MJ’s estate was initially $500M in debt at the time his death but his estate turned that around.
According to The Blast, Michael Jackson’s estate has made nearly $2 billion since his death. Accounting documents that were filed to the L.A. County Court revealed that the singer’s estate has brought in $1.7B as Dec. 31, 2018.
Documents revealed that people within his estate, as in his executor and lawyers, have been diligently working over the years to rebuild the Jackson brand and make his finances stable, once again.
“With the assistance 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,” it reads on the filing.
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Included in the posthumous Michael Jackson branded ventures is the “Cirque Du Soleil” show in Las Vegas. Some MJ’s other holdings that the estate controls are his major holdings in the music industry.
What’s truly miraculous about the revenue they’ve earned is the fact that Michael Jackson was in serious debt at the time his death. “Among other issues, at the time Michael Jackson‘s ‘ death, Michael Jackson’s most significant assets were subject to more than $500 million debt… some debt in default (the mortgage, and utilities on Havenhurst had been unpaid for several months),” it reads in the doc.
Michael Jackson clearly left his estate in the right hands.