Michael Jackson's estate nets $310 million
Friday 18 February 2011
Michael Jackson's estate has earned $310 million since his death in June 2009.
The 'Thriller' singer died from acute Propofol intoxication at his rented Los Angeles house on June 25 2009 and since his tragic passing, the estate has been bringing in the cash, thanks to various merchandising and royalties.
One of the main contributors to the income has been the 'This Is It' movie - which focused on Michael in rehearsals ahead of his planned comeback shows at London's The O2 - as it grossed more than $261 million worldwide, while his back catalogue of music has been re-released, as well as previously unheard songs.
Before his death, the estate was on the verge of collapse with $400 million owed to various creditors, but it has now been able to pay off around $159 million in debts and expenses.
The estate has also paid for "substantial improvements" to the Neverland ranch in California, and supports Michael's mother Katherine and his three children, Prince Michael, 13, Paris, 12 and nine-year-old Prince Michael II, who is known as Blanket.
According to court documents, the estate paid more than $115,000 in "family vacation" expenses between June and July of 2010.
It has also paid off the mortgage on Hayvenhurst house, the Jackson family home, bought Katherine a new car and is paying for upmarket temporary accommodation while the family compound is being renovated.
The papers also say Michael neglected to pay his taxes in 2006, 2007 and 2008, so the lawyers have has to address the situation.
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