Michael Jackson Estate Earns $310 Million, Yet, Is Still In Debt
February 21, 2011 at 12:01 PM (PT)
There must be a better way to make money. However, once on the verge of collapse, in death MICHAEL JACKSON's estate raked in a staggering $310 million between JUNE 2009 and DECEMBER 2010.
According to REUTERS, "The administrators for THE KING OF POP's estate have used $159 million of the revenue to pay down the music legend's debt, which totaled more than $400 million when he died.
"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, according to court documents filed on THURSDAY," as quoted by REUTERS.
JACKSON'S estate generated money from products such as the concert movie "THIS IS IT" and the new album "MICHAEL," which includes previously unreleased songs, as well as other merchandising. The estate's beneficiaries include JACKSON'S children, mother, and various charities.
Contributed by MOLLY PAIGE.