Michael Jackson estate earns $275M in 2010
By Kim Palacios
hollywoodnews.com: According to Parade Magazine’s recent celebrity salary expose, 2010 earnings for Michael Jackson’s estate totaled an unfathomable $275M. Though the figure is impressive, even more impressive are the mountains of debt the pop icon left behind.
At the time of Jackson’s death, the net indebtedness of his estate was estimated at north of $300M. Per the Wall Street Journal, Jackson’s mother Katherine’s home, was in jeopardy of being lost if a loan worth tens of millions of dollars was not repaid to the lender (in this case, a hedge fund). Jackson had also amassed a long list of smaller, but significant bills, such as $341,000 still owed to Thomas Mesereau, the lawyer who helped him escape conviction for molestation.
Of the $275M in 2010 earnings, an estimated $60M was collected for rights to distribute the documentary “This is It”; $11M came from Beatles song library dividends; and the bulk of the remainder came from album sales and copyrighted song royalties.
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