Michael Jackson’s estate has made almost £1bn since his death
MICHAEL Jackson’s estate has made nearly £1billion since his death, figures reveal.
The King of Pop earned more than £590million in 2016 alone.
Jacko was more than £370million in debt when he died from a drug overdose in June 2009, aged 50.
A crack team of accountants and legal experts has since turned his finances around and claim to have generated gross earnings exceeding £973million.
The estate boosted the superstar’s assets through music releases, a Las Vegas show, licensing his work and a stake in songs in EMI music publishing’s catalogue.
The healthy balance is revealed in papers filed at Los Angeles Superior Court by the estate’s executors.
Lawyers stated they had “successfully rebuilt and enhanced Jackson’s image”.
It will benefit the singer’s children Prince Michael, 21, Paris, 20, and Blanket, 16, and his frail mum Katherine, 88 — providing a healthy allowance for all four and paying off the mortgage of the family’s LA home.
But they have no direct access to the cash.
Jacko was known for his extravagant spending and the 2015 accounts — the most recent available — showed his estate was still shelling out thousands each year on balloons, flowers and cakes.
They also showed that £67,000 was spent on upkeep at Jacko’s Neverland Ranch, while the estate was in possession of a “train and carousel” valued at £1,800, five Rolls-Royces valued at up to £75,000 and a 2001 Bentley Armitage worth £68,000.
Other spending included £300,000 on public relations and £3.7million in legal fees.
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