£300m Jackopot
King of Pop raking it in 13 years on from death
MICHAEL Jackson is still proving a Thriller some 13 years after his death as figures show he is raking in more than £301million a year.
Estate executors revealed Jackson’s posthumous business dealings have earned more than £1.67billion.
It means his three children, Prince, Paris and Blanket – who witnessed their father struggle financially and even found himself homeless – will be multimillionaires for life.
Paperwork from his most recently audited business year detail moves made by Jackson’s close allies, who run his estate.
It confirms that Sony bought Jacko’s 10% lifetime rights to the EMI catalogue for $287.5m (£241m).
On top of that, the singer earned almost £60m from work deals. The net value of
Jackson’s property, cash accounts and earnings overall are £739,637,972 – a far cry from the years after his death when his account was around £418m in debt.
And the cash keeps rolling in as a note shows: “In excess of £125,000,000 of gross receipts was received between January 1, 2019 and December 31 2021.”
Estate executors John Branca and John McClain have led the turnaround by restructuring Jacko’s financial arrangements.
Estate lawyer Jeryll S Cohen notes: “The executors have been able to create exceptional and unique opportunities that did not exist at the time of Michael Jackson’s death to generate substantial revenues and enhance the image and legacy of Michael Jackson for the benefit of the beneficiaries of Michael’s Trust.
“As of December 31, 2021, the Estate generated gross earnings exceeding two billion dollars.”
The lawyer adds that the executors have “solidified the MJJ business as a significant entity in the entertainment industry” and entered into “unprecedented business deals”.
The executors are also praised for providing “uninterrupted support” for Jackson’s family. The papers, signed off by a Los Angeles judge, show that all the family homes, mortgages and expenses of the kids and grandmother Katherine are covered fully.
Jackson died in 2009 aged 50 following an overdose of the anaesthetic propofol.
He had been preparing for a series of This Is It comeback shows in London.
Executors enhanced the image and legacy of Jackson
JERYLL S COHEN JACKO’S ESTATE LAWYER