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MICHAEL'S DEBTS ARE PAID OFF

NOTE---THE FIGURES QUOTED HERE ARE IN BRITISH POUNDS. NOT SURE WHAT THE VALUE IS IN U.S. DOLLARS. DOES ANYBODY KNOW HOW TO CONVERT BRITISH POUNDS INTO U.S. DOLLARS? MAYBE ONE OF OUR BRITISH MEMBERS CAN HELP US FIGURE IT OUT!

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MICHAEL JACKSON'S DEBT IS PAID OFF
This Is It has raised over £150m for the Jackson estate

Sunday November 29,2009
By Mike Parker

THE debts that plunged Michael Jackson’s life into turmoil have been cleared, barely five months after his death.

Music royalties and box-office takings for the film This Is It have brought in almost half-a-billion dollars to the King of Pop’s estate.

The phenomenal flow of cash, which does not include income from Jackson souvenirs and memorabilia, more than covers the estimated £250million he owed. Administrators John Branca and John McClain still face at least six lawsuits, originally filed against the singer but now transferred to his estate.

These include a £180million action by New Jersey based company AllGood Entertainment that claims Jackson reneged on a planned pay-per-view TV reunion concert with his brothers in Texas.

Hollywood director John Landis, who made the singer’s 1983 Thriller video, is also suing for an undisclosed sum over alleged non- payment of his share of the profits.

A spokesman for the administrators said yesterday: “Our attorneys are in negotiations with various parties on a number of unresolved issues. We expect these to be amicably resolved by early in the New Year.”

Even hefty out-of-court settlements and legal fees won’t make much of a dent in Jackson’s posthumous fortune and future earning potential, according to financial experts.

Jackson was already No3 on Forbes Magazine’s annual list of highest- grossing dead celebrities, behind fashion icon Yves St Laurent and composers Rodgers & Hammerstein, before This Is It was released last month. By yesterday, the film had raked in almost $240million worldwide, according to online monitor Box Office Mojo, with eventual income from DVD sales expected to double that. Sales of the spin-off double CD, which has made the top 10 in more than 120 countries, as well as re-releases of Jackson’s classic albums, are “conservatively” expected to top £180million by Christmas, according to Sony Music.

Forbes senior editor Matthew Miller believes the Jackson phenomenon will continue to dominate the magazine’s dead celebrity chart for years to come. His posthumous earnings already dwarf those of Elvis Presley, whose estate made only £34 in the current financial year. Mr Miller said: “In life, Michael sank into uncontroll­able debt, raising enormous loans to pay for other ones he couldn’t afford. He was, basically, a multi-millionaire living a billionaire lifestyle.”

Now, in an ironic twist, financial experts predict Jackson’s estate could be as much as a billion dollars in profit by the end of next year, with plans to launch as many as six new CDs.

The cash bonanza removes any financial uncertainty there may have been over the future of the singer’s three children, Prince Michael, 12, Paris, 11, and seven-year-old Prince Michael II.

Mr Miller said: “If they chose, none of them would have to work a single day in their lives.”

http://www.express.co.uk/posts/view/143029/Michael-Jackson-s-debt-is-pai...

Comments (5)

When we all come together it is amazing what can be done. His children may not have been able to see their daddy perform but they sure know how much he was loved by all his fans. Blessings to Prince, Paris and Blanket and all Michael's fans.

Well, I hope his children continue his tradition of charitable giving and hard work. Michael didn't have to work, but he chose to do so because that's what he loved. I knew this movie would make oodles of money and I was right. I am so pleased to see it has earned a half billion. Take that naysayers!

Thanks to all of us, his fans all over the world, MJ is now out of debt! His kids will be set for life. That guy is right that they will never have to work a day in thier life, but I'm sure they're not just going to be sitting around living off thier daddy's money when they grow up. I'm sure he taught them the values of hard work. I read somewhere the other day that Paris wants to be a doctor!

God bless all of us, MJ's fans... although we prefer him back...
and about Michael's kids not to work... I think Michael taught them to work and effort for what they dream of...

.... THANK GOD THANK GOD

this news is far most important than the posts in the general discussion, it gives me headache as i read ( no offense though )

well then atleast, we know for sure that MJs children will be fine

God Bless prince, Paris and Blanket