MICHAEL Jackson has made a massive TWO BILLION dollars in revenue in the 13 years since his death, The Sun can reveal.
The latest figures, uncovered by The Sun this week on the 13th anniversary of MJ's death, show the King of Pop's estate has brought in over $360m in his most recent audited business year.
And for the first time there is a confirmed payment notice for over a a quarter of a billion from the late star’s EMI Music rights sale to Sony.
The business deals mean that MJ’s three children, who witnessed their dad struggle financially and become technically homeless - staying with friends' while his Neverland home went into foreclosure - will forever live in luxury, without facing any financial worries.
The accounts detail the money spinning business moves made by Jackson’s close allies, who run his estate, in securing his kids' futures.
The paperwork confirms that Sony bought the pop star's ten percent lifetime rights to the EMI catalogue for a staggering $287.5m.
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On top of that the Beat It singer earned almost $70m from work deals.
The net value of Jackson’s property, cash accounts and earnings overall is $883,423,593.76 - a far cry from the years after his 2009 death where he was deemed to be around $500m in the red, according to the papers.
The turn around, led by Estate executors John Branca and John McClain, show that Prince, Paris and Blanket will be multi-millionaires for life.
Estate lawyer Jeryll S Cohen said in court papers: “The Executors have been able to create exceptional and unique opportunities that did not exist at the time of Michael Jackson’s death to generate substantial revenue...
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“As of December 31, 2021, the Estate generated gross earnings exceeding Two Billion Dollars.
“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... unprecedented business deals that have produced... significant revenues for the Estate, and have settled or disposed of most of the creditors’ claims and litigation."
Cohen went on to explain the executors had renegotiated many of Jackson's debts and "continue to provide uninterrupted support for Mrs. Jackson and Michael Jackson’s children as Michael intended."
KIDS' LAVISH LIFESTYLE
The estate filings, just signed off by LA judge Mitchell Beckloff, give a glimpse into the lavish lifestyles of MJ’s kids.
The legal papers show that all the family homes mortgages and expenses of the kids and grandmother Katherine are covered fully.
Prince’s university fees and Blanket - now known as Bigi - also had their schooling covered.
Under an LA court deal Jackson's nephew TJ, once a member of 90s pop act 3T, is the kids’ guardian - and receives a third of a million dollars a year thanks to his relationship with late pop icon Michael Jackson.
He is the big earner from his late uncle - even enjoying payouts to take the kids on holidays throughout the year.
$75K VACATIONS
Court dockets show that the ex-teen idol was reimbursed for vacations with the kids at a cost of over $75,000 which also included him taking family members.
The estate also covered TJ for his petrol costs, handing him a free fuel allowance.
Legal papers showed that Prince, Paris and Blanket were handed at least $14,500 in cash for their holidays with TJ.
The kids’ grandma Katherine was handed an “allowance “ of $2,140,911.75 in a year.
The frail matriarch, who is 92, was served up around $130k in unspecific “Medical Services”. Her LA law firm were paid over $1.1m in unspecified legal fees.
LUXURY HOMES
Other interesting notes on the accounts show Paris spent almost a quarter of a million dollars on construction for her pad.
Prince spent around $225k on building work and security for his Los Angeles Valley home. The home shared by Katherine and Blanket clocked up annual expenses of around $111k.
While thousands are spent on lawyers and accountant fees, according to the papers, estate executors John Branca and John McClain’s shrewd dealings saw funds grow by $2,234,192.75 through bank account interest and investment growth.
However it could be years before the business dealings of the late King Of Pop can be removed from an estate set up.
Cohen wrote: "Although the Executors have made substantial progress in resolving creditors’ claims and litigation, there remain challenging tax and legal issues such that the Estate is not yet in a condition to be closed.”
JACKO'S FINAL DAYS
Michael Jackson died on June 25, 2009, of an overdose of the drugs propofol and benzodiazepine following a cardiac arrest.
His personal doctor Conrad Murray said he found the singer in bed and not breathing, attempted to resuscitate him before calling an ambulance. Jacko was pronounced dead at hospital.
Prior to his death Jackson was in millions of dollars of debt after blowing his fortune on gifts, travel, art, zoo animals, jewelry and furniture - as well as making huge donations to numerous charities.
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After abandoning Neverland, he lived in friends' houses with kids - moving from Las Vegas, to North Virginia and New Jersey, once staying for three months with the Cascio family, who he called his second family.
His last home in Holmby Hills, Los Angeles, was leased to him by AEG, after he signed a deal for a comeback tour.
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