Michael Jackson’s Estate Makes $310M: Reports

New accounting shows King of Pop owed $400 million

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    NEWSLETTERS

    AP
    Michael Jackson's estate earned $310 million.

    Michael Jackson is still making millions from the grave.

    Newly released court documents revealed Michael Jackson’s estate made $310 million in revenues from his film and albums released after his 2009 death – a haul that has made a dent in paying down King of Pop’s $400 million debt.

    According to documents cited by Reuters and TMZ, the records were publicly disclosed after the estate underwent probate proceedings.

    The beneficiaries of the estate included Jackson’s three children, his mother Katherine Jackson and several charities.

    So far $159 million have gone toward making “substantial progress in reducing the estate’s debt,” Reuters reported, citing court documents.

    Jackson’s film “This is It” which was released just four months after his death in June 2009, cashed in some $261 million in worldwide revenue according to boxofficemojo.com.

    Other moneymakers included his posthumous album “Michael” released last year, featuring never before released tracks by the artist.

    These earnings proved to be a significant start to paying the estate’s debts. Of $900,000 in funeral costs, $35,000 went toward a “costume” for the memorial, Reuters reported.

    The estate also paid out $40 million in liabilities to AEG, the concert promoter in charge of the pop singer’s “This is It” tour, TMZ reported.

    Other outlays went to mortgage payments, property taxes and providing support for beneficiaries of the estate.

    Selected Reading: Reuters, TMZ, Daily News