Friday, July 22, 2011

Michael Jackson Makes $90 Million Since Death

Michael Jackson Makes $90 Million Since DeathMichael Jackson's estate has raised a staggering $90 million (£60 million) since his death in June (09).

Jackson passed away less than eight weeks ago after suffering a cardiac arrest in Los Angeles, prompting a renewed interest in the singer's music back-catalogue.

The executors of his estate, John Branca and John McClain, have negotiated a number of deals that have helped pull in millions - and, after signing new merchandising and film deals, they expect to earn another $90 million before the end of the year (09).

Branca says, "That is a new record for estates that is unlikely to be broken."

He has also predicted that Jackson's estate will in the future continue to make up to $90 million a year - topping the posthumous profits generated by Elvis Presley's estate, which took in $50 million (£33 million) in 2008.

Branca adds, "When you look at what the Presley estate has done, you see the opportunities here."

But Howard Weitzman, a lawyer for Mr Branca and Mr McClain, points out that much of the money will be used to pay off the star's debts.

He explains, "We are very optimistic about the revenue we will generate. But we also have to be sober about the debt the estate has."

The Thriller legend died with debts amounting to approximately $398 m illion (£265 million).

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