for from the time of his death in June 2009 until last year. Jackson’s estate administrators filed his earnings at a Las Vegas court, Thursday.
Documents record showed that of the generated income in less than two years, the appointed administrators have already consumed $159 million to pay part of his debt, recorded at more than $400 million at the time 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,” Reuters said, citing the administrators statements in court documents.
The financial records shown by the estate administrators cover Jackson’s financial status until December 31, 2010. It was made public, noted Reuters as part of the estate’s probate proceedings.
Named in Jackson’s will and approved by the court as the estate administrators are Attorney John Branca and music executive, John McClain. Beneficiaries for the estate are Jackson’s children, his mother and a number of organizations.
