The Michael Jackson Estate made a whopping $2 Billion in 13 years as they submitted their audit Business papers.
The papers also confirmed payment notice for over a a quarter of a billion from Michael’s EMI Music rights sale to Sony. The paperwork confirms that Sony bought the pop star’s ten percent lifetime rights to the EMI catalogue for a staggering $287.5 Million.
The accounts detail the money will secure Michael’s children’s future.
The net value of Michael Jackson’s property, cash accounts and earnings overall is $883,423,593.76.
The turn around, led by Estate executors John Branca and John McClain, show that Prince, Paris and Blanket will be multi-millionaires for life.
Estate lawyer Jeryll S Cohen said in court papers: “The Executors have been able to create exceptional and unique opportunities that did not exist at the time of Michael Jackson’s death to generate substantial revenue. As of December 31, 2021, the Estate generated gross earnings exceeding Two Billion Dollars. 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… unprecedented business deals that have produced… significant revenues for the Estate, and have settled or disposed of most of the creditors’ claims and litigation.”
Cohen went on to explain the executors had renegotiated many of Jackson’s debts and “continue to provide uninterrupted support for Mrs. Jackson and Michael Jackson’s children as Michael intended.”
The legal papers show that all the family homes mortgages and expenses of the 3 children and grandmother Katherine are covered fully. Prince’s university fees and Blanket also had their schooling covered.
Under an LA court deal TJ Jackson, is the kids’ guardian – and receives a third of a million dollars a year for this. Court dockets show that TJ was reimbursed for vacations with the kids at a cost of over $75,000 which also included him taking family members. The estate also covered TJ for his petrol costs, handing him a free fuel allowance.
Legal papers showed that Prince, Paris and Blanket were handed at least $14,500 in cash for their holidays with TJ.
Katherine was handed an “allowance “ of $2,140,911.75 in a year. She was served up around $130k in unspecific “Medical Services”. Her LA law firm were paid over $1.1m in unspecified legal fees.
Other interesting notes on the accounts show Paris spent almost a quarter of a million dollars on construction for her pad.
Prince spent around $225k on building work and security for his Los Angeles Valley home. The home shared by Katherine and Blanket clocked up annual expenses of around $111k.
While thousands are spent on lawyers and accountant fees, according to the papers, estate executors John Branca and John McClain’s shrewd dealings saw funds grow by $2,234,192.75 through bank account interest and investment growth.
However it could be years before the business dealings of the late King Of Pop can be removed from an estate set up.
Cohen wrote: “Although the Executors have made substantial progress in resolving creditors’ claims and litigation, there remain challenging tax and legal issues such that the Estate is not yet in a condition to be closed.”
