By the first anniversary of the death of Michael Jackson, reports said his estate had already banked about $783 million. Billboard tacked on guesstimate sales of MJ's albums, a big Sony record deal, the record-breaking success of This Is It and more to call his posthumous earnings an even billion.
Now, TMZ has uncovered accounting documents filed by the executors of Michael Jackson's estate, attorney John Branca and music executive John McClain. The documents reveal both what the king of pop owed when he was working on his comeback and what he's made since he died on June 25, 2009.
"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," the documents state, according to a Reuters report.
In raw numbers, MJ's estate has banked $310 million since his death, with $159 million of that already used to pay off some of his $400 million debt, income taxes and other expenses.
One of those "other" expenses is looking after his kids and his mother Katherine, who has custody of them. According to the doc, Jackson's estate provides "uninterrupted support for Mrs. Jackson and Michael Jackson's children as Michael intended," and that has included making "substantial improvements" to their Encino, CA home.
According to TMZ, Michael Jackson's estate was hit by 65 creditors after his death, some with extremely high rates attached. Among debts covered so far are Jackson's medical, funeral and memorial service debts.
In addition, the estate must still deal with pending lawsuits in multiple countries, which may or may not include the $40 million in liabilities owed to concert promoter AEG, in relation to the "This Is It" tour Jackson was preparing for when he died.
Perhaps most interesting, however, is that executors claim that they have "successfully rebuilt and enhanced Michael Jackson's image."
SheKnows doesn't imagine they actually had anything to do with that, but is glad to see Michael Jackson succeed in covering his debts and continuing to provide for his kids from the grave.
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