MJ Estate Made $310 MILLION Since Michael Died

ivy

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MJ Estate Made $310 MILLION Since Michael Died

The Michael Jackson estate has made more than $310 million since MJ died back in 2009 ... this according to legal documents obtained by TMZ.



TMZ has obtained the first accounting that MJ executors filed ... showing exactly how much money Michael owed when he passed away on June 25, 2009 ... and how much the estate has made since -- and the numbers are astounding.

According to the documents, MJ had more than $400 million in various debts when he died ... but the estate has already made more than $310 million since.

Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."

The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.

Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."

In addition to the $400 million in debt -- MJ's estate had $40 million in liabilities to concert promoter AEG stemming from the "This Is It" tour ... which MJ was rehearsing for when he died.

The documents show the estate received more than 65 creditor's claims -- with some of the debt accruing interest at "extremely high" rates.

The MJ executors admit the estate still faces several lawsuits in multiple countries.

The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

http://www.tmz.com/2011/02/17/micha...jackson-children-kids-home-repairs-creditors/
 

Thrill

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MJ Estate Made $310 MILLION Since Michael Died (TMZ)

Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."

The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.

Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."

So why do Katheine call them greedy now again?? I call her UNGRATEFUL but whatever

The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

hm whatever, dont like how its described
 
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kasume

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How much of that has went to his charities? And to Africa?
 

virginia_woolf

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Re: MJ Estate Made $310 MILLION Since Michael Died (TMZ)

So why do Katheine call them greedy now again??

Probably because the family thinks she should be getting MUCH more since the estate made $310 Million. The Jacksons can't touch that money and they're mad. IMO
 

Hess

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That sure is a lot of money.

BUT if MJ had been alive completed the TII concerts and released a new album, I guess he could have made a hell lot of money too. Maybe not 310 million in less than 2 years, but his comeback would have made him a LOT of money, no doubt. Merchandise, album sales. New album. New music videos. The game for Wii, X.box PS3 etc. was already in the works, so they would have come either way, but if MJ had promoted them, maybe they would have sold even more.
AND a new MJ album while he was alive promoting it and maybe made a tour to promote it, it would have sold MUCH more than 2 million copies WW.
The Estate is doing a great job though.
 

Petrarose

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The Estate is doing a good job. What is this about lawsuits from other countries?
 

Ohood

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the estate are doing good job,inspite of all the shit they have to deal with,without them MJ's kids were going to live in the streets!

i guess if MJ last album was a hit, All MJ's debts were going to be history!
 

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The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

http://www.tmz.com/2011/02/17/micha...jackson-children-kids-home-repairs-creditors/

Pathetic. It is not the first time they say it. At the end of the day, we can not trust anyone. I bet 'This is It' (the demo) and "Michael" (the album) are part of the plan to reconstruct the image.:doh::puke:

And I support the album ... but I'm not blind
 
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ilmjj

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Pathetic. It is not the first time they say it. At the end of the day, we can not trust anyone. I bet 'This is It' (the demo) and "Michael" (the album) are part of the plan to reconstruct the image.

And I support the album ... but I'm not blind.

I agree with you MJ Storm. But I think I feel better with Branca and Mclain running the estate than if the Jackson's were. can you even imagine if they were?:bugeyed
 

Petrarose

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I agree with you MJ Storm. But I think I feel better with Branca and Mclain running the estate than if the Jackson's were. can you even imagine if they were?:bugeyed

We would all be collecting money via pay pal to send to the little ones for their upkeep.
 

xthunderx2

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MJ Estate Made $310 MILLION Since Michael Died

The Michael Jackson estate has made more than $310 million since MJ died back in 2009 ... this according to legal documents obtained by TMZ.



TMZ has obtained the first accounting that MJ executors filed ... showing exactly how much money Michael owed when he passed away on June 25, 2009 ... and how much the estate has made since -- and the numbers are astounding.

According to the documents, MJ had more than $400 million in various debts when he died ... but the estate has already made more than $310 million since.

Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."

The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.

Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."

In addition to the $400 million in debt -- MJ's estate had $40 million in liabilities to concert promoter AEG stemming from the "This Is It" tour ... which MJ was rehearsing for when he died.

The documents show the estate received more than 65 creditor's claims -- with some of the debt accruing interest at "extremely high" rates.

The MJ executors admit the estate still faces several lawsuits in multiple countries.

The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

http://www.tmz.com/2011/02/17/micha...jackson-children-kids-home-repairs-creditors/
Ivy..maybe you can answer this question for me if you would be so kind...the bolded.......that 40 million dollars...Michael's estate paid that to AEG because he passed away and didn't do the concerts?
 

