Show Me the Money: Michael Jackson’s Estate worth $2 Billion Since His Death
The King of Pop is still making it rain 10 years after his death thanks to a team of executors and lawyers who’ve been working tirelessly to rebuild Michael Jackson's brand and stabilize his finances for years.
In a recently uncovered accounting document filed with the L.A. County court his team wrote:
"With the assistance of their counsel, the Executors have successfully rebuilt and enhanced Michael Jackson’s image, solidified the MJJ business as a significant entity in the entertainment industry, entered into and continue to enter into unprecedented business deals that have produced, and will in the future produce, significant revenues for the Estate."
The shocking revelation is a true Christmas miracle considering what M.J.’s executors and lawyers walked into when the singer passed.
“At the time of Michael Jackson‘s ‘ death, Michael Jackson’s most significant assets were subject to more than $500 million of debt... some debt in default (the mortgage, and utilities on Havenhurst had been unpaid for several months)."
One of the major businesses managed by MJ's estate is his major holdings in the music business. "In 2013, the Estate sold its interest in EMI for $287,500,000, a more than 5000% return on the Estate’s investment."
The Estate still owns Mijac Music (the publishing rights to all songs written by Michael Jackson and certain other iconic songs purchased by him, including Ray Charles’ hits, “What’d I Say”, I Got A Woman", Elvis Presley’s hits “Mystery Train” and “Cryin’ In The Chapel” as well as “Dance To The Music”, “Everyday People” and the rest of the classic Sly and ths Famin Stone catalog).
This also includes Michael Jackson’s own master recordings.
Raise your hand if you think these guys and Kris Jenner need to teach a master class on business.
via The Blast