Debt-ridden estate now turning healthy profit
In the two years since Michael Jackson‘s death his estate, which was shouldering heavy debts, has earned over $310m profit.
According to court papers, obtained by Reuters, the late pop icon was in $400m of debt when he died. But since his death, sales of everything from rereleased albums to movies have turned the finances around.
Sources of income range from the theatrical release of This Is It to the Ubisoft computer game Michael Jackson: The Experience. Album sales and digital downloads also account for a large percentage of the profits.
Jackson‘s children, his mother and a host of charities are the main beneficiaries of the estate.
Last week (June 22), speaking to Piers Morgan on CNN, Michael‘s sister La Toya claimed that her brother was murdered.
The singer’s doctor at the time of his death, Dr Conrad Murray, has been charged with involuntary manslaughter and has pleaded not guilty.
Michael Jackson was recently voted the Greatest Singer of All Time in an NME poll.