MJStorm

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I agree with you MJ Storm. But I think I feel better with Branca and Mclain running the estate than if the Jackson's were. can you even imagine if they were?:bugeyed

Well, anyone is better than the Jacksons. LOL
 

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well, they fought Klien gay documentary,,,stop David Guest documentary,and Discovery channel autopsy documentary,,,,fighting Mann and many other porn producers from selling MJ's image and name,,,,,fighting Joe from making use of MJ's kids, fighting the family from stealing the fans money to built whatever they said they wanted to build using the name of MJ to collect money,Heal the world fake charity was also away to defame MJ's name as a fraud based on his lifetime main message ,,,and God knows what else they did to stop leeches from using MJ in a very bad way !???
 

yaazgurl

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well, they fought Klien gay documentary,,,stop David Guest documentary,and Discovery channel autopsy documentary,,,,fighting Mann and many other porn producers from selling MJ's image and name,,,,,fighting Joe from making use of MJ's kids, fighting the family from stealing the fans money to built whatever they said they wanted to build using the name of MJ to collect money,Heal the world fake charity was also away to defame MJ's name as a fraud based on his lifetime main message ,,,and God knows what else they did to stop leeches from using MJ in a very bad way !???
well when you put it that way I guess I can overlook their statement..I wonder where Randy got the one billion profot figure that he said the estate made.
 

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well when you put it that way I guess I can overlook their statement..I wonder where Randy got the one billion profot figure that he said the estate made.

Out of his buttocks (Said like Michael in the back of the car!!!).

Randy has no access to the Estate financial statements (he is such a polarizing person, I cannot imagine the estate sharing that information with him) , so your guess is as good as mine where & how he came up with that number.

Coming from a bankrupt guy, he might simply be horrible at Math.


OT: Add the money Howard Mann has been stealing from the estate...and they should be pretty close to 400Mil
 

CherubimII

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We would all be collecting money via pay pal to send to the little ones for their upkeep.
So true; but remember they would have still had the money
Michael Jackson put away for them in the MJ Trust. Creditors can't touch the Trust.:cheeky:
 

ivy

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Ivy..maybe you can answer this question for me if you would be so kind...the bolded.......that 40 million dollars...Michael's estate paid that to AEG because he passed away and didn't do the concerts?

Remember AEG gave Micheal advances, paid for expenses etc and the contract also had a clause for production costs.

So when Michael died there was production costs (close to $30M) and the advances (around $10M) and the estate had to pay it back. That's what the $40M is.

And as we learned from the executors payment request information, they paid it with their 5% fees from This is It movie.
 

xthunderx2

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Remember AEG gave Micheal advances, paid for expenses etc and the contract also had a clause for production costs.

So when Michael died there was production costs (close to $30M) and the advances (around $10M) and the estate had to pay it back. That's what the $40M is.

And as we learned from the executors payment request information, they paid it with their 5% fees from This is It movie.
thank you ivy....I can understand paying back the 10 million Michael took in advance....but..why did the estate have to pay for production cost? was that in the contract? The man died for God sakes. Thank you IVY
edit...I went back and reread your response.....clause for the production costs... I am going to have to go back and read that contract again....I am positive I have read this part of it...I think tired eyes and mind may be the problem for me right now...
 
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blankyluvdoodoo

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with sabotage ,stealing from estate(mann) ,i guess estate is doing pretty good ,can't wait to see twitter rant from jackson family .
 

ivy

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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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ivy

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xthunderx2;3254673 said:
thank you ivy....I can understand paying back the 10 million Michael took in advance....but..why did the estate have to pay for production cost? was that in the contract? The man died for God sakes. Thank you IVY

there's some production advances and fees mentioned in the contract - however that part is redacted in the publicly available contract.

http://www.radaronline.com/sites/default/files/AEG contract.pdf

see page 8.

Roger Friedman blames Tohme for it

see below

ivy;3254682 said:
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.

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love is magical

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Ivy, is the appraised value of Michael's assets disclosed in the court document?

The press mentioned about the ouststanding debts, no surprise there. How about the other side of the balance sheet? We don't see a whole picture of the Estate's financial condition without knowing the value of assets.

It's not that I'm too lazy to read the court document myself, I'd rather not give TMZ annother click.
 

ivy

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Ivy, is the appraised value of Michael's assets disclosed in the court document?

no documents posted as far as I can see.

I would so love to see and summarize them. Mr Weitzman if you are reading this please email me ( :p It can't hurt to try )
 
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