It’s been 10 years since the King of Pop died back in June 2009, but that certainly hasn’t stopped the Michael Jackson brand from making money—billions to be exact.
As reported by @blast, the executors and lawyers in charge of Michael Jackson’s estate have apparently been working very hard behind the scenes to keep his brand alive and incredibly lucrative. Recently uncovered legal documents show that since his passing a decade ago, the Michael Jackson estate has accumulated almost $2 billion—after reportedly being $500 million in debt before he died.
In a recent court filing of legal documents of Michael’s estate, his legal team and executors stated the following about the rebuilding of his brand:
“With the assistance of their counsel, the Executors have successfully rebuilt and enhanced Michael Jackson’s image, solidified the MJJ business as a significant entity in the entertainment industry, entered into and continue to enter into unprecedented business deals that have produced, and will in the future produce, significant revenues for the Estate.”
One of the major businesses that the Michael Jackson estate manages are the major holdings he has in the music industry. Court documents state that “In 2013, the estate sold its interest in EMI for $287,500,000, a 5,000% return on the estate’s investment.”
To give some context, Michael’s estate owns Mijac Music, which owns the publishing rights to all songs Michael wrote and his master recordings. In addition to other songs purchased by him, including Ray Charles’ hits, “What’d I Say”, I Got A Woman”, Elvis Presley’s hits “Mystery Train” and “Cryin’ In The Chapel” as well as “Dance To The Music”, “Everyday People” and the rest of the classic Sly and the Family Stone catalog.
Michael’s estate also owns several properties, various luxury cars, such multiple Rolls Royces’ and an endless amount of memorabilia. Michael left his massive fortune to his three children, Prince, Paris, and Blanket, while his mother Katherine Jackson, was named a beneficiary of his trust.
His estate also handles all of his children’s needs, including rent, college tuition, and normal everyday expenses. As of December 31, 2018, Michael Jackson’s estate was worth an estimated $1.7 billion.
Roommates, what are your thoughts on this?
