Yes, it's true. Michael Jackson's estate has grown by over $250 MILLION since his death almost a year ago on June 25, 2009. The executors of his estate, John Branca and John McClain, have used some of that revenue to pay off Jackson's remaining $70 MILLION worth of debt. The rest is payed to his children and various children's charities.
As was the case of the estates of both Elvis and Yves Ste. Laurent, Jackson's death has spurned renewed interest in the King of Pop's music. A Sony Music deal to distribute unreleased tracks by the late artist worth $200 Million over seven years has already contributed $125 MILLION to the estate. The Jackson film This Is It grossed $252 MILLION worldwide last year. Sony Pictures paid the estate an advance of $60 MILLION with more to come from DVD sales. Merchandise deals and a Ubisoft video game have added $26 MILLION. Jackson's music catalogue made $25 Million over the last year. And the Beatles' catalogue, of which Jackson's estate owns 50%, made an addition $11 MILLION. There is also the $25 MILLION from the rerelease of Jackson's autobiography, Moon Walk.The months leading up to Jackson's death, when his mounting debt became much publicized, led many to speculate that he would be worth more in spirit than in the flesh. It would appear that this is indeed the reality, making this fallen icon of pop culture and entertainment an even more tragic figure dead than he already was alive.
How ironic.
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