One Year After Death, Michael Jackson's Estate Is Richer
June 22, 2010 at 4:33 AM (PT)
The one-year anniversary of the death of MICHAEL JACKSON is this FRIDAY, JUNE 25th -- and since his passing, the cash has been rolling in, reports THE ASSOCIATED PRESS. "Like the estates of ELVIS PRESLEY and YVES SAINT LAURENT, JACKSON's has grown immensely since he died. A kingdom that was on the verge of collapse from more than $500 million in debt now looks to be able to support his three children and his mother and donate healthily to children's charities."
The reports says JACKSON's estate has grown more than $250 million in the year since he died; $70 million in debt was paid off, including the $5 million mortgage on the JACKSON home in ENCINO, CA.
Some of the more valuable assets:
* A posthumous deal to sell unreleased Jackson recordings with SONY MUSIC guaranteed $200 million over seven years. It has already brought $125 million to the estate.
* The film "This Is It," based on his final concert rehearsal footage, grossed $252 million worldwide. SONY PICTURES paid the estate $60 million in advance, with an undisclosed amount more to come from DVD sales.
* Licensing deals on merchandise sold by UNIVERSAL MUSIC GROUP's BRAVADO unit and a new dance game by UBISOFT ENTERTAINMENT brought in $26 million in advances. More is possible if unit sales are high.
* The MIJAC MUSIC catalogue of copyrights, on songs that JACKSON wrote, generated $25 million in the past year, thanks to heavy airplay on radio stations and song and album sales.
* Music publisher SONY/ATV, the copyright holder of the BEATLES' and other artists' songs, posted double-digit percentage revenue gains in the year through MARCH. That netted JACKSON's estate, which owns a 50% stake, $11 million.
* Other income, including from a re-release of JACKSON's autobiography, "Moon Walk," and sales of commemorative tickets to his cancelled concerts, brought in another $25 million.
Taking ELVIS PRESLEY as an example, it's likely a moderate level of earnings could flow into Jackson's estate for decades.
[One year after his passing, what are your memories of MICHAEL JACKSON? Did his personal troubles ruin his memory for you, or was his music what lives on in your mind? Share your thoughts below.]