Michael Jackson has been gone for over 10 years, but the business behind the King of Pop is skyrocketing, earning more than $1.7 billion dollars as of the beginning of 2019.
The shocking revelation was made in an accounting document of MJ’s estate, which is filed with the L.A County Court.
According to the legal documents, obtained by The Blast, Michael Jackson’s executor and lawyers have been working to rebuild Jackson’s brand and stabilize his finances for years.
“With the assistance of their counsel, the Executors have successfully rebuilt and enhanced Michael Jackson’s image, solidified the MJJ business as a significant entity in the entertainment industry, entered into and continue to enter into unprecedented business deals that have produced, and will in the future produce, significant revenues for the Estate,” his team wrote in the filing.
Jackson’s new business deals includes the highly successful ‘Cirque du Soleil’ show on the Las Vegas strip.
More importantly, MJ’s team told the court:
“As of December 31, 2018, the Estate generated gross earnings exceeding 1.7 Billion Dollars.”
Obviously, the estate continues to earn money during the first few months of this year.
Its a true miracle, considering what his executors and lawyers walked into when the singer died. “Among other issues, at the time of Michael Jackson‘s ‘ death, Michael Jackson’s most significant assets were subject to more than $500 million of debt… some debt in default (the mortgage, and utilities on Havenhurst had been unpaid for several months),” they reminded the court in their filing.
Michael Jackson died June 25, 2009, leaving his fortune to his three children, Prince, Paris, and Blanket. His mother Katherine, was also named a beneficiary of his trust.
The accounting also describes the estates handling of MJ’s children’s needs along with assets still owned by the Jackson family. Rent, college tuition, and normal everyday expenses or covered in the accounting.
One of the major businesses managed by MJ’s estate is his major holdings in the music business. “In 2013, the Estate sold its interest in EMI for $287,500,000, a mare than Five Thousand Percent return 0n the Estate’s investment.” the estate explained.
The Estate still owns Mijac Music (the publishing rights to all songs written by Michael Jackson and certain other iconic songs purchased by him, including Ray Charles’ hits, “What’d I Say”, I Got A Woman”, Elvis Presley’s hits “Mystery Train” and “Cryin’ In The Chapel” as well as “Dance To The Music”, “Everyday People” and the rest of the classic Sly and ths Famin Stone catalog).
This also includes Michael Jackson’s own master recordings.
At the time of MJ’s death he also had several properties, several Rolls Royces’, and a ton of memorabilia.
The estate consists of some of the best in the business including attorney Howard Weitzman, executors John Branca and John McClain, and lawyer Bryan J. Freedman who helps handle issues like the ‘Leaving Neverland’ documentary battle.
Bottom line: The team helping MJ’s family and businesses, after his death, are simply winning.