Posthumous Michael Jackson Earns $310M, Died $400M In Debt
Since his death, Michael Jackson has earned an astounding $310 million. Unfortunately, the King of Pop was also the King of Debt as the 50-year-old megastar died more than $400 million in the hole. According to Long Beach Press-Telegram, "Michael Jackson's lavish spending habits still haunt his legacy and have required lawyers to create new deals and restructure old debts, court records show," including his interests in a music catalog featuring works by The Beatles and other top artists. According to documents filed Thursday by his estate, attorneys are also trying to resolve several pending lawsuits including disputes over the "Thriller" music video.
From the time of Jackson's death in June 2009 through the end of 2010, the Jackson's estate spent $159 million, "used for his funeral, burial and to buy the Jackson family's home in the San Fernando Valley," reports the Long Beach Press-Telegram.
Jackson's estate earnings, according to experts, "are likely to rival those of another music superstar, Elvis Presley. Most of the earnings benefit Jackson's three young children and his mother, Katherine, who is their guardian," reports the Long Beach Press-Telegram.