Some more information
(Reuters) - Michael Jackson's estate has generated $310 million in revenue from album sales, a film, merchandising and other products since the "Thriller" singer died in 2009, according to court papers filed on Thursday.
His estate's administrators have used $159 million to pay down the pop star's debt, which when Jackson died amounted to more than $400 million, court records show.
"Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt," the documents state.
The records, which were made public as part of the estate's probate proceedings, are the most detailed accounting yet of the finances of Jackson's estate from his death until December 31, 2010.
Beneficiaries of the estate are Jackson's children, his mother and various charities. Attorney John Branca and music executive John McClain were named administrators in a will the "Thriller" singer signed before he died in June 2009 from an overdose of drugs, most prominently the anesthetic propofol.
Noteworthy costs included a $900,000 payment to Forest Lawn Memorial cemetery where Jackson's body is interred, and $35,000 in expenses listed as "costume for memorial."
Administrators paid $27.2 million in taxes, as well as $5.3 million for Jackson family members and properties he owned. They made $4 million in mortgage payments on his properties.
http://www.reuters.com/article/2011/02/18/us-michaeljackson-idUSTRE71H0JI20110218
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Michael Jackson Estate: Spent $159 Mil So Far on Kids, Mom
The Michael Jackson estate has spent $159 million so far cleaning up his finances and taking care of his mother and three children. Let’s recall Katherine Jackson’s assertion — particularly through new business partners– that she’d been left high and dry by the executors. In fact, the estate paid off the mortgage on her Encino home, called Hayvenhurst, and is currently renovating. The estate is paying for temporary digs for Mrs. Jackson, her employees, and the children in beautiful Calabasas, California.
It also turns out that Michael –no surprise here–filed no tax returns for 2006, 2007, or 2008. So the estate and its accountants, according to a petition filed with the court, has rectified all that. According to the petition, the estate has also loaned Mrs. Jackson large sums of money so that she and the children can live properly. The funds will be repaid when her trust account, left to her by Michael, is funded.
The estate has also fended off 65 different lawsuits, including one by a man who said Michael stole his formula for healing herpes. Most of the suits were frivolous, but all had to be dealt with. According to the petition, the estate has also restructured Michael’s famous gigantic loans, reducing the debts considerably.
One thing that Michael Jackson’s super fans might take note of –the executors came in and revised the agreements Michael had signed with AEG Live. Of course, those agreements were not made with Michael’s current lawyers, but through his former manager Tohme Tohme. When Michael died, he was already in debt to AEG for $40 million. That number came from expenses Jackson had incurred before even starting to perform in London.
http://www.showbiz411.com/2011/02/17/michael-jackson-estate-spent-159-mil-so-far-on-kids-mom
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