The King of Pop himself passed away June 25, 2009, leaving behind a plethora of debt and a struggling estate. At the time of his death, it was said that Jackson owned over $400 million—definitely indicating that he was living outside of his means, which is hard to imagine with his incredible success. However, even pop legends can live too extravagantly.
From “Beat It” to “Thriller,” Jackson definitely left his mark on the music industry, plastic surgery and all. He even purchased the Beatles catalogue in 1985 for $45.7 million–a catalogue that is said to be worth $400 million. However, at the time of his death the catalogue was valued below $500,000. Why? Supposedly our beloved Michael Jackson borrowed up to $300 million by using the catalogue as collateral.
In short, upon Jackson’s death his estate was left in financial distress—to say the least.
But where, exactly, does the estate stand now–two years after Jackson’s death?
In January of 2010, Michael Jackson’s estate cried out for help, seeking to hire young professionals that could come in and turn the estate around. Apparently something happened since then because the Michael Jackson estate is alive and flourishing.
Although the estate is still facing various lawsuits, since Jackson’s death the estate has paid off a substantial amount of Jackson’s debt and has made around $310 million.
At this rate, Michael Jackson’s estate is gaining ground and the leadership is definitely working hard to rebuild the reputation of the King of Pop. Who knows, in a few years this estate may surpass the Elvis estate!
In the end, the Michael Jackson estate has some rocky roads ahead with pending lawsuits, but is definitely on better financial ground and has flourished over the last couple of years.