Michael Jackson has generated revenues of $ 310 million since his death, June 25, 2009, thanks in particular to the sale of its albums, the movie This Is It and a lucrative agreement with Cirque du Soleil.
Michael Jackson
According to the news site TMZ, legal documents filed with the Court in Los Angeles on Thursday, officials reveal that the deceased singer used these revenues to pay off debts accumulated $ 400 million by Michael Jackson before his death.
In this report, John Branca and John McClain – longtime friends of the king of pop, which have also been appointed managers of his estate in his will – argue that they have paid to date over 159 million $ debt, government taxes and miscellaneous expenses.
Among those expenses, they cited “ongoing financial support to Katherine Jackson and Michael Jackson’s children, as planned,” a payment of $ 900 000 in Forest Lawn cemetery where rests the interpreter of Thriller and “substantial renovation” made to the Jackson family home in Encino, California.
“While many creditors say they have not been paid [...], significant progress has been made to repay the debts of the estate, ‘the executors in the documents.
John Branca and John McClain also contends that, even if they have received over 65 complaints from creditors of the singer since his death, they are “able to successfully rebuild and improve the image of Michael Jackson since that ‘they are at the head of his estate.
Last October, Michael Jackson found himself at the top of Forbes magazine’s list of celebrities who have died reporting the most money, ahead of Elvis Presley, John Lennon and Albert Einstein.